West Texas Intermediate crude oil prices fell today. Following reports that ceasefire negotiations between Israel and Hamas may reach an agreement, sending the price of West Texas Intermediate (WTI) crude for June delivery higher at 8:22 PM Thailand time. The price of oil fell 11 cents to $82.52 a barrel.
Earlier it was reported that Israel intends to send a delegation to Cairo, Egypt. To negotiate with Hamas a proposed new ceasefire aimed at releasing hostages held in the Gaza Strip.
Israel also agreed to reduce the number of hostages it wants to release to 33, instead of insisting that Hamas release at least 40 hostages.
The same applies to gold futures prices. It is declining continuously, the last of which was a decline of $40, falling below the level of $2,320, while investors sold gold as a safe asset. After calming concerns about the situation in the Middle East, gold contracts will be delivered on the COMEX market (commodity exchange) in June. Minus $40.00 to $2,317.70 per ounce. Gold prices came under pressure after reports of ceasefire talks between Israel and Hamas.
Moreover, gold prices are also affected by the strength of the dollar. US government bond yields rebound Investors are watching the Federal Reserve's April 30-May 1 monetary policy meeting, with CME Group's latest FedWatch tool suggesting investors are 97.3 percent biased toward the Fed staying put. Interest rates are at 5.25-5.50 percent at this meeting.
The market is also watching Fed Chairman Jerome Powell's statement after the meeting. To find signs indicating the first interest rate cut by the Federal Reserve this year. Including non-farm employment numbers for April which will be announced on Friday. Analysts expected that employment numbers rose by only 243,000 jobs in April. This slowed from the level of 303,000 jobs in March. The unemployment rate is expected to remain stable at 3.8 percent.
#Negotiating a ceasefire
#Israel_Hamas
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