Gold recovered on Thursday but remained below its opening price for the fifth straight day, undermined by the Greenback's rise for the fifth straight day. A tepid US inflation report and solid jobs data sponsored the XAU/USD's decline towards the 100-day Simple Moving Average (SMA). At the time of writing, gold was trading at $2,568. The market mood shifted negative but failed to boost Gold prices and support the US Dollar. The US Bureau of Labor Statistics revealed that the Producer Price Index (PPI) rose in October, beating estimates and the September reading. This suggests that the...
Oil is headed for a weekly decline, weighed down by the impact of a stronger dollar and concerns that the global market will shift into a supply glut next year. West Texas Intermediate was steady near $69 a barrel, and more than 2% lower this week, while Brent closed above $72. The International Energy Agency said on Thursday it expects a surplus next year as demand growth in China slows while production increases. The supply glut would be even greater if OPEC+ goes ahead with a plan to revive stalled output, it said. Commodities including crude have struggled this week as the dollar gauge...
The Australian Dollar (AUD) held near a three-month low against the US Dollar (USD) on Friday. The recent downtrend in the AUD/USD pair was largely driven by key economic data from Australia released on Thursday. Moreover, the AUD remained unaffected by mixed economic data from its close trading partner, China. China's Retail Sales rose 4.8% year-on-year in October, beating the 3.8% forecast and the 3.2% increase seen in September. Meanwhile, the country's Industrial Production grew by 5.3% YoY, slightly below the 5.6% forecast but higher than the 5.4% growth recorded in the previous...