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Commodities Fundamental Report: Friday 24-03-2017

News Date: 24/3/2017 03:50:05
 

Spot gold prices have been trading sideways over the last three days as the financial markets are awaiting  the results of the Obamacare vote. Markets are waiting to see whether US President Donald Trump will face obstacles on his economic agenda after US lawmakers Vote on a health care bill.

Spot gold prices have been hovering around the opening price of $ 1244.60 an ounce since the morning.

The obstacles facing the health care plan could affect Trump's efforts to pass other policies, such as tax cuts and infrastructure subsidies, which in turn would prompt investors to buy gold as a safe haven, especially if stock markets fall as we know the stock markets reflect the risk appetite for investors.

Crude oil prices rose slightly supported by the drop in Saudi oil exports to the United States, but energy markets are still under negative pressure as global supply glut.

Crude for May delivery rose 0.33% to trade at $ 47.88 a barrel.

Reports showed that Saudi Arabia's oil exports to the United States will decline in March, in line with the recent agreement among OPEC members to cut output.

Despite these reports, Saudi exports remain high despite efforts by the Organization of the Petroleum Exporting Countries (OPEC), and other producers, including Russia, to cut production by 1.8 million barrels per day during the first half of the year to curb the global supply glut.

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