28/08/2024 Evening Reports
Gold prices fell by as much as 1.1% to $2,498.36 an ounce as a stronger dollar prompted investors to book profits after recent gains. The rise in the dollar, driven by speculation of month-end portfolio rebalancing, made gold more expensive for non-U.S. buyers.
Traders are now focused on Friday’s inflation data, which could influence the pace of potential Federal Reserve rate cuts. Despite the dip, gold remains up over 20% this year, buoyed by rate cut expectations, central bank buying, and geopolitical tensions. Silver, palladium, and platinum also saw declines.
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Oil prices fell by around 1% on Wednesday due to persistent concerns over Chinese demand and elevated risks of a broader economic slowdown, though losses were capped by supply risks in the Middle East and Libya.
Brent crude futures were down 76 cents, or 0.96%, at $78.79 a barrel by 1320 GMT. U.S. West Texas Intermediate crude futures fell 77 cents, or 1.02%, to $74.76.
Prices lost more than 2% on Tuesday, having gained 7% over the previous three days to more than $81 a barrel for Brent and $77 for WTI.
“Supply risks in Libya have come to the fore but market participants seem sanguine … demand in China remains weak and the expected second-half rebound has yet to show credible signs of commencing,” Amarpreet Singh, an analyst at Barclays, said in a note.
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