Gold closes in positive territory – Oil supply threatened due to the devastating earthquake in Türkiye
|Gold
Gold prices have started to regain some of their losses, and yesterday, the price closed in positive territory. However, the gains are very minimal and they do not show anything meaningful behind them. This is because the dollar index is gaining more strength and every print of the US economic data is bringing more strength to the dollar index. Traders are betting that the greenback is more likely to see life coming back to it as the Fed may show a more hawkish hand.
Jerome Powel’s speech at 5:00 PM GMT will be the most interesting event to watch as it could really make or break the rally for the precious metal. A message which shows consistency and is more in line with their previous message could push the gold price higher and vice versa.
Oil
The devastating earthquake situation in Turkey is a major focal point among investors and traders as the natural disaster has threatened the supply equation due to the shutdown of a major export terminal in the country. Traders are also optimistic about demand in China as economic data suggests that the second-biggest economy in the world is on the rise, and there is little concern over an economic slowdown. This is the reason that we have seen Saudi Arabia increasing crude oil prices in Asia, which in fact, it has done for the first time in nearly six months.
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