by Jrg Bernhard
As in the crude oil sector, Russia will find other countries to buy its gold, especially since Western industrial nations have massively reduced trade with the aggressor’s country. It is therefore only a sanction with symbolic value. With a gold production of over 330 tons, Russia is the second largest gold producer in the world. The players on the gold markets are currently waiting for new impetus. Stagnation was the order of the day for US yields and the dollar – as was the case with the price of gold. Looking at today’s economic calendar, this “boredom” could continue. Only various speeches by those responsible at the Fed and ECB ensure a certain degree of tension.
On Tuesday morning the price of gold presented itself with stable quotations. By around 7:10 a.m. (CEST), the most actively traded futures on gold (August) had risen by 2.90 to 1,827.70 dollars per troy ounce.
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Rohl: Concerns about global production
In early Tuesday trading, the players on the market continue to worry about the tense supply situation. The United Arab Emirates and Saudi Arabia are reported to be producing at or near their limit. In the past, both producing countries were said to have the highest capacity reserves. But that’s not all: production losses are also looming in several other countries, such as Ecuador and Libya. The weekly report from the American Petroleum Institute, which is scheduled for publication at 10:30 p.m. and could have a significant impact on the trend for tomorrow’s trading day, should now attract increased attention.
The oil price was higher on Tuesday morning. As of around 7:10 a.m. ET, the WTI next-dated future was up 1.25 to $110.82, while its Brent counterpart was up 1.34 to $112.32.
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