Silver prices held below $38 an ounce on Friday after falling more than 1% in the previous session, as hotter-than-expected US producer inflation dampened hopes for a significant Federal Reserve interest rate cut in September. Weekly jobless claims also came in at 224,000, below the 228,000 forecast, indicating some labor market resilience. The market still rates more than a 90% chance of a 25 basis point cut next month, but the chances of a larger 50 bps move have been erased. Source: Newsmaker.id
Oil prices weakened following the Trump-Putin meeting in Alaska today. Brent fell 0.93% to $66.18/barrel at the time of writing.The market is weighing the possibility of a ceasefire in Ukraine, which could lead to the easing of Russian oil sanctions, versus a stalemate that risks triggering secondary US sanctions.Sentiment is also underscored by weak Chinese data (falling factory output, slowing retail sales) and concerns about a supply surplus as OPEC+ production increases. The IEA assesses that the market is likely oversupplied, making prices easily bearish. Oil prices at the time of...
Gold prices edged up to $3,340 an ounce on Monday, but remained near a two-week low, as the prospect of easing geopolitical tensions diminished the precious metal's appeal as a safe-haven asset. Although a meeting between US President Donald Trump and Russian President Vladimir Putin on Friday failed to produce a breakthrough on a ceasefire, Putin agreed to allow the US and Europe to provide strong security guarantees to Ukraine as part of a final deal to end the war. Trump is scheduled to meet with Ukrainian President Volodymyr Zelensky and European leaders today to reach a swift peace...