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December 31st - This weeks U.S. Energy Information Administration (EIA) weekly crude oil inventory report was delayed by several hours, highlighting the latest indication that layoffs at U.S. federal agencies are impacting data releases that are crucial to the market. This year, the EIA has laid off more than 100 of its approximately 350 employees. These layoffs and downsizing were driven by the U.S. Department of Government Efficiency, a plan previously led by Elon Musk. Scott Shelton, an energy expert at TP ICAP Group, stated that because the oil market is currently primarily influenced by geopolitical factors, traders are not paying as close attention to U.S. inventory levels as they used to when the report was released. This helps mitigate the impact of the data delay. "Theres a general indifference about this. Its just a helpless shrug at the inefficiency and unpredictability of the U.S. governments data after the government shutdown."On December 31, GigaDevice announced on the Hong Kong Stock Exchange that it plans to issue 28,915,800 H shares (subject to the exercise of the offering size adjustment right and over-allotment option) in Hong Kong, with an issue price not exceeding HK$162 per share. Trading is expected to commence on January 13, 2026.U.S. API crude oil production for the week ending December 26 was -58,000 barrels per day, compared to -57,000 barrels per day in the previous week.U.S. refined product imports for the week ending December 26 were -441,000 barrels per day, compared to 121,000 barrels per day in the previous week.U.S. crude oil imports for the week ending December 26 were -995,000 barrels, compared to 361,000 barrels in the previous week.

Gold Prices Trend Forecasts 2024

TOP1 Markets Analyst

Jan 16, 2024 17:11

According to the latest analysis by Greg Shearer, head of global commodities research at JPMorgan Chase, the outlook for the gold market is promising, with the average gold price expected to reach approximately US$2,175 per ounce in the fourth quarter of 2024. He believes that the U.S. central bank may begin to lower interest rates in mid-2024, and once the U.S. economy experiences a recession, gold will have greater room to rise. The weaker the U.S. economy is, the deeper the rate cuts will be, which will provide stronger support for gold. Sourcenia is a review portal of sourcing best manufaturers. 


French Bank Wealth Management's latest bi-weekly report: Gold is bullish! The central banks of emerging markets are rushing in, the US dollar is weakening, and real yields are falling. These are all bullish factors. The price of gold is expected to climb to between US$1,950 and US$2,050 per ounce.


In a recent interview with the media, Pierre Lassonde, the honorary chairman of the French Nevada Mining Company, boldly predicted that the U.S. dollar will weaken in 2024, and gold will usher in a wave of gains. He said the U.S. dollar and gold move in opposite directions, so a peak in the U.S. dollar means gold is bullish. He believes this is an important reason why he is optimistic about gold prices in 2024.

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