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brothers and sisters, this is not a peaceful night. both gold and oil prices are skyrocketing!

gold prices hit record highs

late at night on september 12, spot gold continued to rise, up more than 1.7%, setting a new all-time high of over $2,550 during the session, and silver rose more than 3%!

market analysis shows that the surge in gold prices was influenced by expectations of a us interest rate cut.the federal reserve is expected to cut interest rates next week as u.s. data points to a slowing economy.initial claims for state unemployment benefits increased 2,000 to a seasonally adjusted 230,000, the labor department said.

the u.s. producer price index (ppi) in august was slightly higher than expected, mainly due to rising service costs, but the overall trend still showed that inflation was slowing.

“we’re heading toward a lower interest rate environment, so gold becomes more attractive,” said alex ebkarian, chief operating officer at allegiance gold. “i think we’re probably going to see more frequent smaller rate cuts rather than one big rate cut.”

ole hansen, head of commodity strategy at saxo bank, said: "the combination of factors such as the ecb rate cut, a small increase in initial jobless claims and ppi is enough to push gold prices to a record high."

swap traders solidified bets that the federal reserve will cut interest rates by 25 basis points at its next meeting next week after the august cpi rebounded on wednesday. hansen added thatfor the gold market, the start of a rate-cutting cycle could add support, regardless of the magnitude of the cuts.gold prices have risen more than 20% so far this year, with growing expectations that the federal reserve will soon start a rate-cutting cycle supporting the metal's recent strength. strong central bank buying and solid demand in the over-the-counter market also helped boost gold's gains.

analysts pointed out that after the release of the us ppi data, the price of gold reached $2,550, a new high. however, the optimistic market risk sentiment has curbed investors' enthusiasm for safe-haven assets.the current long-term trend of gold is bullish and it has hit the bullish target of $2,550, which opens the channel for the next upside target of $2,570 and is expected to go higher.

international oil prices soared

tonight, international oil prices also skyrocketed, with wti crude oil rising more than 3.5% during the day and brent crude oil rising more than 3%!

on the news front, the market is worried that the hurricane will cause supply disruptions in the united states. the hurricane has now reached the u.s. coast and continues to move inland. the u.s. national hurricane center said the extreme weather event will begin in the gulf of mexico, and authorities have also declared a state of emergency in louisiana and neighboring mississippi. the severity of the storm has pushed up oil prices, and there is a possibility of disruptions in u.s. oil and gas production.

the u.s. bureau of safety and environmental enforcement said about 38.56% of crude oil production and 48.77% of natural gas production in the gulf of mexico were offline due to the storm. however, at the same time, data on falling u.s. demand limited further price increases.

"the hurricane may have disrupted production of around 1.5 million barrels of oil in the united states, which we estimate will result in a reduction of around 50,000 bpd in gulf of mexico oil production in september," ubs analysts said.

they added that they expect brent crude prices to recover to above $80 a barrel in the coming months.

“the region accounts for about 15% of u.s. oil production and any disruption to production could lead to tighter supply in the short term,” said priyanka sachdeva, senior market analyst at singapore-based brokerage phillip nova.

the three major u.s. stock indexes rose and fell, and nvidia continued to rise.