Other news

Recently, China has increased imports of gold. Thus, the government hoped to diversify the assets of the People's Bank of China (PBOC), as well as to reduce dependence on the U.S. dollar.

According to a recent statement made by a Chinese epidemiologist, the peak incidence of COVID-19 cases is projected to last for two or three months. It’s also expected that the wave of the infection will subsequently spread over the country’s large countryside areas.

The oil rigs from Baker Hughes and speculative positions on oil and gas, gold and silver are on the agenda.

The Energy Information Administration (EIA) recorded an increase in crude oil stocks. It was driven by a slow recovery of refinery production after a forced shutdown due to freezing temperatures in the U.S.

A sharp increase in the number of flights before the Lunar New Year is another evidence of the increasing need for fuel.

The gold market remains optimistic. Several analysts expect the precious metal to exceed the level of $1,900 per ounce later this week amid a decline in inflation.

On Wednesday, U.S. natural gas futures rose by about 1% due to updated weather forecasts. It is now projecting lower temperatures in late January, and it’s expected to be colder than now.

Gold prices are fluctuating on Thursday due to the imminent release of official data. The updated statistics are expected to show inflation easing in the U.S.

The U.S. Energy Information Administration (EIA) changed the forecast concerning the spot average price for Brent. According to a new forecast, the price for this oil type will be lower than 10% in 2023.

According to Rystad Energy Vice President Emily McClain, U.S. natural gas demand may reach a record low. A potential fall in demand is driven by mild weather conditions observed in the country.