Oil prices rose on Monday (August 25th) as traders weighed concerns that Russian supplies could be disrupted by tighter U.S. sanctions and a Ukrainian attack targeting Russian energy infrastructure. Brent crude futures rose 40 cents, or 0.6%, to $68.13 at 12:00 GMT, and West Texas Intermediate (WTI) crude futures rose 44 cents, or 0.7%, to $64.10. "The market is somewhat concerned that these peace negotiations will not bear fruit," said Ole Hansen, head of commodity strategy at Saxo Bank. "The market expects supply to exceed demand in the autumn months, but in the short term, it is being...
Gold edged lower on Monday morning as the dollar and yields strengthened after Friday's decline after Federal Reserve Chairman Jerome Powell signaled an interest rate cut was imminent. Gold for December delivery last traded down US$5.70 at US$3,412.80 per ounce. The price of the precious metal rose sharply on Friday following Powell's speech at the Fed's annual Economic Policy Symposium in Jackson Hole, Wyoming. While he gave no indication that a rate cut would be made at the conclusion of the Fed's next policy committee meeting on September 17, he did signal that changes to the bank's...
Gold (XAU/USD) kicks off the week on a softer footing after touching a two-week high on Friday, following Federal Reserve (Fed) Chair Jerome Powell's dovish remarks at the Jackson Hole Symposium that fueled a broad rally in precious metals. At the time of writing, the metal is trimming earlier losses and edging higher during the American session, consolidating near recent peaks around $3,370. Powell gave his final annual speech at the Jackson Hole Symposium last Friday, where he emphasized the Fed's cautious approach to monetary policy in a shifting economic environment. "The stability of...