The most important news of the coming week: With the beginning of a new week, Evest presents to you a report of the most important developments in the markets,
in addition to the most important news that will be issued during the week and its impact on the markets,
as well as the most important movements expected from a technical standpoint for a group of currencies and commodities.

Content

Negative outlook on gold prices

Growth data in Britain is positively above expectations

Dangote Refinery in Nigeria begins operations

Trading fund approvals are transforming the Bitcoin market

Negative outlook on gold prices

After gold prices reached a new high in December 2023 and have stabilized at more than $2,000 per ounce so far,
expectations regarding future gold prices are that gold prices have reached their peak
and are likely to witness a short-term decline due to the lack of important economic data or political events.

Especially after reducing expectations regarding rapid cuts in US interest rates during the coming period.

Growth data in Britain is positively above expectations

Last Friday, the Office of National Statistics in Britain released data indicating that the country’s gross domestic
product grew by 0.3% monthly during last December.

This figure was better than market expectations,
which indicated that the British economy would grow by 0.2%. It is worth noting that the previous reading for November showed a contraction of 0.3%.

This indicator, which measures the change in the inflation-adjusted value of goods and services produced by Britain’s economy,
is of great importance. It is considered the broadest indicator of economic activity and the primary measure of the health of the economy.
This indicator is released monthly approximately 40 days after the end of the month.
This indicator also affects the movements of the pound sterling against other currencies.

Dangote Refinery in Nigeria begins operations

A new oil refinery with a capacity of 650,000 barrels has opened in Nigeria, owned by Aliko Dangote, the richest person in Africa.
The refinery plays a vital role in processing local oil and reducing dependence on imported fuel.
Dangote expressed his thanks to President Tinubu and described the project as a game-changer.

This comes after an investigation by the Anti-Corruption Commission into the headquarters of the Dangote Group regarding foreign exchange dealings.
The financing of the $18.5 billion refinery is the focus of investigators, and the opening comes after signing agreements with international companies.

Trading fund approvals are transforming the Bitcoin market

Bitcoin has witnessed notable fluctuations following the important approvals of Bitcoin exchange-traded funds (ETFs),
as it is currently trading at $42,745, down 7.80% from last Friday.
These fluctuations come in the context of investors’ involvement due to approvals,

amid the impact of the decline of the US dollar, which has been linked to high inflation rates.
This points to the complex dynamics of Bitcoin’s rise, post-approvals of ETFs, and dollar fluctuations in an unclear trading context.
It was expected that the impact of approvals on Bitcoin exchange-traded funds would enhance enthusiasm in the market and stimulate a rise in prices,
which would contribute to updating the map of the digital financial landscape.

The most important news of the coming week

The most important news of the coming week

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