Abstract:The US dollar weakened, while gold slightly rose during Thanksgiving OPEC+postpones meeting, oil prices continue to decline
The US dollar weakened, while gold slightly rose during Thanksgiving
OPEC+postpones meeting, oil prices continue to decline
On Thursday (November 23), gold prices corrected near the $2000/ounce level and stabilized above $1990/ounce, with a slight increase supported by the weakening US dollar.
After OPEC+unexpectedly postponed the highly anticipated production policy meeting, the market expects that Europe's OPEC may not further reduce production next year after the postponement of the policy meeting by the oil producing countries group. Oil prices continue to decline, falling by about 1% on Thursday.
Due to the Thanksgiving market closure in the United States, gold prices rose slightly by 0.14% on Thursday, with light trading. Previously, it fell from a critical level of overnight trading, as strong labor market data exacerbated uncertainty in the US interest rate path.
On Friday (November 24th), gold prices broke through $2000 per ounce, and there were almost no trading leads during the US market holiday. The focus now is on upcoming business activity data to find more clues about the world's largest economy. Gold has risen for the second consecutive week, and the market is increasingly convinced that the Federal Reserve has completed its interest rate hike.
Market trading is light before Thanksgiving holiday Initial application and other data support the rebound in US dollar and US bond yields
The minutes of the Federal Reserve meeting have limited impact on precious metals, with long and short vying for the 2000 level;
Weak US inflation data Market expected the Fed interest rates approaching to the peak The US dollar kept felling