EUR 8.82 For Business Accounts Only

Gold ticks up as dollar pauses advance; focus on Fed minutes, (AKD Commodities vantage, Nov 22 2022)

GOLD: Gold prices edged up on Tuesday, after retreating as much as 1% in the last session, as the dollar eased, with the focus turning to minutes from the U.S. Federal Reserve’s latest meeting for clues on future rate hikes. Bullion fell for a fourth straight session on Monday as investors preferred the safety of the dollar to hedge against as fresh Covid-19 curbs in China that fueled worries over the global economic outlook. San Francisco Federal Reserve President Mary Daly said on Monday the real-world impact of the U.S. central bank’s interest rate hikes is likely greater than what its short-term rate target implies. Spot silver advanced 0.4% to $20.92 per ounce, platinum also rose 0.3% to $985.30, while palladium added 0.6% to $1,877.14.

OIL: Oil prices rose slightly in early Asian trade on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies. Brent crude futures rose 17 cents, or 0.2%, to $87.62 by 0007 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 7 cents, or 0.1%, to $80.11 a barrel. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) recently cut production targets and the energy minister of de facto leader Saudi Arabia was quoted this month as saying the group will remain cautious on oil production because of uncertainty about the global economy.

US-EQUITIES: Economic reports due out include the Philadelphia Fed’s nonmanufacturing business outlook survey and the Richmond Fed’s manufacturing index. Investors are also watching for earnings reports from Dollar Tree, Best Buy, HP and Nordstrom. Federal Reserve officials are also set to speak on Tuesday. Expect appearances from Cleveland Fed President Loretta Mester, Kansas City Fed President Esther George and St. Louis Fed President James Bullard.

U.S DOLLAR: The dollar pared some of its strong overnight gains on Tuesday after investors flocked to the safe-haven currency on nerves over China’s Covid flare ups, though cautious risk sentiment kept the greenback in demand. The U.S. dollar index was last 0.06% lower at 107.71. It had risen close to 0.8% overnight, the largest daily gain since Nov. 3. Bitcoin was last 0.6% higher at $15,856, while ether lost 0.05% to $1105.10.