The gold price is still stable at the increased level and also benefits from the continued weakness of the dollar.
By Jörg Bernhard
This is primarily due to the fiscal concerns and expectations and the expectation of further monetary political loosening by the US Federal Reserve. According to ADP data, employment in the private sector in June decreased unexpectedly in June – the first decline in over two years – which raises new doubts about the strength of the US labor market and the arguments for a loose Monetary policy underpaid. In addition, Iran stopped working with the UN Atom Supervisory Authority, which increased the geopolitical risk slightly. Due to tomorrow’s US holiday, the publication of the Juni report of the US Ministry of Labor (2.30 p.m.) was preferred for one day. According to analyst estimates, the unemployment rate is said to have increased from 4.2 to 4.3 percent and the number of newly created bodies has decreased from 139,000 to 110,000. A slight increase from 236,000 to 240,000 is expected to increase to US uniform assistance (2:30 p.m.).
On Thursday morning, the gold price presented itself with slightly higher quotes. Until 7:30 a.m. (CEST), the most active future -traded on gold (August) was increased by 4.90 to $ 3,364.60 per troy ounce.
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Crude oil: EIA weekly report burdened
According to the EIA -Wochen report, the oil price was significantly downhill because, according to the data, the inventory rose by 3.85 million barrels in the past week – contrary to the expectations of a decline of two million barrels – thus marking the strongest increase in three months. The stored petrol quantities also showed an unexpected increase and have increased by 4.19 million barrels. Oil prices had risen by over three percent yesterday after Iran had hired the cooperation with the UN atomic supervision – a step that caused a moderate risk premium despite the lack of offer interruptions. The announcement of a US trade agreement with Vietnam, which reduced the trade risks, also supported and hopes for further agreements before the deadline in the coming week.
On Thursday morning, the oil price presented itself with weaker quotes. By around 7:30 a.m. (CEST), the next WTI-Future was reduced by 0.54 to $ 66.91, while his counterpart fell to Brent by $ 68.56.
Editor finance.net