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March 21st - International crude oil prices continue to fluctuate at high levels, and the cost pressure on airlines is being rapidly passed on to customers. Recently, several domestic airlines have raised fuel surcharges on international routes, with increases generally exceeding 50%, and some routes even doubling. Although the domestic market is still in the traditional off-season after the holidays, with the expectation of further fuel surcharge increases continuing to strengthen, many consumers are starting to book tickets for travel two weeks or even a month in advance, attempting to lock in relatively lower travel costs at present.March 21 – According to the U.S. Treasury Department, the United States approved a 30-day authorization on March 20 to conditionally ease sanctions on Iranian oil products, allowing the delivery and sale of Iranian crude oil and petroleum products already shipped as of March 20. U.S. Treasury Secretary Bessenter stated that the Treasury Department is issuing a “narrow, short-term authorization” allowing the sale of Iranian oil currently stranded at sea. By temporarily releasing existing oil supplies, the U.S. will quickly provide approximately 140 million barrels of oil to the global market. The temporary, short-term authorization is strictly limited to oil already en route.On March 21, local time, Iranian Oil Ministry spokesman Saman Godoosi stated via his personal social media account on the evening of March 20 that Iran currently has virtually no remaining crude oil stranded at sea, nor any surplus crude oil to supply other international markets. The statement by US Treasury Secretary Bessenter was purely intended to create hope for buyers, provide psychological reassurance, and manipulate market sentiment. On March 19, local time, US Treasury Secretary Bessenter stated that the US had allowed Iranian oil to continue being transported through the Gulf region, and that the US might lift sanctions on Iranian oil at sea in the coming days. Bessenter said the US had begun lifting sanctions on approximately 130 million barrels of Russian oil already shipped or stored at sea, and might take similar measures on approximately 140 million barrels of Iranian oil already shipped or stored at sea.US President Trump: We moved up our strikes against Iran by several weeks.US President Trump: (Regarding oil prices) I thought it would be worse than it is now.

Forecast for Gold Price: XAU/USD seeks another run above $1,825 despite USD recovery

Alina Haynes

Jan 03, 2023 15:14

Gold price is nearing six-month highs while maintaining gains above the major resistance level of $1,825 thus far on Tuesday. The gold price is continuing its recent increase at the start of 2023, despite the general strengthening of the US dollar.

 

Concerns about a probable global economic slowdown, China's covid comeback, and rising inflation are dragging on market mood, hence pushing demand for the traditional safe-haven Gold price. Expectations that the US Federal Reserve (Fed) would continue its tightening cycle this year to combat rising inflation maintain investor mood generally negative.

 

The risk-off movements are also assisting the US Dollar in finding a floor, limiting the precious metal's advance. In addition, US Treasury bond yields ended the final week of 2022 on a positive note, reducing the Gold price's ability to rise.

 

The S&P Global Manufacturing PMI for December, the first relevant US economic data to be issued this year, will provide additional trade impetus. In addition, markets will closely watch the Wall Street opening for further risk sentiment indicators.