Crude oil futures fell slightly on Friday (November 28th) as investors weighed the geopolitical risk premium on oil amid protracted Russia-Ukraine peace talks, while keeping an eye on Sunday's OPEC+ meeting for clues on potential production changes. US West Texas Intermediate crude futures resumed trading after being frozen due to a system outage at exchange operator CME Group, caused by a cooling issue at its CyrusOne data center. Brent is traded on the Intercontinental Exchange, or ICE. Brent crude futures for January, which expire on Friday, closed down 14 cents, or 0.22%, at $63.20 per...
Gold surged past $4,220 an ounce on Friday (November 28th) to a one-month high and is on track for a fourth straight monthly gain as markets price in a higher probability of a Fed rate cut in December. Dovish statements from several Fed officials and the release of delayed economic data showing weakness have reinforced expectations of easing. Furthermore, Kevin Hassett, seen as a leading candidate to replace Jerome Powell, has also signaled support for lower interest rates, increasing the odds of a 25 basis point rate cut to over 80% and prompting traders to expect around three additional...
Brent crude oil futures were flat on Friday (November 28th), while U.S. crude prices edged higher as protracted Russia-Ukraine peace talks kept geopolitical risks high, and traders continued to monitor Sunday's OPEC+ meeting for clues on potential production changes. U.S. West Texas Intermediate crude oil prices resumed trading after being frozen due to a system outage at exchange operator CME Group, caused by a cooling issue at its CyrusOne data center. Brent oil is traded on the Intercontinental Exchange, or ICE. Front-month Brent crude oil futures for January, which expire on Friday,...
Spot gold prices rose 1% to a two-week high on Friday (November 28th), as expectations that the Federal Reserve will cut interest rates next month boosted demand for the non-yielding asset, while silver hit a new record high. Spot gold prices rose 0.9% to $4,192.78 an ounce at 10:09 a.m. ET (1510 GMT), the highest since November 14th, and are expected to post a weekly gain of 2.9%. Bullion prices, which are expected to gain 4.6% this month, are on track for their fourth consecutive monthly gain. Silver rose to a new record high of $55.33 an ounce, up 3.5% for the session and 13% for the...
The U.S. dollar strengthened slightly on Friday, but the greenback is still facing its sharpest weekly drop since July as traders assess the probability of a rate reduction by the U.S. Federal Reserve next month. Traders have raised the odds of a quarter-point Fed cut at its December 9-10 meeting to around 87% from roughly 40% a week earlier, a swing that has knocked the dollar lower and trimmed bond yields. The shift was driven by benign U.S. data and some dovish comments from Fed policymakers, although other officials have called for a more cautious approach to rate changes due to a lack...
Brent crude oil futures inched up on Friday as drawn-out Russia-Ukraine peace talks kept geopolitical risks elevated, while traders kept one eye on the outcome of an OPEC+ meeting on Sunday for clues about potential output changes. However, U.S. West Texas Intermediate crude futures were frozen after a system outage at exchange operator CME Group. Traders said they were informed by CME just before 0300 GMT of the halt due to a cooling issue at its CyrusOne data centres, which affected trading of all futures and options contracts on Globex. Brent oil trades on the Intercontinental Exchange,...
Gold (XAU/USD) sticks to intraday gains near a two-week top heading into the European session on Friday, with bulls awaiting a sustained move beyond the $4,200 mark before placing fresh bets. The increasing likelihood of another interest rate cut by the US Federal Reserve (Fed) in December turns out to be a key factor that continues to benefit the non-yielding yellow metal. The intraday move up could also be attributed to technical buying above the $4,170-4,175 hurdle. Meanwhile, the US Dollar (USD) looks to build on the overnight bounce from an over one-week low and acts as a headwind for...
The US dollar weakened and is heading for one of its worst weeks since mid-year as markets increasingly believe the Federal Reserve will cut interest rates in December. Expectations of this policy easing arose after a series of data showed inflation starting to tame, retail sales slowing, and consumer confidence declining. Fed interest rate futures now project a probability of a 25 bps rate cut at over 80%, much higher than a week earlier. In such a situation, US bond yields tend to fall, weakening the dollar's appeal as a yield-bearing asset. Dovish comments from several Fed officials have...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....