Gold prices fell to around $3,340 per ounce on Thursday (August 21st), as investors adjusted their positions ahead of the Federal Reserve's three-day Jackson Hole symposium, which begins today. Market focus is currently on Fed Chairman Jerome Powell's speech, which could provide clues to the Fed's monetary policy stance. Currently, market participants are pricing in an 82% chance of a September interest rate cut. However, the minutes of the latest Fed meeting showed policymakers remain concerned about inflation and the labor market, with most voters believing it is too early to cut...
Oil maintained gains after U.S. crude inventories fell by the most since mid-June, leaving inventories well below seasonal averages. Brent crude traded around $67 per barrel after rising 1.6% on Wednesday, while West Texas Intermediate (WTI) hovered near $63. National inventories fell by 6 million barrels last week, according to Energy Information Administration (EIA) data. Gasoline stocks also fell for the fifth straight week. However, oil prices are still down more than 10% year-to-date due to concerns about the impact of U.S. trade policies and as OPEC+ restores previously halted...
Silver prices fell in trading on Thursday (August 21st), as the US dollar strengthened following the release of the minutes of the Federal Reserve's July meeting. Investors are also tending to wait and see ahead of Fed Chairman Jerome Powell's speech at the Jackson Hole symposium later this week. The FOMC meeting minutes showed that most central bank officials still view inflation risks as greater than concerns about the labor market. This has limited expectations for aggressive interest rate cuts. However, the CME FedWatch tool still indicates an 82% chance of a 25 basis point rate cut at...