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by Jrg Bernhard
The minus is currently 1.5 percent. The unexpected decline in US GDP growth in the first quarter (-1.4 percent pa) led to less interest rate fears and a weakening dollar. In the past few weeks, the price of gold has been slowed down primarily by the strong rise in short-dated US government bonds. As a reminder: Since the beginning of the year, for example, the yields for a term of two years have multiplied from 0.77 to 2.62 percent pa. In the morning, investors will find out how GDP growth developed in Germany and the euro zone in the first quarter. In the afternoon (2.30 p.m.) there are various US economic indicators such as personal income and expenses, wage costs and the Chicago Purchasing Managers Index (3.45 p.m.) and the consumer confidence index determined by the University of Michigan (4 p.m.). It will therefore be interesting to see whether the gold price will say goodbye to the weekend above $1,900.
On Friday morning the price of gold presented itself with rising quotations. By around 7:45 a.m. (CEST), the most actively traded future on gold (June) had risen by 16.10 to 1,907.40 dollars per troy ounce.
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Rohl: Slight recovery
Markets are currently still in sawtooth mode. A clear trend cannot currently be discerned. On some trading days, market players worry about oil demand due to the strict lockdowns in China, after which war-related supply concerns dominate the fossil fuel business again. As usual on Fridays, Baker Hughes, the US service company active in the oil sector, will publish its weekly report on North American drilling activities at around 7:00 p.m., thereby drawing additional attention to the energy markets. Should there be any surprises here, this could also affect the trading trend for the coming week.
On Friday morning, the oil price presented itself with recovered quotations. As of around 7:45 a.m. ET, the WTI futures next-dated future was up 0.55 to $105.91, while its Brent counterpart was up 0.87 to $108.13.
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