(XAUUSD) Gold Prices Rise In The Wake Of Concerns Around U.S Economic Slowdown, Crude Oil Prices Rally In Response To Increasing Demand And Concerns Around Supply, Cotton Prices
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Summary:
- The post-covid world and the war in the Ukraine caused Crude Oil to rally.
- Gold futures are on the rise amidst concerns around economic slowdown of the US economy.
- Cotton prices fall marginally despite concerns around increasing demand and tightening supply.
XAUUSD Gold prices rally
Gold prices pushed up past $1.830 on Friday, the gain comes in the wake of the softening U.S economic data amid the hawkish Federal Reserve and its continuing aggressive monetary policy. The soft economic data has raised concerns around economic growth. The hawkish Fed will continue to hike interest rates despite fears of economic slowdown which is causing the US Dollar to weaken and pushing treasury yields lower. Investors are turning to gold as a hedge against the growth concerns, ultimately driving the gold price up.
Gold Jun ‘22 Futures Price Chart
WTI Crude Futures
Crude Oil Futures pushed above $112 on Friday amidst concerns around demands returning to a normal level as China eases their COVID-19 lockdowns and the embargo in Russian oil looming simultaneously occurring as fears of economic slowdown heighten. The post-covid world is seeing average driving mileage increasing in the U.S causing an increase in demand, as well as the EU pushing the ban on Russian oil to be certain by the end of the month.
Crude Oil Jun ‘22 Futures Price Chart
Cotton futures
Cotton futures prices have faced downward momentum over the past week. However, the prices are still high, the raised prices come in the wake of rising demand and tightening supplies.
Cotton Jul ‘22 Futures Price Chart
Sources: tradingeconomics.com, finance.yahoo.com
