Advertising
Brent
73.64
USD
-4.71%
von Jörg Bernhard
That is when important US purchasing managers’ indices are due to be announced. Values below 50 points are expected, which would indicate a period of economic weakness. If the forecast values are not met, this would increase the probability of a large interest rate hike by the Fed of 50 basis points. The FedWatch tool from the futures exchange operator CME Group currently shows a probability of 31 percent for this scenario. An interest rate cut is also expected at the next ECB meeting. Because this would reduce the opportunity costs (-> interest foregone), this would increase the attractiveness of gold investments and could push its price back towards record highs.
On Tuesday morning, the price of gold was stable. By 8:35 a.m. (CEST), the most actively traded gold future (December) had fallen by 0.40 to 2,527.20 dollars per troy ounce compared to Friday.
Crude oil: supply is great, demand is bad
The oil markets are currently expecting a decline in demand and an increase in supply. China’s industrial sector reported its lowest figure for six months for August. Combined with the expansion of production announced by OPEC from October, this does not represent a positive data mix for the oil price. In the USA, too, there is currently a pronounced weakness in demand. Due to yesterday’s US holiday, the API weekly report will not be published on Tuesday evening as usual, but one day later.
On Tuesday morning, the price of oil was declining. By 8:35 a.m. (CET), the next-dated WTI future had risen by 0.51 to 74.06 dollars compared to Friday, while its Brent counterpart had fallen by 0.17 to 77.35 dollars.
Editorial staff finanzen.ch
