Gold Prices: Strong Potential for Second Consecutive Weekly Gain

Uneven Economic Indicators but Favorable Inflation Data

Economic indicators have been showing mixed signals. However, favorable inflation data this week has significantly increased the likelihood of two interest rate cuts by the end of the year. Despite this, a new record high for gold prices remains within reach. John Williams, the President of the New York Federal Reserve, recently tempered expectations for an imminent rate cut, stating that achieving the target annual inflation rate of two percent is a prerequisite for any rate adjustments. The Commitments of Traders report from the US regulatory body CFTC, scheduled for release at 21:30, is expected to attract considerable attention, providing key insights into the current sentiment in the futures market.

Stable Gold Prices on Friday Morning

On Friday morning, gold prices remained stable. By 7:45 AM (CET), the most actively traded gold futures (June) had decreased by $1.00 to $2,384.50 per ounce.

Crude Oil: Modestly Positive End to the Week

Positive economic data from China in the early morning led to a slight uptick in oil prices. For instance, China’s industrial production grew by 6.7% year-on-year, surpassing expectations. At around 19:00, US service company Baker Hughes, which operates in the oil sector, will release its weekly report on North American drilling activities, drawing significant attention in the energy markets. Any deviations in the report could influence trading trends for the coming week.

Slight Increase in Oil Prices on Friday Morning

On Friday morning, oil prices saw a modest increase. By around 7:45 AM (CET), the nearest WTI futures had risen by $0.17 to $79.40, while Brent futures had increased by $0.31 to $83.58.

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