The yellow metal is trading stable this morning, Tuesday, November 23, with the opening of the European markets, trading at levels of 1803 dollars per ounce, after it incurred its largest daily loss since mid-September, yesterday, Monday, down by about 2.2%, or 45 dollars, at closing at 1806 dollars per ounce, affected by the dollar’s ​​rise American during the opening session.

US President Joe Biden supported the high-risk assets after he kept the current US Federal Reserve Chairman Jerome Powell in his post, as expectations were largely for another four-year period to reassure the markets and raise them any concerns about changing monetary policy in the future.

Powell’s nomination again supported the rises of the US dollar and reduced the demand for assets and safe havens, as it reduced the uncertainty in the markets in addition to the high market expectations regarding the Fed’s rate hike, as futures contracts are priced up to 87% according to the FedWatch CME Group tool to raise the interest rate in Next July, and a rise to 78% to raise in June, and accordingly, expectations are rising with time that the US Federal Reserve will raise interest rates even before the middle of next year, and thus the US dollar will rise and lose the yellow metal.

The statements of four or five members of the US Federal Reserve are now supporting the Fed’s acceleration of the process of reducing purchases, the last of which was the Federal Reserve Chairman in Atlanta Rafael Bostik in his statements at the end of the session yesterday, Monday, who indicated that the Fed may need to accelerate the removal of stimulus in response to strong employment gains and high inflation, allowing an increase in prices Interest rates earlier than planned, as these statements constitute additional support for the US dollar.

Silver is trading down about 0.60% this morning at $24 an ounce, its lowest level in two weeks.

Platinum is trading at 1.012 dollars, a slight increase by 0.08%, while palladium is trading at 0.58% and is trading at 1.965 dollars.