Oil prices inched higher on Thursday, extending gains from the previous day as a larger-than-expected draw in U.S. crude stocks signalled firm demand, while investors remained cautious about the Iran-Israel ceasefire and stability in the Middle East. Brent crude futures rose 53 cents, or 0.8%, to $68.21 a barrel by 0630 GMT. U.S. West Texas Intermediate (WTI) crude gained 56 cents, or 0.9%, to $65.48 a barrel. Both benchmarks climbed nearly 1% on Wednesday, recovering from early-week losses after data showed resilient U.S. demand. "Some buyers are favouring solid demand indicated by...
Gold price (XAU/USD) attracts some buyers for the second straight day on Thursday and retains its positive bias through the first half of the European session. The US Dollar (USD) selling remains unabated amid reports that US President Donald Trump was considering replacing Federal Reserve (Fed) Chair Jerome Powell, fueling concerns about the future independence of the central bank. Adding to this, bets that the Fed will resume its rate-cutting cycle as early as July drags the USD to over a three-year low and benefits the non-yielding yellow metal. Meanwhile, the latest optimism over a...
Gold gained on Thursday as the U.S. dollar weakened due to concerns over the U.S. Federal Reserve's future independence while market focus shifted to upcoming U.S. inflation data for clues on the interest rate outlook. Spot gold rose 0.5% at $3,347.39 per ounce, as of 0851 GMT. U.S. gold futures firmed 0.5% to $3,360.90. The U.S. dollar fell, making dollar-denominated gold more attractive to holders of other currencies. U.S. President Donald Trump on Wednesday called Federal Reserve Chair Jerome Powell "terrible" and said he has three or four people in mind as contenders for the top Fed...