Because the number of initial jobless claims has risen to 1.1 million, although analysts had forecast a reduction to 890,000, the returns on ten-year US government bonds and the dollar index went downhill. Both are considered arguments to buy gold in the financial world. A weak dollar makes gold appear to be an attractive alternative to US investors and also makes the price of the yellow precious metal cheaper in the non-dollar area. In the afternoon, the market players are likely to be very interested in various purchasing manager indices, as these are recognized as leading economic indicators. Analysts expect slight growth compared to the previous month.
Crude oil: stable trend despite corona worries
Despite the persistently high levels of new corona infections, the fossil fuel is relatively resilient and is currently about to achieve the third weekly gain in a row. At the OPEC plus meeting on Wednesday, Iraq and Nigeria were asked to keep their promised production cuts, which improved the mood of the market players. At around 7:00 p.m., the US oil service company Baker Hughes will publish its weekly report on North American drilling activities, thereby generating increased attention in the oil markets. In the event of surprises, this should then also have an impact on the trading trend for the coming week.