Spot gold prices jumped on Thursday to a new record high above $2,230 per ounce, driven by statements from the US Federal Reserve about an imminent cut in interest rates.

On Wednesday, US Federal Reserve Chairman Jerome Powell said that the Open Market Committee team believes that it will lower interest rates on three occasions later this year.

He stated that lowering interest rates would remain strongly on the table despite the rise in the consumer price index in February to 3.2 percent, up from 3.1 percent in the previous January.

By 08:22 (GMT), spot gold contract prices rose by 1.1 percent, or $31, to $2,230.5 per ounce.

Wall Street analysts expect gold prices to break the $2,300 per ounce barrier later this year due to increased demand, especially from central banks.

At yesterday’s meeting, the Federal Reserve’s Open Market Committee kept interest rates unchanged at a range of 5.25 percent – 5.5 percent and maintained expectations of reducing borrowing costs three times this year.

The post Gold prices hit a historic peak at $2,230 per ounce appeared first on Move 2 Turkey.

Oil prices fell at the beginning of weekly trading on Monday by 2.6 percent compared to the close of the Friday session amid weak global demand for crude.

On Sunday, Saudi Aramco reduced the official selling price of its key Arab Light crude to a premium of $1.50 per barrel above the regional index for February.

This compares to a premium of $3.5 for the current month, which is the lowest level since November 2021.

Aramco’s decision comes after weak spot price differences for Middle Eastern crudes due to China’s weak appetite and increased global supplies, according to an analysis published by Bloomberg earlier today.

By 11:46 GMT, futures prices for Brent crude for March delivery fell by 2.6 percent, or $2.15, to $76.56 per barrel.

The significant reduction in official oil prices by Saudi Arabia reinforced signs of weakness in the global oil demand market in major markets, led by China.

Saudi Arabia is the largest exporter of crude oil in the world, with a daily average of 6.6 million barrels compared to 7.5 million barrels per day in normal circumstances, but the Kingdom participates in the OPEC+ alliance agreement to reduce production.

Last year, oil recorded its first annual loss since 2020 as production expanded from outside OPEC+, and traders looked forward to a slowdown in demand growth, including from the main importer, China.

The post Oil prices decline 2.6 percent amid weak global demand appeared first on Move 2 Turkey.

The most famous cryptocurrency, Bitcoin, broke the level of $45,000 per unit in early trading on Tuesday, the highest level in 21 months.

This comes as appetite for high-risk investments continues to rise and expectations of further regulation of the cryptocurrency market in the world.

Other cryptocurrencies also joined the rise, with both Ethereum and Solana rising by rates ranging between 4 and 6 percent.

The cryptocurrency market is receiving support regarding the possible approval of a Bitcoin exchange-traded fund (ETF) in the United States, as well as the upcoming Bitcoin “halving”, which is one of the tools that reduces the supply of the cryptocurrency globally.

According to CoinDesk platform data, the price of the largest cryptocurrency in the world reached $45.5 thousand in early trading today, which is the highest level since April 5, 2022.

The continued gains in Bitcoin prices also come on the heels of 2023 when the price of the digital currency rose 152 percent at a time when many analysts expect the bold rises to continue.

In 2024, Bitcoin will also undergo a “halving,” a technical event in which the rewards offered to cryptocurrency miners are halved and this reduces the supply of Bitcoin on the market.

The post Bitcoin exceeds $45,000 at a 21-month high appeared first on Move 2 Turkey.

The Organization of the Petroleum Exporting Countries (OPEC) said that the OPEC+ alliance meeting scheduled for November 26 has been postponed until the 30th of the same month.

This came in a statement issued by the organization on Wednesday.

The statement stated that the ministerial meeting scheduled for November 26 and the meeting at the technical level on the 25th of the same month were postponed until November 30.

The statement did not give any reasons for postponement, at a time when global oil markets are witnessing price confusion within the range of $79-$94 per barrel of Brent since the outbreak of Middle East tensions.

