 |
| CapitalStars Investment Adviser |
Gold Prices Drop as Dollar Remains Near Three-Week High - Gold prices dropped on Thursday as the dollar remained near a three-week high. U.S. Federal Reserve Chairman Jerome Powell’s comments this week implied increasing interest rates and continued to put pressure on the precious metal prices. The fall in gold prices came as the dollar held firm against its peers following bullish comments from Powell. The U.S. Dollar Index remained unchanged at 94.84 on Thursday after hitting a three-week high of 95.407 the previous day. Alan Gayle, president of Via Nova Investment Management LLC in Fredericksburg, Virginia, said “Strengthening economic growth and a confident Fed is helping to support the dollar. Higher short-term interest rates make the dollar more attractive relatively to other currencies.” Echoing the future increase in interest rates is the Bank of England in the UK. Its Monetary Policy Committee Michael Saunders said in early July that the bank might surprise markets with a swifter raise in interest rates than expected.
Big crude oil margins should boost U.S. refiner earnings - U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road. U.S. independent refiners, including Phillips 66 (NYSE:PSX) and Marathon Petroleum Corp (NYSE:MPC), are expected to announce strong results due to the heavy discounts for U.S. and Canadian crude, along with strong fuel demand and lower costs to comply with the nation's biofuel laws, analysts said. Strong crack spreads - the margin on turning crude oil into diesel, gasoline and other products - have spurred refiners to keep production high. That margin averaged about $21.07 per barrel in the second quarter, its highest since 2015.
CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY -
Visit our website : http://www.capitalstars.com
CAPITALSTARS CALL US : 9977499927
0 comments:
Post a Comment