Gold and Oil - Overview as of 05.12.2024

Financial and commodity markets analytics


Gold

Gold prices remain steady at $2,647 an ounce, pending U.S. jobs data that could influence further Fed policy. Gold futures were down 0.2% to $2.671. According to analysts, gold prices are likely to hold at these levels with a possible decline until the end of December. Investors remain cautious, as employment data may affect the Fed's decision to change interest rates, which traditionally affects the cost of gold, which remains a popular protective asset.

Oil

Oil prices rose ahead of the OPEC+ meeting, where production cuts are expected to be extended for three months from January. Brent futures rose to $72.43 and WTI futures rose to $68.70 per barrel. The main attention of the market is focused on the OPEC+ decision: to support prices or protect market share. A decline in US oil inventories also provided support. Tensions in the Middle East add uncertainty: Israel threatens to resume military action against Hezbollah, which may destabilize the region. These factors in combination may contribute to an increase in oil prices by the end of the year.