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Gold is trading near an eight-month high on Wednesday as inventors expect the Fed to slow the pace of interest rate hikes and the greenback to further lose value. However, market participants are being cautious ahead of inflation data.

A decline in black gold prices is getting evident on Wednesday. That is driven by an unexpected increase in oil and fuel inventories in the U.S. In this regard, the latest data raises concerns about fuel demand. Thus, the price level reached on Tuesday is offset now.

BlackRock analysts suppose that the U.S. stock market will have another unstable year because investors overlook the threat of increased interest rates and consistently high inflation.

It was reported that the U.S. Interior Department appointed Elizabeth Klein as head of the Bureau of Ocean Energy Management.

In the Short-Term Energy Outlook for January, the U.S. Energy Information Administration (EIA) stated a decrease in power consumption in 2023. This outlook is driven by weak economic activity and mild weather conditions.

The survey of foreign investors and analysts showed that the trend for rising costs of precious metals, which started at the end of 2023, will remain in the new year.

Platinum was the most profitable precious metal in 2022, rising by 11%. However, the global platinum market might face a deficit of approximately 300,000 ounces by the end of this year.

Gold climbed to $1,880 early in the week, settling at an eight-month high. U.S. inflation data for December will be closely monitored on Thursday. Economists at Commerzbank say that the official data will further support the metal.

Morgan Stanley's Global Commodity Strategist Martijn Rats shared his opinion on what would possibly become major factors of uncertainty for the world’s market of oil this year.

On the agenda, on January 10, will be EIA Short-Term Energy Outlook. On January 11, stocks of crude oil and petroleum products, as well as the production of gasoline and distillates will be in the spotlight. On January 12, data on natural gas reserves will be published.