OPEC and its allies intend to meet on June 6 at 12:00 GMT via a webinar. The intention is to finalize the terms of extending 9.7 million b/d production cuts through July. Russia and nine other allies will join the meeting at 14:00 GMT. A delegate-level OPEC+ technical committee, co-chaired by Saudi Arabia and Russia, …
OPEC is holding a meeting on oil production cuts tomorrow Read More »
The spot gold price plunged into free fall on Wednesday’s session. This is after it was hit by lower risk aversion amid widespread gains from the world’s leading stock indexes. In this context, the price of XAU / USD plummeted by more than 1.6%. Gold settled close to $1,700 an ounce, its lowest level since …
Gold’s price falls as S&P 500 strengthens above 3,100 points Read More »
Analysts forecast that the importance of silver in the energy industry will increase in the coming years. By 2050, they estimate that more than 50% of the demand for this metal will go to power generation. Silver is a precious metal with physical properties that make it suitable as a raw material for many industries, …
Silver consumption in energy will be halved in 2050 Read More »
Gold saw some gains on Monday since buyers stepped in to acquire during the early drop in prices. Two significant crises the US is experiencing are positively affecting gold prices. Across the major US cities, massive civil unrest has exploded over racial inequality. Besides, the country’s economy has wavered due to the coronavirus pandemic. Gold …
Gold erases early losses as the US is facing several crises Read More »
According to US officials, the Trump administration suspended Iranian fuel deliveries to Venezuela. The US threatened sanctions on ships that were carrying the cargo. The Wall Street Journal reported that five oil tanker shipment deliveries were planned, adding that for the Venezuelan regime, it was a partnership to prevent American sanctions. The two countries try …
The US intrudes Iranian fuel deliveries to Venezuela Read More »
Oil futures prices climbed by 2% on Thursday. The consistent improvement in US factory activity compensated for the surprise build-up in crude and diesel inventories. On the other hand, some in the market worry that China’s new Hong Kong security law could cause trade sanctions. Brent crude July futures climbed 55 cents, or 1.6%, to …
Higher US refinery rates offset surprise crude build Read More »
Analysts forecast global copper demand to fall by 5.4% to 22.625 million tonnes this year. This is according to the International Wrought Copper Council. However, they also expect it to bounce back by 4.4% to 23.625 million tonnes next year. This year showed a drop in supply-side too, which is also going to rebound strongly …
Once the global agreement on the production cuts expires in 2022, the Russian government plans on drilling idle oil wells to prepare for the restoration of oil output. The Russian government has published the statement on its approval of the program on Tuesday. At the beginning of April, the Organization of the Petroleum Exporting Countries …
Russia prepares pump oil after the OPEC deal expires Read More »
After the decrease in the coronavirus cases, several countries eased lockdown. Positive economic indicators set up gold for a weekly drop. Besides, the escalated tensions between the US and China underpinned gold’s haven appeal. Spot gold prices were up 0.2 percent at $1,727.75 per ounce. US gold futures climbed 0.4 percent to $1,729.40. Since October …
At the end of 2019, the palladium market experienced a drop in supply by 950,000 ounces (29.54 Mt). Throughout the year, the metal’s price had been on the rise, until it reached a historical maximum. Besides, the demand for palladium has been historically high in the automotive sector. The PGM Market Report, published in major …
Russia – the world’s largest producer of palladium in 2019 Read More »
The management of the Uzbek agricultural wholesale company, BMB Export Global, and members of the Chamber of Commerce and Industry of Egypt held a videoconference yesterday. The parties discussed current agricultural prices and the possibility of cooperation. Egypt is ready to deliver fruits and vegetables that are not cultivated in the country, like plums, cherries, …
Egypt and Uzbekistan are opening markets for fruit Read More »
The Covid-19 pandemic has harmed the platinum market, including price, demand, and supply. Still, the results of the report of the World Platinum Investment Council (WPIC) is quite promising. According to it, the first quarter of 2020 is showing that the net effect is less than feared. The outlook for the platinum this year is …
Covid-19’s impact on platinum is less than feared Read More »
Central banks choose the assets as the part of their reserves, based on security, liquidity, and returns. The crisis caused by Covid-19 has created an unprecedented deterioration in financial markets. Furthermore, it has confirmed the vital role of gold in central bank reserves. The report by the World Gold Council highlights the importance of the …
Covid-19 confirms gold is vital for central bank reserves Read More »
Concerns about tense relations between America and China and weak data from America’s economy boosted appetite for investing in the gold market. The price of the yellow metal yesterday settled at its highest level since October 2012. Gold rose 1.04 percent to $ 1,761.87 an ounce. Gold for delivery in June increased by 0.89 percent …
Gold surged to $ 1,761, the highest level since 2012 Read More »
Silver prices started to increase after Friday’s breakout session. Phillip Streible, a chief market strategist at Blue Line Futures, said that the demand for the metal has increased while the supply has dropped. These conditions are likely to continue to push silver rates higher. May silver prices settled at $17.51 an ounce. Since late February, …
Supply crisis pushing the silver price to 3-month high Read More »
