The gold price briefly overcame the $ 3,500 mark in early Tuesday trading and thus achieved a new record high.
By Jörg Bernhard
For six days, the crisis currency has been going uphill, supported by a weaker dollar and increasing bets on one Interest rate the US Federal Reserve on September 17th. The Fedwatch tool of the US appointment IDE operator CME Group now estimates the probability of almost 90 percent that 25 basis points will take place in two weeks. The weakness of the dollar and the associated strength of the gold price should also be due to the attacks by US President Donald Trump to the independence of the Fed. Trump had criticized the US Federal Reserve and its chairman Jerome Powell for months not to reduce interest rates, and recently put Powell targeted for a costly renovation of the Fed main seat in Washington. Finance Minister Scott Bessent said yesterday Monday that the Fed was and must be independent. At the same time, however, he added that she had “made many mistakes” and defended Trump’s right to relieve Fed governor Lisa Cook for allegations of mortgage fraud. In the afternoon, the market players are likely to be very interested in the ISM shopping manager index (4 p.m.), as this enjoys high reputation as an economic early indicator. According to a survey published by Trading Economics, the index should recover from 48.0 to 49.0 points. In order to display growth, the index would have to increase over 50 points.
On Tuesday morning, the gold price presented itself with rising notations. Until 7.15 a.m. (CEST), (compared to Friday), the most active future on gold (December) increased by 50.50 to $ 3,566.60 per troy ounce.
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Crude oil: Highest has stood for four weeks
Oil prices were more expensive in early Tuesday trading due to growing concerns about possible delivery interruptions in the face of the escalation of the war between Russia and Ukraine. In the past few weeks, both Russia and Ukraine have strengthened their air raids. Russia targeted the Ukrainian energy and transport system, while Ukraine attacked Russian refineries and pipelines. At the weekend, Ukraine met other Russian oil refineries and expanded its attacks on the infrastructure. Additional geopolitical tensions could result from China’s vision of a “new world order”. Chinese President Xi Jinping campaigned on Monday at a summit with the heads of state and government of Russia and India for a new global security and economic model that focuses on the “global south”- a direct challenge for the USA. Now investors are waiting for a meeting of the members of the organization of oil -based countries (Opec) and their allies on September 7th. This could then provide further references to possible further production increases.
On Tuesday morning, the oil price presented itself with higher notations. By around 7.15 a.m. (CEST), the next WTI-Future (compared to Friday) increased by $ 64.91, while his counterpart on Brent attracted $ 68.42.
Editor finance.net