Overview:
Precious metals and energy markets moved lower Thursday as the U.S. central bank maintained interest rates within the 3.75–4% range and the dollar strengthened. Oil futures declined on hopes for Iran negotiations, offsetting Middle East supply concerns. Lebanon pursued new trade partnerships with Sri Lanka and Greece while strengthening ties with the International Monetary Fund ahead of a planned mid-November delegation visit.
Details:
Gold spot prices fell to $4,039.26 per ounce, pressured by dollar strength and unchanged Federal Reserve policy. The U.S. central bank voted 10–2 to hold rates steady, acknowledging that inflation remains elevated while signaling openness to future increases based on incoming data. Markets are pricing a 78% probability of a rate rise in December. Traders await the U.S. Personal Consumption Expenditures price index later Thursday for signals on the path of monetary policy.
Brent crude futures declined 82 cents to $114.50 per barrel, while West Texas Intermediate fell $1.04 to $101.74 per barrel. Hopes for Iran negotiations tempered renewed concerns over Middle East supply disruptions. In precious metals, silver and platinum fell while palladium rose 0.7% to $1,017.29 per ounce.
On the domestic front, Nabil Fahd, vice chairman of the Beirut and Mount Lebanon Chamber of Commerce, hosted Sri Lankan Ambassador Anura Witanage to discuss bilateral trade and investment opportunities. Lebanon and Greece signed a memorandum of understanding on tourism cooperation between hotel and travel agency associations. Finance Minister Yassin Jaber confirmed near-daily contact with IMF officials and indicated that passage of the "gap law" would pave the way for a formal agreement with the fund.
Outlook:
Investors remain focused on U.S. inflation readings and central bank messaging. The Fund's scheduled delegation to Beirut in mid-November will assess Lebanon's reform progress and determine next steps toward a formal program agreement.