Members of the Republican Party in the U.S. House of Representatives are to vote on a new bill that would prohibit the sale of oil from the Strategic Petroleum Reserve (SPR) without increasing drilling on federal lands.

According to Gold.ru analysts, the minimum target of the current gold rally is around $1,950 to $1,975. However, they expect the price to fall back to around $1,850 in the first quarter of the year.

Financial Times reports that the price ceiling for RF petrochemicals will harm the economy of Western countries stronger than the price cap for oil implemented earlier.

There was a sharp increase in silver prices over the last months of the previous year. Despite their current fall below the level of $24 per ounce and a certain slowdown in the metal’s growth, many expect it to resume.

Goldman Sachs analysts believe the commodities sector is on track for "superior total returns" in 2023, outperforming other asset classes. In particular, gold will be "on the verge of sustained growth".

On Thursday, oil prices recorded their highest level since December 1. It was driven by the fact the market sentiment got better amid increased demand for Chinese oil.

Limiting gas prices in the European Union could lead to reduced market liquidity and increased volatility.

According to the new data from Baker Hughes, released on Friday, the number of functioning drilling rigs in the U.S. was reduced by 4 units of equipment.

Natural gas futures on the New York Mercantile Exchange (NYMEX) fell by another 5% over the previous week, continuing their fall. Such a sharp decline was caused by untypically warm winter weather.

According to Jonathan Rose, CEO of Genesis Gold Group, the devaluation of the dollar, inflation and U.S. monetary policy are the main drivers of growth in the precious metals market.