Gold, Silver and Copper:
Gold prices were buoyed by rising geopolitical tensions and growing speculation about a Federal Reserve rate cut.
Meanwhile, silver prices faced downward pressure, closing lower for the week, in line with a mixed trend in base metals.
Copper prices experienced a pullback after earlier gains despite China’s optimistic policy announcements, which included a readiness to deploy substantial stimulus measures in response to anticipated US trade tariffs on Chinese exports.
WTI Crude Oil:
WTI crude surged more than 5% to a two-week high of $71.40 per barrel driven by reports that the Biden administration is considering tougher sanctions on Russia’s oil trade, coupled with expectations of stricter US sanctions on Iran.
Global Economic Outlook:
This week is set to be data- and event-heavy, with key indicators and central bank decisions on the horizon.
Market participants will focus on important economic indicators from China and flash PMI figures from major global economies, which could provide fresh insights into the economic health.
Central bank meetings are also in focus, with policy decisions expected from the Federal Reserve, Bank of England (BoE), and Bank of Japan (BoJ).
Most importantly, markets are keenly awaiting the FOMC projections, which will offer guidance on US inflation, the unemployment rate, and economic growth in the coming years.
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