Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
U.S. dollar stabilized ahead of the Fed’s minutes release
The U.S. dollar has stabilized ahead of the Federal Reserve’s (Fed’s) latest minutes release. This might be driven by investors’ more risk-averse behavior, as they await information on the following monetary policy course, outlook for inflation and interest rate hikes.
Minutes of the Fed’s meeting are to be released today, on November 23. Expectations of many are focused on the central bank’s announcement of a possible slowdown in rate hikes. In November, Fed Chair Jerome Powell outlined this probability, although he also highlighted the fact that borrowing costs would continue to rise at the same pace.
At the same time, the U.S. central bank continues to demonstrate its intention to fight inflation by monetary policy tightening. The forecasted rate peak of 5.5% was even shifted to September 2023, which is sooner than it was previously stated.
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Energy and Precious Metals Market events for February 2-3, 2023
Last year recorded an increased demand for gold up to the levels of 2011
Exxon Mobile is criticized for $56 billion profit
White House Supports Alaska Oil Project
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.