Connect with us

Precious Metals

All eyes on OPEC+, gold ticks higher

How much will OPEC+ cut by? Markets have been awash with OPEC+ speculation this morning, with reports suggesting the group will consider an output cut…

Share this article:

Published

on

This article was originally published by Market Pulse

How much will OPEC+ cut by?

Markets have been awash with OPEC+ speculation this morning, with reports suggesting the group will consider an output cut in excess of one million barrels per day and that Saudi Arabia could unilaterally add to that. After a year of tolerating extremely high prices, missed targets and severely tight markets, the alliance seemingly has no hesitation when it comes to acting rapidly to support prices amid a deterioration in the economic outlook.

Any cut will no doubt frustrate consuming countries that are on the verge of recession after spending a year dealing with soaring energy costs on the back of the post-pandemic recovery and war in Ukraine. It’s a fine balancing act and the size of the cut will determine the scale of the backlash. Although as we’ve seen before, that hasn’t really changed the outcome.

Can gold build on recent gains?

Gold prices are inching higher this morning, up around half a percentage point, as US yields soften a little. I’m not sure gold bulls will be getting overly excited by today’s move, especially ahead of Friday’s jobs report which could cause another stir. But the yellow metal is continuing its gradual rise towards the $1,680-1,700 region where it could face plenty of resistance. Should we see signs of peak inflation and interest rate expectations in the weeks ahead, gold could find itself back in favour, but given recent experience, that may be a lot to expect and traders could initially proceed with caution.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

Share this article:

Canadian Silver Co. Will See Big Changes in 2024

Source: Michael Ballanger 12/22/2023

Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the market and shares on stock…

Share this article:

Published

on

By

Continue Reading

EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills

2023.12.23
EGR Exploration Ltd. (TSXV: EGR) has moved from owner to shareholder at its Urban Berry project in Quebec, this week announcing it is optioning…

Share this article:

Published

on

Continue Reading
Economics

Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar

Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar

A weird week of macro data – strong jobless claims but…

Share this article:

Published

on

Continue Reading

Trending