Oil prices have been little changed in their recent narrow range as traders continue to monitor the possibility of a supply glut and US efforts to force India to halt purchases of Russian oil. Brent crude briefly touched below $68 per barrel, after trading between $65 and $70 for most of August. White House trade adviser Peter Navarro increased pressure on New Delhi to halt purchases of Russian oil after Washington doubled import duties from the country to 50%. The US has been squeezing India over its imports of Russian crude as part of its efforts to end the war in Ukraine. At the same...
The dollar index pared its losses after data showed the US economy grew slightly faster in the second quarter than initially estimated, while US unemployment claims declined slightly last week. All Group of 10 currencies strengthened against the US dollar on Thursday. The Bloomberg Dollar Spot Index fell 0.2%, a third straight day of declines. "The data suggests the economy may not be that weak," said Aroop Chatterjee, a strategist at Wells Fargo. "The Q2 GDP was revised up and the claims data suggest that layoffs in the labor market remain moderate." Investors now await Fed Governor...
Gold prices rose on Thursday, hitting their highest level in more than one month, as the dollar weakened while investors awaited Friday's US inflation data for clues on Federal Reserve policy direction. Spot gold rose 0.3% to $3,407.81 an ounce at 12:22 GMT, after hitting $3,408.62, its highest level since July 23, earlier in the session. US gold futures for December rose 0.5% to $3,466.30. The dollar index fell 0.3% against a basket of currencies, making gold more attractive to holders of other currencies. Investors are awaiting Friday's release of the Personal Consumption Expenditures...