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Despite the Latest ECB Announcements, Gold Is Still Climbing

Ren Garcia by Ren Garcia
January 25, 2023
in Finance
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Despite the Latest ECB Announcements, Gold Is Still Climbing
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Despite the European Central Bank’s (ECB) announcement that it has increased interest rates as part of the fight against inflation, rising gold prices may create an opportunity for investors. In addition, the position of the dollar and crude oil graphs seem to offer good opportunities for 2023.

https://www.youtube.com/watch?v=YwD9pSSoXxQ&ab_channel=FinCurrency

As the US dollar continues to decline, gold prices can benefit from this trend due to its negative correlation. The potential for further weakening of the dollar could arise in response to weaker-than-expected economic indicators released by Thursday’s data release. On the day of the release of Q4 GDP growth figures, investors will likely also be keenly watching Durable Goods Orders (December) and weekly US Jobless Claims. Last week, investor interest was stirred in SPDR Gold Shares – the world’s biggest gold ETF – as seen through its rally from 909.24 to 917.05 tons within a week.

blockdag 70m

Crude Oil Stabilised at ECB

Crude Oil Stabilised at ECB

Europe and the USA’s publications of various purchasing manager indices are promising to give investors a better sense of current economic sentiment. Also, due to its potential market-moving effects, heightened attention is expected for this week’s American Petroleum Institute report (10:30 p.m.). A survey of analysts published by Trading Economics recently reported that the amount of crude oil stored in the US had increased dramatically to 1.6 million barrels, causing oil prices to move within relatively narrow trajectories. This conclusion is further backed up by a decreasing CBOE oil volatility index which has dropped from 45.8 to 37.3 percent since the beginning of this month.

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Ren Garcia

Ren Garcia

I am a personal finance reporter and markets reporter at Los Angeles/USA today. I graduated from San Jose State University, where I double majored in Business Administration and International Business.My passion is to create personal finance content that's empathetic and speaks my reader's language.Currently, I’am an author in different news channels as a financial journalist, simultaneously I am trying to gain new competencies in the subjects that I am interested in such as Venture Capital, Startups, FinTech, Payment methods and International banking.

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