Gold Prices Reach One-Month High – Century Financial

• Crude Oil

Oil extended a powerful, early-year advance on mounting concerns about risks to global supplies, and as commercial crude inventories in the US posted their longest run of declines since 2021. Brent crude has rallied 10% since the start of the year, helped by a cold weather fanning demand, the fall in US inventories, and multiple risks to shipments. In addition to the curbs against Russia, traders are concerned the incoming Trump administration may both tighten sanctions against Iran, and impose trade levies that disrupt oil flows or risk drawing retaliatory measures.
In its monthly market snapshot on Wednesday, the IEA said the 160 tankers sanctioned by the US last week had shipped more than 1.6 million barrels a day of Russian oil in 2024, about 22% of the country’s seaborne exports. It also noted that previous rounds of curbs had been “highly effective, reducing the activity of designated tankers by 90%.”
In the US, inventories fell for an eighth week to hit the lowest since April 2022, according to official data on Wednesday. In a sign the near-term physical market is tightening, WTI’s prompt spread — the difference between its two nearest contracts — has widened to $1.34 a barrel in backwardation. That’s a bullish pattern, and compares with 42 cents a month ago.
Crude’s gain on Wednesday came even as Israel and Hamas agreed to a ceasefire deal, bringing a temporary halt to the war in the Gaza Strip that has gone on for 15 months and touched off broader turmoil in the Middle East. The ceasefire will start on Sunday and last six weeks, Qatari and US officials said.
Gulf MarketsThe ADX General is advancing slightly to 9,517.89 in Abu Dhabi in early trading. Aldar Properties PJSC contributed the most to the index gain, increasing 0.9%. Fujairah Cement Industries Co. had the largest increase, rising 3.8%.
The DFM General Index opened slightly higher at 5,251.03 in Dubai. Emirates Central Cooling Systems Corp. contributed the most to the index gain, increasing 1.1%. National Cement Co. had the largest increase, rising 9.2%.
The Tadawul All Share Index opened 0.2% higher, climbing 25.89 to 12,238.13, as stocks gain for the third straight day in Riyadh. In early trading, real estate stocks led the market higher, as 13 of 20 sectors gained; 116 of 246 shares rose, while 90 fell.
Oil held a powerful, early-year advance on mounting concerns about risks to global supplies, and as commercial crude inventories in the US posted their longest run of declines since 2021.
Brent crude was near $82 a barrel after climbing by 2.6% on Wednesday, when it hit the highest since July. West Texas Intermediate was above $80. US sanctions announced last week against Russia’s energy industry have rattled the market, with the International Energy Agency warning that they could “significantly disrupt” the nation’s supply and distribution chains.GoldGold prices rose to a one-month high on Thursday morning, tracking a drop in the dollar and Treasury yields as mildly softer consumer inflation data spurred bets on lower interest rates this year.
The yellow metal is now close to breaking above $2,700 an ounce for the first time since early December, after both PPI and CPI data came in below expectations.
However, a ceasefire agreement between Israel and Hamas tempered further gains. Besides, anticipation of more U.S. economic cues also limited losses in the dollar, as did uncertainty ahead of President-elect Donald Trump’s nomination on Monday.
A break above $2700 will allow the bulls to target $2720-25 region. Meanwhile support is seen near $2675 and $2655 region.

Gold prices in UAE this morning are as follows:

24 Carat- 326.75Aed
22 Carat- 302.50 Aed
21 Carat- 297.75 Aed
18 Carat- 251 Aed

• Cryptocurrency

Bitcoin climbed back above $100,000 on Thursday after data released on Wednesday showed that U.S. core inflation rose less than expected last month, increasing the likelihood of further rate cuts by the Federal Reserve. CPI rose in line with expectations at an annual rate of 2.9% in December, from November’s 2.7%. But core inflation, which excludes food and energy prices, rose by 3.2%, below forecasts for 3.3%. Investors were particularly encouraged by the latest inflation reading since data released on Tuesday showed that U.S. producer prices increased moderately in December. Following the U.S. CPI data traders are now pricing in two Fed rate reductions in 2025, compared to one following stronger labor market figures last week.

Bitcoin was trading at $99,589, up 2.5%, after hitting an intraday high of $100,781. Meanwhile, Ethereum surged 4.5% to $3,370. Bitcoin extended its recovery, reaching a high of $100,860 and currently challenging the critical resistance at $100,000.

Additionally, institutional participation increased with over $720 million in inflows into Bitcoin ETFs. As Trump’s inauguration approaches, anticipation of crypto-friendly announcements will continue to drive momentum, setting a stage for further market growth. XRP hit a 7-year high above $3, driven by $3.8 billion in large-scale token accumulation.

Last Updated on 5 days by News Desk 1