EUR 8.82 For Business Accounts Only

Gold inches lower as dollar ticks up, (AKD Commodities vantage, Dec 08 2022)

GOLD: Gold prices eased on Thursday as the dollar recovered slightly, while market participants await further direction on U.S. rate hikes from the Federal Reserve meeting next week. Spot gold fell 0.2% to $1,783.50 per ounce, as of 0248 GMT, after rising more than 1% on Wednesday supported by a pullback in the dollar and U.S. bond yields. U.S. gold futures were down 0.2% to $1,795.10. The dollar index was up 0.2%, making the greenback-priced metal more expensive for buyers holding other currencies. Gold will probably trade in a $1,765-$1,795 range in the run-up to the Federal Open Market Committee meeting, said OCBC FX strategist Christopher Wong, adding that the key focus remained on how hawkish the Fed might sound.

OIL: Oil prices steadied in early Asian trade on Thursday after sinking to their lowest level this year as U.S. production and gasoline inventories ticked up at the same time concerns grew that economic slowdowns would weaken fuel demand. Brent crude futures were up 62 cents or 0.8% at $77.79 per barrel by 0130 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 69 cents or 1% to $72.70 per barrel. Brent had settled on Wednesday below the year’s previous closing low touched on the first day of 2022, while U.S. West Texas Intermediate crude had fallen to a fresh yearly low. U.S. crude production rose to 12.2 million barrels per day last week, its highest level since August, the Energy Information Administration said on Wednesday.

US-EQUITIES: U.S. stock futures were up slightly on Thursday morning following a fifth straight day of losses for the S&P 500 as Wall Street weighed the likelihood of a recession. Dow Jones Industrial Average futures added 30 points, or 0.09%. S&P 500 futures gained 0.11%, while Nasdaq 100 futures were 0.17% higher. During the regular session Wednesday, the S&P 500 declined 0.19% in its fifth straight losing session. The Dow was virtually flat, adding just 1.58 points. Meanwhile, the Nasdaq Composite slipped 0.51%.

U.S DOLLAR: The U.S. dollar remained weak on Thursday after sliding against major peers overnight for the first time this week as investors fretted about the potential for recession in the United States. The U.S. dollar index which gauges the greenback versus six counterparts — ticked up 0.16% to 105.30 early in the Asian session, clawing back a bit of its 0.42% slide overnight, its first decline since Friday.