Gold consolidates after that it slipped to n eight-month low after the Federal Reserve raised its outlook for interest rates to accordingly corrode the appeal of the precious metal while that crude plunged slightly as a stronger dollar curbed the appeal of commodities to investors looking for a store of value.
Not forgetting that Abdalla El-Badri said yesterday that the Organization of Petroleum Exporting Countries’ production quota could fall 500,000 barrels a day to 29.5 million barrels a day next year. El-Badri was speaking at OPEC’s secretariat in Vienna after talks with Russian Energy Minister Alexander Novak today
Otherwise today a report showed Americans filing new claims for jobless benefits declined more than estimated last week, while continuing claims fell to pre-crisis levels, indicating last month’s slowdown in job growth could be an anomaly.
Initial jobless claims fell 36,000 to 280,000 in the week-ended September 13, the lowest since July.
The four-week moving average of initial jobless claims fell back below 300,000 to 299,500, down 4,750 from last week`s average.
Accordingly the gold is so far trading around $1224.75 an ounce recording a high of $1227.75 ounce and a low of $1215.60 an ounce and crude is trading around $92.98 a barrel recording a high of $94.80 a barrel and a low of $92.90 a barrel.