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On Monday, a Russian oil delivered by sea price cap, imposed by the G7 countries, came into effect. Nevertheless, Russia said it would not adhere to the restriction even if it had to cut production.

According to a survey by the National Association for Business Economics (NABE), 57% of economists believe that the likelihood of a recession in 2023 is greater than 50%.

Oil prices rose 2% on Monday as OPEC+ countries maintained their output targets. This surge happened ahead of the European Union's (EU) cap on the price of black gold.

Growth in China's services industry fell in November to a six-month low. New strict lockdown measures aimed at fighting COVID-19 outbreak in China affected consumer demand. These factors indicate that economic growth is slowing.

It’s reported that the U.S. dollar lost about half of its annual growth. It happened for several reasons. Firstly, the U.S. Fed was expected to ease monetary policy. Secondly, it was assumed that China would remove or at least loosen covid restrictions.

Almost all economists agree that the Australian central bank rate will rise on Tuesday by 0.25%, reaching 3.1%.

In the previous month, 263,000 new jobs were added in the U.S., although this number was expected to decrease to 200,000. Meanwhile, the unemployment rate remained stable at 3.7%, which is generally in line with economists’ forecasts.

According to Kuwait's state energy company, clients don’t want to boost the import of black gold next year. This testifies to the fact that the weakness of the world economy harms markets.

Canada's central bank is discussing abandoning excessively high interest rates. This bond market signal portends a recession and weakening inflation.

Gold starts the week with a strong rise against the backdrop of a declining US dollar. Renewed optimism in China and dovish expectations from the Fed offset high US Treasury yields.