The coalition is currently implementing reductions in oil production by 3.66 million barrels per day, equivalent to 3.6 percent of global demand for crude until the end of 2024.

The post The OPEC+ alliance postpones its meeting to November 30 appeared first on Move 2 Turkey.

Russian President Vladimir Putin stated that his country and European countries are interested in the project of establishing an electronic platform for natural gas trade in Turkey.

Putin explained in a press statement on Wednesday that the natural gas center to be established in Turkey has received great interest from Azerbaijan.

He pointed out that it is possible that other countries will join the project as work progresses on it, saying: “Our Turkish friends, we and everyone who wants to obtain Russian resources in Europe are interested in this project.”

He stated that they are continuing to deliver natural gas effectively to Turkey through the “Turkish Torrent” and “Blue Stream” projects, and that the infrastructure can be expanded in the future.

Last September, the idea of the natural gas center project to be established in Turkey was accelerated during the meeting between Turkish President Recep Tayyip Erdogan and his Russian counterpart, Vladimir Putin, in the city of Sochi.

Turkey has an important natural gas infrastructure through the Blue Stream (through the Black Sea), Turkish Stream and TANAP pipelines (to transport Azerbaijani gas to Europe via Anatolia).

The post Putin: Russian and European interest in gas trade in Turkey appeared first on Move 2 Turkey.

The head of the Group of 24 countries, Adama Kulibari, called on Tuesday for canceling the debts of poor countries, especially African ones.

This came in a speech delivered by Kulibari, who is also the Minister of Finance of Côte d’Ivoire, during a press conference held by the Group of 24 concerned with international monetary affairs and development during the meetings of the International Monetary Fund in Morocco.

He said that poor countries suffer from a problem in financing their economies, especially African ones. “If we do not find sufficient funding, how will Africa achieve progress?”

He added: “The group needs easy conditions to access international financing, especially since many countries find it difficult to obtain this financing.”

Founded in 1971, the group includes 29 countries, not 24 as it is called, with new members joining.

The members are: Algeria, Côte d’Ivoire, Democratic Republic of the Congo, Egypt, Ethiopia, Gabon, Ghana, Kenya, Morocco, Nigeria, South Africa, Argentina, Brazil, Colombia, Ecuador, Guatemala, Haiti, Mexico.

It also includes Peru, Trinidad and Tobago, Venezuela, China, India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka, Syria; It also includes 4 countries and 11 other international and international organizations as observers.

The value of the external debt of poor and middle-income countries jumped to 8 trillion and 700 billion dollars, which is its highest level ever, according to World Bank estimates.

This year, 91 of the poorest countries in the world will be forced to use 16 percent of their revenues to pay off part of their debts due to the sharp rise in global loan costs, according to the bank.

The annual fall meetings of the World Bank and the International Monetary Fund this year began on Monday, from October 9 to 15, in the Moroccan city of Marrakesh.

The post The G24 calls for canceling the debts of poor countries appeared first on Move 2 Turkey.

Crude oil prices rose at the beginning of weekly trading on Monday, driven by Russia’s announcement banning the export of fuel derivatives to most of its markets.

Last week, the Kremlin said that it would ban the export of fuel derivatives, especially (gasoline and diesel), in an attempt to reduce the prices of derivatives sold in the local market.

Despite being subjected to sanctions related to the crude and derivatives industry from the West due to the war in Ukraine, Russia is still a major global exporter of oil and gas.

In early trading today, futures prices for Brent crude for November delivery rose by 0.5 percent, or 46 cents, to $92.42 per barrel.

In the same direction, futures prices for US West Texas Intermediate crude for November delivery rose by 0.56 percent, or 50 cents, to $90.53 per barrel.

The rise in prices also comes at a time when global demand for crude oil has increased for several reasons, the most recent of which is the possibility of the Federal Reserve raising interest rates at a meeting to be held early next November, which means an increase in the strength of the dollar and an increase in its cost to importers.

This month, oil prices recorded unprecedented levels since November 2022, amid the extension of production cuts by members of the OPEC+ alliance and increased demand in Europe and Asia for diesel.

