Gold Price and Oil Price: Gold Price: High Tensions Ahead of Fed Minutes | news

by JRG Bernhard

There is even the threat of a 50 basis point rate hike at the next Fed meeting. For example, the dollar index was very close to the psychologically important 100 point mark, which was last traded almost two years ago. 10-year US Treasury yields jumped particularly sharply and are now hovering around 2.6 percent a year, their highest level in more than three years. Players in the gold markets are now waiting for the minutes of the last Fed meeting to be announced in the evening (8pm). If sentiment among central bankers turns out to be more aggressive than expected, this could continue to weigh on gold prices due to the threat of higher opportunity costs.

On Wednesday morning, the price of gold was presented with quotations withheld. At around 07:45 CET, the most traded gold futures (June) fell 1.20 to $1,926.30 a troy ounce.

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Rohl: Little movement in the middle of the week

With the planned EU ban on Russian coal, the energy sector will be sanctioned for the first time. Imports of wood, cement, rubber, chemicals and luxury foods such as caviar and spirits and vodka could also be affected by the fifth package of sanctions. However, there is currently a certain lack of orientation in the markets. On the one hand, market players are concerned about China’s oil demand due to corona, and on the other hand, the supply situation is currently relatively problematic. They will publish a weekly report on the development of storage reserves and production figures. The night before, the American Petroleum Institute reported a rise of 1.1 million barrels instead of an expected drop of 2 million.

On Wednesday morning the price of oil was slightly higher. At about 7:45 am ET, WTI Next Date futures were up 0.21 at $102.17, while its Brent counterpart was up 0.48 at $107.12.

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More news on the price of gold

Image sources: Worldpics / Shutterstock.com, Netfalls – Remy Musser / Shutterstock.com

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