Gold Prices Drop in the Asian Markets: In Wednesday’s trading, gold prices slightly decreased in the Asian markets,
adding to the losses incurred in the previous session.
Traders’ significant shift toward the dollar caused this decrease,
as they awaited the release of key U.S. inflation data.

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Gold Prices Drop

Oil Prices Rise

Federal Reserve

Gold Prices Drop

In Wednesday’s trading, gold prices slightly decreased in the Asian markets,
adding to the losses incurred in the previous session.
Traders’ significant shift toward the dollar caused this decrease,
as they awaited the release of key U.S. inflation data.

Gold prices continued to trade within the low range of $2,300 per ounce, formed during most of June.
This is attributed to the expectations of rising U.S. interest rates, which affected price forecasts.

At the end of trading, spot gold fell by 0.1% to $2,317.02 per ounce,
while gold futures for August delivery decreased by 0.1% to $2,328.40 per ounce.

Oil Prices Rise

Oil prices rose during Asian trading on Wednesday despite a sudden increase in U.S. oil inventories.
This rise is attributed to geopolitical risks arising from conflicts in the Middle East
and expectations of inventory declines during the peak demand season in the third quarter.

Geopolitical risks are increasing due to Houthi attacks in the Red Sea and escalating
hostilities between Israel and Hezbollah in Lebanon, leading to rising oil prices.

Crude oil futures rose during Wednesday’s Asian session.
According to the New York Mercantile Exchange,
August delivery futures were trading at $81.19 per barrel at the time of reporting, an increase of 0.45%.

Federal Reserve Member’s Remarks on Interest Rates:

In her speech on Tuesday during the economic conference in New York, Lisa Cook,
a member of the Board of Governors of the U.S. Federal Reserve, stated
that the central bank will continue its efforts to curb inflation despite the volatile start to 2024,
which saw an acceleration in inflation growth during the first quarter.

Cook added in her remarks that lower interest rates would be appropriate later.
The current monetary policy is well-positioned in line with economic expectations.
Rising inflation expectations will require the Federal Reserve to continue its tight policy for longer.

Gold Prices Drop in the Asian Markets

Gold Prices Drop in the Asian Markets

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