{"id":30957,"date":"2024-08-20T12:50:12","date_gmt":"2024-08-20T09:50:12","guid":{"rendered":"https:\/\/sudanevents.com\/?p=30957"},"modified":"2024-08-20T12:50:12","modified_gmt":"2024-08-20T09:50:12","slug":"gold-steadies-near-record-high-oil-under-pressure-from-chinese-demand-concerns","status":"publish","type":"post","link":"https:\/\/sudanevents.com\/index.php\/2024\/08\/20\/gold-steadies-near-record-high-oil-under-pressure-from-chinese-demand-concerns\/","title":{"rendered":"Gold Steadies Near Record High, Oil Under Pressure from Chinese Demand Concerns"},"content":{"rendered":"<div dir=\"auto\"><strong>Sudan Events &#8211; Agencies<\/strong><\/div>\n<div dir=\"auto\">Gold prices stabilized near a record high reached in the previous session, with expectations of U.S. interest rate cuts next month increasing, while oil prices fell due to concerns over Chinese demand and a focus on ceasefire talks in Gaza.<\/div>\n<div dir=\"auto\">Spot gold fell 0.2% to $2,503.5 per ounce, after reaching an all-time high of $2,509.65 per ounce last Friday. U.S. gold futures rose 0.16% to $2,541.80 per ounce.<\/div>\n<div dir=\"auto\">Data released on Friday showed that single-family home construction in the U.S. fell in July as mortgage rates and home prices increased, keeping potential buyers on the sidelines, indicating that inflation is trending downwards.<\/div>\n<div dir=\"auto\">Last week, strong retail sales figures and lower-than-expected jobless claims, along with moderate inflation data, restored confidence in the world\u2019s largest economy.<\/div>\n<div dir=\"auto\">Traders are confident that the U.S. Federal Reserve will cut interest rates on September 18, and the focus is now on the size of the cut. They estimate a significant chance of a 25 basis point cut, with a lower probability of a 50 basis point cut, according to CME\u2019s FedWatch tool.<\/div>\n<div dir=\"auto\">A low-interest-rate environment is likely to enhance the appeal of gold, which does not yield a return.<\/div>\n<div dir=\"auto\">Meanwhile, oil prices fell in early Asian trading on Monday, with market sentiment affected by concerns about weak demand in China, the world\u2019s largest oil importer. Investors are also focused on the progress of ceasefire talks in the Middle East, which could reduce supply risks.<\/div>\n<div dir=\"auto\">Brent crude futures fell 0.5% to $79.30 a barrel, and U.S. West Texas Intermediate crude futures dropped 0.65% to $76.15 a barrel.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sudan Events &#8211; Agencies Gold prices stabilized near a record high reached in the previous session, with expectations of U.S. interest rate cuts next month increasing, while oil prices fell due to concerns over Chinese demand and a focus on ceasefire talks in Gaza. Spot gold fell 0.2% to $2,503.5 per ounce, after reaching an &hellip;<\/p>\n","protected":false},"author":2,"featured_media":30951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-30957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economic"],"_links":{"self":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts\/30957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/comments?post=30957"}],"version-history":[{"count":1,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts\/30957\/revisions"}],"predecessor-version":[{"id":30958,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts\/30957\/revisions\/30958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/media\/30951"}],"wp:attachment":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/media?parent=30957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/categories?post=30957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/tags?post=30957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}