by Joerg Bernhard
For example, the yield on ten-year US government bonds is currently close to the four percent mark and the dollar index is not far from a new 20-year high. In the coming trading days, market players are likely to be very interested in upcoming inflation figures for September. Tomorrow, Wednesday, you will find out how US producer prices have developed. The US inflation rate will be announced on Thursday. According to a survey of analysts published by Trading Economics, this should have calmed down from 8.3 to 8.1 percent pa. In order to trigger a significant recovery in the price of gold, the inflation rate should be below the forecast if possible, so that the minds of the US central bankers can also calm down. There is still a certain mood of alarm with regard to the current devaluation of the currency.
On Tuesday morning, the gold price presented itself with weaker quotations. By around 7:50 a.m. (CEST), the most actively traded gold future (December) was down 3.60 to $1,671.60 per troy ounce.
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Crude Oil: Continue in reverse
When it comes to oil, market participants are currently focusing more on the demand side. And it doesn’t look very promising, after all, there are three main concerns here: the strong dollar, high interest rates and the zero-Covid strategy in China. Whether fears of a global recession will materialize remains to be seen. Today the IMF will present its current forecast for global economic growth for 2023. In the previous update, the plus was reduced to 2.9 percent.
On Tuesday morning, the oil price presented itself with slightly declining prices. By around 7:50 a.m. ET, the next-dated WTI future was down 0.39 to $90.74, while its Brent counterpart was down 0.29 to $95.90.
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