Oil rebounds as gold prices rise due to the US dollar declines as Asian markets mixed

Oil and gold addressed losses on Tuesday after the dollar stopped rising,
as oil prices rose after falling the previous day to their lowest since early January,
prices of the precious metal rose,
and stocks in the Asia-Pacific region mixed after sharp declines on Monday.

topic’s

Oil rebounds again after a sharp decline in the previous session

Gold rises after the US dollar stopped rising

Dollar stops rising for breath and Forex Asia reins in losses

Asia-Pacific markets mixed after this week’s negative start

Oil rebounds again after a sharp decline in the previous session

Oil prices rose during Tuesday’s trading,
after falling to their lowest since January 1 during Monday’s trading.

The cost of November Brent oil futures on the London Stock Exchange
Futures is $84.69 per barrel on Tuesday morning,
$0.63 (0.75%) higher than the closing price of the previous session.

As a result of the previous trading,
these futures fell by $2.09,
or 2.4 percent to $84.06 per barrel,
the lowest level since January 11.

By this time, WTI futures prices for November in electronic trading
on the New York Mercantile Exchange (NYMEX)
had risen by $0.62, or 0.71 percent, to $77.33 per barrel.

By the close of the market on Monday,
the value of these futures had fallen by $2.03,
or 2.6 percent to $76.71 per barrel,
the lowest level since January 3.

Gold rises after the US dollar stopped rising

Gold prices rose slightly from two-year lows on
Tuesday as the dollar’s rally was paused,
while the copper recovery was interrupted by data
showing further weakness in Chinese industrial activity.

Spot gold rose by 0.5 percent to $1629.96 per ounce,
while gold futures stabilized at $1730.0 per ounce by 1:57 GMT.

On the other hand, bullion prices fell from
their highest levels during Russia’s invasion of Ukraine,

as rising interest rates around the world weakened the metal’s allure.

With gold prices falling below two major
support levels in recent weeks of $1700 and $1650,
markets widely expect gold to fall below $1,600 in the coming days.

Other precious metals suffered similar losses this year,
with silver falling by more than 20 percent,
while platinum fell by 12.5 percent.

The focus is now on Federal Reserve Chairman Jerome Powell’s
speech next Wednesday for more references to US monetary policy.

Among industrial metals,
copper prices pared early gains on Tuesday after data showed Chinese
industrial profits fell for the second straight month in August.

Copper futures rose by 0.3 percent to $3.3015 per pound,
after falling by 2 percent in the previous session to a two-month low.

Copper is now close to reaching a 2022 low of $3.1355,
trading down by more than 24 percent for the year.

Dollar stops rising for breath and Forex Asia reins in losses

Asian markets tried to stabilize on Tuesday a few days after stocks faltered,
bonds collapsed, sterling fell, and the dollar rose,
but the dollar fell slightly and stocks stabilized.

On Tuesday, the dollar index fell by 0.1 percent to 113.8,
after approaching 114.58 earlier,
its strongest level against a basket of counterparts since May 2002.

The European single currency rose by 0.3 percent on the day to $0.9634,
after hitting a 20-year low the previous day.

The sterling recovered after slumping to a record
low of $1.0327 on Monday to $1.0742.

The Japanese yen and Indian rupee rose by
0.3 percent each in Asia and the Pacific,
with the New Zealand dollar performing best,
jumping by 0.7 percent.

Asian markets stabilized as the dollar fell from a 20-year high
after rising strongly over the past seven sessions.

However, sentiment remained tense over further gains in US dollar
and treasury yields, with growing concern over the global recession.

China’s yuan was among the few outliers for the day,
falling by 0.2 percent and trading just below the two-year low of 7.1699.

Asia-Pacific markets mixed after this week’s negative start

Stocks in the Asia-Pacific region were mixed on Tuesday after sharp declines on Monday.

Japan’s Nikkei 225 index rose by 0.61 percent,
the Topix index rose by 0.7 percent and
China’s Shanghai Composite Index rose by 0.26 percent.

South Korea’s Kospi also struggled for direction and last lost 0.62 percent,
while the Kosdaq fell by 0.74 percent,
in Hong Kong, the Hang Singh lost 1.06 percent,
with the Hang Seng Tech falling by 1.7 percent.

S&P 500 futures rose by 0.7 percent,
and MSCI’s broadest index of Asia-Pacific
shares outside Japan fell by 0.1 percent.

The yield on the five-year US Treasury rose by
100 basis points in two trading days.

The trend to US markets pushed Wall Street deeper into a bear market,
lifting benchmark 10-year Treasury yields by more
than 20 basis points to a 12-year high of 3.933 percent,
and keeping the dollar offer.

After two weeks of mostly sustained losses in the US stock market,
the Dow Jones Industrial Index confirmed on Monday that it was in a bear market,
tracking its start to declines in early January.

artical name Oil rebounds as gold prices rise due to the US dollar

Oil rebounds as gold prices rise due to the US dollar

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