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On Thursday, oil prices were quite muted after their previous growth for three days in a row. The slowdown was driven by observed economic problems, which the largest crude oil importer, China, is currently facing.

After Fed Chair Jerome Powell's forecast of a slowdown in interest rate hikes, which caused a rally in the metals markets, gold prices are rising on Thursday.

The dollar is declining after Federal Reserve Chairman Jerome Powell’s speech. He confirmed Wednesday that the Federal Open Market Committee (FOMC) might scale back the pace of the interest rate hikes at its December meeting.

What Economic Calendar Events await us on December 1, 2022? We will see how the Manufacturing PMI of different countries, US Inflation Indicators, the unemployment rate in the Eurozone, Swiss retail sales and some other indicators have changed.

The French inflation rate for November remained surprisingly high. Despite a slowdown in other countries of the Eurozone, any appeals for interest rate easing from the European Central Bank were ignored.

The value of overnight yen loans has fallen to its lowest level in more than six years. Such a decline is seen because of the restriction on profitable arbitrage trades by Japanese lenders.

According to Carley Garner, co-founder of DeCarley Trading, if the U.S. Fed stays hawkish on interest rates, it could disappoint markets and provide a number of opportunities to buy precious metals.

The head of the International Energy Agency said Tuesday that OPEC+ must consider the very fragile state of the world economy when considering larger supply cuts at an upcoming meeting.

As TD Securities economists predict, during the next months the price of gold will fall to $1,600 and below. Nevertheless, in the second half of next year, the metal will surpass the $1800 mark.

According to new data, headline growth of Canadian economy in the third quarter turned out to be stronger than expected.