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Futures May 9, Friday morning, the Malaysian Derivatives Exchange (BMD) crude palm oil futures may open higher as the external vegetable oil market strengthens. Chicago soybean oil and international crude oil futures climbed strongly, which will help the early performance of Malaysian crude palm oil futures. After the recent continuous decline and hitting the lowest point in more than eight months, the technical oversold of the palm oil market also helped the market rebound. The current palm oil and soybean oil price discount is $180/ton, which will help attract price-sensitive buyers to repurchase palm oil. In fact, India and India are already actively purchasing palm oil. The Malaysian Palm Oil Board will release supply and demand data next week. A survey shows that Malaysian palm oil stocks will increase for the second consecutive month at the end of April, and Malaysias palm oil production may increase significantly in the second half of the year.On May 9, the U.S. House of Representatives passed a bill on the 8th to rename the "Gulf of Mexico" to the "U.S. Gulf". In the vote that day, 211 votes were in favor and 206 votes were against. The voting results were basically divided along party lines, and one Republican congressman joined the Democratic camp to vote against. The bill requires federal agencies to rename the "Gulf of Mexico" in all maps and documents to the "U.S. Gulf". Next, the Senate will review the bill. If the bill is passed by the Senate, it will officially become law after being signed by the President. Democrats believe that the House of Representatives has a lot of important work to do and Republicans should not waste time voting on this "stupid and embarrassing" bill.Japanese government officials: Some signs of consumption recovery were seen in household spending in March, with consumers remaining frugal on food spending.Japans foreign exchange reserves stood at US$1,298.2 billion in April, compared with US$1,272.5 billion in the previous month.Japanese Finance Minister Katsunobu Kato: It is not appropriate to lower the consumption tax.

Gold Gains Weekly for the First Time in Six Weeks; Prices Remain Below $1,700

Haiden Holmes

Jul 25, 2022 11:43

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As the yellow metal's five-week losing streak came to an end, gold bulls achieved their first weekly victory since early June.


As markets prepare for the Federal Reserve's rate hike in July, analysts say the price of an ounce of gold, which is now hovering in the low $1,700s, may be susceptible to another slide below the $1,600 zone next week.


Analysts predict that if bullion maintains the tendencies of the last two days, it might rebound quickly from any dip into the sub-$1,700 range, propelling it to $1,800.


Ed Moya, head of U.S. research at the online trading platform OANDA, observed, "Gold is beginning to act as a safe haven as slowing economic growth compels many central banks to abandon aggressive tightening plans." "Gold may find resistance at $1,750, but if it does not, it will encounter few impediments until $1,800."


Gold futures for August delivery on the New York Comex gained $14, or 0.8 percent, to $1,727.40 per ounce on Friday, after trading around a 16-month low of $1,680.96 per ounce on Thursday.


After a five-week fall that cost bulls $172, or 9 percent, gold prices increased by 1.4 percent during the week of August.


On Friday, the Dollar Index, which compares the dollar to six major currencies, reached a two-week low of 105.98, causing the weekly rise. Unlike gold, the dollar reached its highest level since December 2002 last week, reaching 109.14.


Since the beginning of this week, the greenback has dropped, and its decline accelerated as the European Central Bank joined numerous other central banks on Thursday in raising interest rates to combat runaway inflation rather than prevent an economic recession.


The dollar declined on Friday as weaker-than-anticipated statistics from the U.S. services sector impacted on the currency's sentiment. S&P Global said that its most recent services sector index declined to 47 from a previous reading of 52.7 and a forecast of 52.6.


Contrary to initial forecasts, poor service statistics have increased the chance that the Fed would not raise interest rates by 100 basis points in July.

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