by Joerg Bernhard
US Federal Reserve Banker Patrick Harker (President of the Philadelphia Fed) held out the prospect of further interest rate hikes yesterday, Thursday, if inflation makes this necessary. This generated selling pressure on the bond markets and drove up yields on ten-year US government bonds to over 4.26 percent pa In the eyes of many investors, this led to a waning interest in gold as a protection against crises, which is also reflected in renewed outflows of gold from the world’s largest gold -ETF SPDR Gold Shares knocked down. Its gold holdings fell from 932.73 tons on the previous day to 930.99 tons, recording the seventh consecutive decline.
On Friday morning the price of gold presented itself with falling quotations. By around 7:30 a.m. (CEST), the most actively traded futures on gold (December) had fallen by 11.80 to $1,625.00 per troy ounce.
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Crude Oil: Recovery falters
Hopes of a pick-up in Chinese oil demand proved premature. Recession concerns have now regained the upper hand due to various “hawkish” comments from US central bankers. In the absence of the announcement of important US economic indicators, the chances of a quiet end to the week are relatively good on the oil markets. Only the weekly report from Baker Hughes, a US service company active in the oil sector, scheduled for 7:00 p.m. is likely to attract increased attention. He provides an update on the development of North American drilling activities.
On Friday morning, the oil price presented itself with quotes held. By around 7:30 a.m. ET, the next-dated WTI future was up 0.16 to $85.71, while its Brent counterpart was up 0.39 to $92.77.
Editorial office finanzen.net
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