Abstract: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.
The weak US data has ended the interest rate hike cycle, and gold bulls are unstoppable
Crude oil faces its first weekly increase in five weeks, with focus on the postponed OPEC meeting
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. But after strong labor market data and the release of Federal Reserve meeting minutes, doubts were raised about when the Federal Reserve plans to start cutting interest rates, and the trend of gold prices weakened with insufficient momentum.
On Friday (November 24th), oil prices fell, tensions in the Middle East eased, political risk premiums decreased, and oil prices rose for the first time in over a month. Oil traders need to be prepared for the tense OPEC+meeting, which will be held in conjunction with COP28.
Due to the Thanksgiving holiday in the United States, the weak overnight trading of the US dollar index also provided some support for gold.
Gold rose significantly in early November as the market bet that the Federal Reserve would not further raise interest rates. However, given the central bank's continued reaffirmation of its long-term high interest rate outlook, the future growth of gold remains uncertain.
The US dollar weakened, while gold slightly rose during Thanksgiving OPEC+postpones meeting, oil prices continue to decline
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