Oil Jumps, Gold Lower As U.S. Dollar Rally Halted

Published 08/23/2022, 03:29 PM
XAU/USD
-
GC
-
CL
-

Oil Higher On Soft US Data

Crude prices are rallying as the dollar’s rally came to abrupt halt on growth concerns. ​ A weakening US economy should be bad news for oil, but today’s soft economic readings suggest that OPEC+ will easily be able to justify production cuts soon. ​ The oil market will remain tight whether business activity continues to weaken sharply or if economic growth remains choppy.

Gold/USD

Gold got its groove back after the dollar plunged after a round of ugly US economic data suggests Fed Chair Powell won’t be able to stick to the aggressive tightening script for much longer. ​ I don’t think anyone expects Powell to go Volcker on us and that has provided some support here for gold. ​ Powell still needs to justify his hawkish stance at Jackson Hole, but it seems markets may not believe him.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.