Welcome to TPwithUS Forex Signal and Analysis Site! Here we share with you Gold, Dollar and Oil price in 2023
GOLD :
Gold Surges 13%
Gold finished the year at $2,063 an ounce, climbing more than 13% in 2023 for its first annual gain in three years, and logging a new record high within the year mostly supported by expectations that the major central banks will start cutting interest rates early next year.
After implementing an aggressive rate-hiking cycle that started in early 2022, the US Federal Reserve is now expected to begin easing as soon as next March amid signs that inflation in the US is cooling.
Moreover, heightened geopolitical tensions in the Middle East and the prospect of a prolonged war in Gaza spurred safe-haven demand for gold.
United states Dollar , DXY :
DXY Falls 2%
The dollar index closed the year down 2%, the first yearly decline since 2020 after gaining about 15% over the previous two years as traders piled on bets that the Federal Reserve could start cutting interest rates as soon as March next year.
After implementing an aggressive rate-hiking cycle that started in early 2022, the US central bank is now expected to begin easing early next year amid signs that inflation in the US is cooling.
On the other hand, the investors are less certain that the European Central Bank and the Bank of England will cut the borrowing costs as quickly.
The euro closed the year at $1.1037 notching a 3.1% gain for the year, its first positive one since 2020.
Also, the pound stabilized at $1.273, gaining 5.2% in 2023, its best performance since 2017. Still, the dollar was up 7.6% against the yen which was pressured by BoJ ultra-loose monetary policy.
Crude Oil, WTI :
Crude Oil Sheds 10%
Crude oil closed 2023 10% lower, the first annual loss since 2020 amid concerns about increasing global crude supplies and slowing demand growth.
Oil prices experienced short-lived rallies within the year driven largely by OPEC+ production cuts, the Israel-Hamas war, and interest rate cut expectations from the US Federal Reserve.
However, mounting signs of rising crude production, especially from non-OPEC countries, coupled with an uncertain demand outlook, have driven oil prices lower.
The U.S. has hit a record high in crude production, estimated at 13.3 million barrels per day last week. Paralleled by record outputs in Brazil and Guyana.
In December, markets also contended with Angola’s surprise exit from OPEC, vessel attacks by Houthi rebels that disrupted trade in the Red Sea, and the prospect of a prolonged conflict in Gaza.
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SOURCE : https://tradingeconomics.com/
