www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Crude and gold may continue swinging

By SHI JING in Shanghai | CHINA DAILY | Updated: 2023-03-22 07:24
Share
Share - WeChat
Shoppers look at gold ornaments at a jewelry store in Beijing. [PHOTO by JIANG DONG/CHINA DAILY]

Experts expect volatility as appetite for risk down due to global lenders' woes

Crude oil and gold prices, which have been disparate amid the global banking industry turbulence, may continue to be volatile as risk appetite has shrunk in the current complex environment, experts said on Tuesday.

As of 3 pm on Tuesday, the benchmark WTI crude shed 0.8 percent to linger around $67 per barrel, despite the fact that it managed to show a V-shape bounce to close 1.3 percent higher on Monday.

This has followed the WTI's 12.96 percent decline within a week to Friday to sink below the $70/barrel psychological level — the biggest weekly contraction in a year.

Brent crude, another industry benchmark, also shed 0.5 percent as of 3 pm on Tuesday to hover around $73/barrel. The index shed 8.86 percent within the trading week to Friday.

Han Zhengji, crude oil analyst at commodities consultancy JLC, said investors' capital has partly withdrawn from risky assets such as crude oil after some banks in the United States and Europe such as Silicon Valley Bank, Signature Bank, First Republic and Credit Suisse landed in deep financial trouble, which exerted pressure on oil prices.

CNBC channel reported that Goldman Sachs experts wrote in a note on Saturday that oil prices have plunged amid banking stress, recession fears and an exodus of investor flows, which may wipe off China's demand boom this year.

Therefore, the investment bank expects Brent to come in at $94/barrel in the next 12 months, while its previous estimate was $100 for the second half of this year. For 2024, Goldman Sachs analysts see Brent crude at $97/barrel.

In a monthly report released on March 14, OPEC increased its projection for China's oil demand to 710,000 barrels per day, up from the estimate of 590,000 bpd a month earlier.

But Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said that crude oil has been sold too fast in too short a time recently. A positive correction would be healthy at the current levels.

Gold, which is usually pursued to hedge risks, rallied recently. The spot price of gold once touched $2,010.9 per ounce on Monday, approaching the all-time high of $2,075 per ounce reached in August 2020. COMEX gold futures, the world's leading benchmark futures contract for the bullion, continued to climb 0.15 percent as of 3 pm Tuesday. Major gold futures at the Shanghai Futures Exchange also closed 0.31 percent higher on Tuesday.

Following the average 7.83 percent price surge on Monday, the A-share precious metal companies continued to gain 0.28 percent on Tuesday, when the benchmark Shanghai Composite Index closed 0.64 percent higher.

Ao Chong, chief metal industry analyst of CITIC Securities, said the recent gold rally mainly sprang from a rising sentiment to hedge against risks triggered by SVB's demise. The Chicago Board Options Exchange's Volatility Index or VIX, often called the "fear index", has surged more than 24 percent this month. If the banking turmoil aggravates, the gold price may exceed the previous high reached in 2020, he said.

Arun Sai, senior multi-asset strategist of Pictet Asset Management, a Swiss firm, said he believes that many areas of the financial market have not fully priced in the risk of an economic recession. The attraction of gold will continue to increase as real interest rates stabilize and grind lower alongside a weakening US dollar, he said.

Some in the market are even anticipating the US Fed to start lowering interest rates, probably in June at the earliest. Therefore, the 10-year US treasury yield will likely continue to decline, which could further drive up the gold price substantially, said Hua Li, an analyst from China Galaxy Securities.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 成人欧美日韩高清不卡 | 日韩一区二区在线播放 | tom影院亚洲国产日本一区 | 欧美毛片a级毛片免费观 | 日韩精品视频美在线精品视频 | 成人国产在线看不卡 | 亚洲美女视频一区二区三区 | 色国产精品 | 视频二区在线观看 | 久久综久久美利坚合众国 | 草久久久| 未满14周岁啪啪网站 | 萌白酱粉嫩jk福利在线观看 | 99精品久久99久久久久久 | 欧美日韩一级片在线观看 | 一区 在线播放 | 中文字幕在线播放 | 欧美成人精品福利在线视频 | 亚洲精品影院久久久久久 | 二区视频在线 | 国产精品系列在线一区 | 美女张开腿给男人捅 | 成人免费观看一区二区 | 欧美一区二区视频三区 | 久久综合免费 | 成人99国产精品一级毛片 | 精品国产v无码大片在线观看 | 91久久精品国产亚洲 | 黄色三级视频在线播放 | 国产成人在线视频免费观看 | 成人欧美一区二区三区在线观看 | 亚洲一区中文字幕 | xxxxbbbb国产精品 | 久章草在线观看 | 特级一级全黄毛片免费 | 国产一区亚洲二区三区毛片 | 毛片免费视频观看 | 亚洲欧洲一区二区三区久久 | 99精品视频在线观看免费播放 | 国产亚洲精品久久综合影院 | 亚洲黄色在线播放 |