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Gold prices are usually under pressure on the eve of economic downturns, but once a recession finally comes, gold outperforms other types of assets in terms of bringing returns, including stocks.

The situation for cyclical commodities is likely to remain volatile and challenging. But Credit Suisse experts suggest the value of gold could rise at the end of 2023.

On Thursday, the European Health Committee held an urgent meeting in Brussels. The meeting asked about further EU responses to China's decision to lift restrictions on COVID-19.

The focus is on the data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold and silver.

Kyodo Agency reported Japanese companies extended the insurance period for ships in Russian waters. Earlier, the media noted that Japan was about to refuse providing insurance services to marine vessels in waters around Russia.

On the European exchange ICE owning the Dutch hub TTF the gas prices fell by more than 2% below the point of $860 per cubic meter.

A cold snap could test the Texas electric grid and curtail LNG exports. These are predictions made by Kayrros, a geoanalytics company.

According to British journal Lloyd's List, 7 loaded Suezmax vessels sailed from Russia. The price of oil on these vessels complies with a price cap at $60 per barrel, which was set by the Group of Seven (G-7).

Brent oil prices dropped in the second half of 2022 after peaking in June, thereby losing nearly all of its yearly gains. Analysts at Credit Suisse, however, believe the sell-off is likely to keep going.

From January 8, Chinese tourists no longer have to be quarantined after returning from travel, the government announced this week. This has caused an increase in bookings in China, which has been the world's largest outbound travel market since 2019.