Dear followers everywhere, welcome to the Banker platforms and a new global tour of the financial, business and energy markets around the world for today, Wednesday, November 13th… coming to you from Banker, so stay with us.
Starting with the gold market, which regained its luster before the US inflation data
Gold prices rose slightly during early trading on Wednesday, with investors looking for deals after sharp declines in the last session, while focus shifted to US inflation data, which may shed more light on the path of monetary policy.
Gold rose in spot transactions 0.5 percent to $2,610.99 per ounce, after recording its lowest levels since September 20 yesterday, Tuesday.
US gold futures also increased 0.4 percent to $2,617.20.
From gold to the dollar, which retreated on Wednesday from the highest level in the past six and a half months against major currencies after data showed that inflation in the United States rose in October in line with expectations, indicating that the Federal Reserve will continue to cut interest rates.
The US currency rose to its highest level since May 1, supported by Donald Trump’s victory in the presidential elections last week, which raised expectations that his next administration might impose customs duties and take other measures that are expected to lead to increased inflation.
The next news in our global tour is about a study urging the IMF to sell gold to help poor countries..
A study said that the International Monetary Fund should sell 4% of its gold to help relieve the debt burdens of low-income countries devastated by disasters linked to climate change.
This comes as climate finance dominates early talks at the United Nations Climate Change Conference (COP29).
We are still on our global tour and the next news comes from the United Arab Emirates, which ranks third in the world in diamond trade after India and the United States, with a share exceeding 15% of the total international transactions in this sector.
The Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, Juma Al Kait, told the Emirates News Agency, WAM, that the value of the country’s trade in diamonds will exceed $40 billion during the current year.
From Souq Al-Tafa, the Interfax news agency quoted the Russian Energy Minister as saying on Wednesday that the ministry believes it is possible to lift restrictions on gasoline exports because fuel prices are stable.
The Russian Information Agency said that the ministry sent its proposals regarding gasoline export restrictions to the government.
It quoted the minister as saying, “We will lift the restrictions imposed on exports now, because everything is stable in terms of prices, and the situation in the market is stable, so the restrictions can be lifted, as they were imposed to stabilize prices in the local market.”
