Gold fell and is bracing for its worst quarter since early 2021 with the dollar being investors’ preferred safe-haven asset.
Investors have been tracking closely what the central banks have been saying, as they struggle to tame inflation across the globe.
Greenback-priced gold became more expensive for investors as the dollar was set to register its best quarter in over five years.
Eurozone inflation data, slated to be released on Friday is on investors’ radar as it would dictate the direction for European central bank’s next interest rate hike.
Oil prices rise as supply worries linger
Oil prices edged up on Thursday underpinned by worries about tight supply across the globe.
U.S. crude stocks fell in the latest week but fuel inventories rose, the government said on Wednesday, as refiners ramped up activity, while industry production hit its highest in more than two years.
Meanwhile, supply-chain bottlenecks were renewed by political disruptions due to the Russia Ukraine war.
Political turmoil in Libya and Ecuador added to supply concerns in the oil market. Nationwide protests risk disrupting oil production in Ecuador, while Libya’s state oil company imposed a force majeure restriction, effectively halting shipments from key eastern ports.
Meanwhile, crude inventories in the U.S. fell by 2.8 million barrels last week, according to U.S. Energy Information Administration data.
No major decisions were reached at the end of a two-day meeting of ministers from the Organization of the Petroleum Exporting Countries on Wednesday. The cartel is expected to lean towards pumping more oil at its next meeting in August.
