Global Gold and Oil Prices Fall Ahead of Federal Reserve Meetings

Mubasher: The decline dominated most of the global gold and oil prices, in addition to the US dollar index, during trading today, Tuesday, on the eve of the start of the crucial Federal Reserve meetings expected by investors in the world.

And by 11:00 am GMT, Brent crude futures for July delivery were down 0.04%, at $79.34 a barrel.

US West Texas Intermediate crude declined by 0.03%, at $75.65.

At the same time during today’s trading, global gold prices fell by 0.5% to $1980.42 an ounce, and the dollar index fell 0.03%.

The meetings of the Federal Open Market Committee of the US Federal Reserve are scheduled to be held on Tuesday and Wednesday, at the end of which the new decision on interest rates is expected to be announced, amid expectations of raising them by 25 basis points.

Investors in global markets are also waiting for the words of Jerome Powell, Chairman of the Federal Reserve, after announcing the decision of the US Central Bank, hoping to clarify the picture of interest movements during the coming period.

The US Federal Reserve raised interest rates by 475 basis points in total since March last year, from a level close to zero, to the current range of 4.75%-5%.

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2023-05-02 08:57:57
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