Market Bizzz

Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices.

The benchmark index concluded the light volume session just 0.3% shy of its record closing high, reached on Jan. 3, 2022.

The Aussie had dipped to $0.6828, from a top of $0.6871. It was up 3.4% for the month, and 7.5% higher since the start of November. The rally has left the currency a shade firmer for the year, and saved it from a low of $0.6271.

Gold prices climbed to a three-week high on Thursday as the U.S. dollar and bond yields touched multi-month lows on mounting bets that the U.S. central bank will start to cut interest rates as early as March next year.

As bonds emerge from a historic selloff, some investors expect better times in the U.S. fixed income market next year – as long as the Federal Reserve’s rate cuts play out as anticipated.

Software firm MicroStrategy said on Wednesday it had bought bitcoin worth about $615.7 million in cash, amid growing expectations that the top U.S. markets regulator will soon approve a spot bitcoin exchange traded fund (ETF).