by Joerg Bernhard
After the interest rate hikes in Switzerland (+50 basis points) and Great Britain (+25 basis points), the price of gold was relatively stable at the elevated level. Significant interest in gold can be seen in the ETF sector, among others. For the second time in a row, the world’s largest gold ETF SPDR Gold Shares has seen a weekly increase in the amount of gold it holds, although growth has now slowed. Since last Friday it has increased from 921.08 to 925.42 tons. The announcement of the order intake for durable goods should attract increased attention in the afternoon. According to a survey of analysts published by Trading Economics, this is said to have increased by 0.6 percent compared to the previous month. Also interesting: In the evening, the Commitments of Traders report by the US supervisory authority CFTC (8:30 p.m.) will be announced, which is intended to provide information on the current mood on the futures markets.
On Friday morning, the gold price presented itself with slightly declining prices. By 7:30 a.m. (CET), the most actively traded futures on gold (April) was down 6.00 to $1,989.90 an ounce.
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Crude Oil: Negative signs ahead of the weekend
Because the US’s strategic oil reserves are to be replenished more slowly than expected, the oil price is somewhat weaker ahead of the weekend. These are currently at an extremely low level following the support sales in the course of the Ukraine war. At around 6:00 p.m. US oil-related services firm Baker Hughes will publish its weekly report on North American drilling activity, attracting increased attention in the energy markets. Should there be any surprises here, this should also affect the trading trend in the coming week.
The oil price was stable on Friday morning. As of around 7:30 a.m. ET, the next-dated WTI future was up 0.02 to $69.98, while its Brent counterpart was up 0.02 to $75.52.
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