Gold slipped over 1% on Thursday as investors booked profits after it briefly reached a five-week high earlier in the session and squared positions ahead of a U.S. Federal Reserve meeting next week. Spot gold lost 1.2% at $2,684.15 per ounce by 01:40 p.m. ET (1840 GMT), while U.S. gold futures settled 1.7% lower at $2,709.40. Bullion climbed to its highest level since Nov. 6 earlier in the session. Source: Reuters
Oil prices fell slightly Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures fell 11 cents to close at $73.41 a barrel. U.S. West Texas Intermediate crude futures declined 27 cents to settle at $70.02. Both benchmarks rose by more than $1 on Wednesday. The International Energy Agency said it expected the oil market to be comfortably supplied next year, even as it revised its demand outlook for next year up slightly. OPEC cut its demand growth forecast for 2024 for the fifth straight...
Oil is headed for a weekly gain as the prospect of tighter U.S. sanctions on Iran and Russia offset persistent concerns about a massive global oversupply next year. West Texas Intermediate is trading near $70 a barrel, up about 4% so far this week, while Brent closed above $73. President-elect Donald Trump's pick for national security adviser has vowed to return to "maximum pressure" on Iran, while the Biden administration is considering new sanctions on Russian oil trade before leaving the White House next month. The prospect of tougher penalties briefly sparked a bullish surge in the...