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Gold price: $ 1,800 mark in acute danger

In the middle of the week, the gold crisis protection is trending slightly downhill towards the $ 1,800 mark with thin trading.

by Jörg Bernhard

Although the Omikron variant continues to create a high level of uncertainty, the gold price cannot benefit from it. However, this has caused the global economic outlook to deteriorate slightly again. In the afternoon there are important dates on the agenda across the Atlantic. In addition to the US trade balance for November, market players are likely to be particularly interested in the development of retail sales (both 2.30 p.m.). According to a survey of analysts published by Trading Economics, these are said to have increased by 0.6 percent compared to the previous month. After two extremely high-performance years, the gold price is threatened with a minus in the single-digit percentage range this year. To date, it has lost 4.9 percent of its value on a dollar basis, while it has increased by 2.8 percent in euros.

On Wednesday morning, the gold price presented itself with falling prices. By around 8:30 a.m. (CET), the most actively traded future on gold (February) decreased by $ 5.20 to $ 1,805.70 per troy ounce.

Crude oil: Robust and resilient

According to yesterday’s weekly report by the American Petroleum Institute, fossil fuels are extremely robust. This showed a decrease in the amount of oil stored by 3.09 million barrels. Fossil fuels could experience new impulses in the afternoon when the US Energy Information Administration (4.30 p.m.) publishes its weekly report on the development of stock reserves and production figures. According to a survey of analysts published by Trading Economics, the amount of oil is said to have decreased by 3.14 million barrels, while gasoline and distillates are forecasting slight increases of 487,000 and 175,000 barrels respectively.

The oil price rose on Wednesday morning. By around 8:30 a.m. (CET), the next due WTI future had increased in price by 0.14 to 76.12 dollars, while its counterpart on Brent rose by 0.30 to 78.97 dollars.

Finanzen.at editors

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Reference-www.finanzen.at

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