The post Oil prices open higher after a Russian decision appeared first on Move 2 Turkey.

Data from the Institute of International Finance showed on Wednesday that global debt rose 3.3 percent on an annual basis, or the equivalent of $9.9 trillion, in the second quarter of 2023, reaching a new record level of $307.1 trillion.

The Institute of Finance explained in its quarterly report on global debt that debt rose from the level of $297.2 trillion in the second quarter of 2022.

At the end of the second quarter, global debt was distributed between $57.1 trillion in real estate debt, $90.2 trillion in non-financial entities, $87.3 trillion in government debt, and $71.9 trillion in financial sector debt.

The report explained that high levels of inflation and interest rates suppress bank credit, while markets such as the United States and Japan led this rise.

The report continued: “After seven consecutive quarters of decline, the global debt-to-GDP ratio resumed its upward trajectory in the first half of 2023.”

As interest rates rise and debt levels rise, pushing government interest expenditures higher, domestic debt pressures are expected to increase.

The report finds that the international financial structure is not sufficiently equipped to address unsustainable levels of domestic debt.

The Institute of International Finance stressed the importance of intensified global efforts to reform multilateral development banks to increase climate financing and to accelerate the expansion of environmental, social and governance debt markets.

Successive crises led to an increase in financing needs, with government revenues affected and oil prices falling, which prompted governments and companies to issue debt instruments.

The Institute of International Finance is a global institution that includes more than 470 financial institutions. Its mission is to support the financial industry and risk management. Its membership includes global central banks, major international banks, insurance companies, pension funds, asset managers, and sovereign wealth funds.

The post Global debt rises to $307 trillion by the end of the second quarter appeared first on Move 2 Turkey.

On Wednesday evening, all eyes will turn to the headquarters of the US Federal Reserve to announce the results of its meeting on monetary policy, after the meeting began yesterday, Tuesday, and ends with a press conference by its Chairman, Jerome Powell.

Wall Street analysts estimate that interest rates will remain steady, a decision that, if it happens, would mark the second time in six policy meetings this year that the Fed did not raise interest rates.

Currently, federal funds rates are 5.25 percent – 5.50 percent, which is at the highest level since 2001, according to Fed data.

The Fed will announce its decision and issue quarterly economic forecasts to policymakers by nine o’clock Mecca time.

At its previous meeting last July, the Fed indicated that it would keep interest rates steady and would not make any fundamental changes. But inflation developments last August were worrying.

Consumer price inflation in the United States accelerated to 3.7 percent on an annual basis last August, up from 3.2 percent in the previous July.

The Fed is likely to announce today that it will raise the benchmark federal funds rate at least once this year, with two meetings remaining in November and December.

The post All eyes are on the Federal Reserve meeting appeared first on Move 2 Turkey.

Russia announced the extension of the decision to voluntarily reduce crude oil production by 300,000 barrels per day until it ends next December.

The previous decision was to end the voluntary reduction in crude oil production on September 30, which began at the beginning of this month.

Russian Deputy Prime Minister Alexander Novak said in a statement on Tuesday evening that his country decided to extend the reduction until the end of this year instead of the end of September to achieve greater stability in the global energy market.

He added that Russia will review the size of the voluntary reduction in oil production by increase or decrease on a monthly basis during the coming period, depending on the situation in the global market.

This reduction is in addition to the voluntary reduction in its oil production by 500,000 barrels per day, which began at the beginning of last March and ends in December 2024.

These two voluntary cuts do not include Russia’s share of the OPEC+ production cut, which was implemented at the beginning of last November and will continue until the end of 2024 by 500,000 barrels per day.

Yesterday, Tuesday, the Saudi Ministry of Energy announced the extension of the Kingdom’s voluntary reduction of one million barrels per day for another three months to include the period from October until the end of December 2023.

The previous agreement stipulated that the voluntary reduction would end at the end of this September.

The post Russia extends a voluntary reduction in oil production appeared first on Move 2 Turkey.