Silver (XAG/USD) traded 0.6% lower at around $38.80 during the European trading session on Friday (August 29th). The white metal corrected slightly after failing to extend its gains above $39.00, as investors await the US Personal Consumption Expenditures (PCE) Price Index data for July, due to be released at 12:30 GMT. Economists expect US core PCE inflation, the Federal Reserve's preferred inflation measure, to rise at a faster pace of 2.9% year-on-year compared to 2.8% in June, with the monthly figure remaining stable at 0.3%. Technically, signs of accelerating price pressures have...
Oil prices edged lower and are expected to post a monthly loss, with trading dominated by concerns about a looming oversupply and geopolitical issues, including U.S.-led efforts to end the war in Ukraine. Brent for November delivery traded below $68 a barrel, with the global benchmark about 5% lower this month. West Texas Intermediate fell near $64. Oil has weakened in August amid concerns that global supply will exceed demand in coming quarters, leading to a buildup in stockpiles. Investors are also focused on Ukraine and a potential shift in crude oil flows away from Russia. U.S....
Gold held steady early Friday (August 29th), despite a strengthening dollar, as a key US inflation indicator held steady last month, meeting market expectations but failing to dampen hopes for an upcoming interest rate cut. Gold for December delivery was last traded down US$0.70 at US$3,473.60 per ounce. The US Bureau of Economic Analysis reported that the July Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, rose at a 2.6% annualized pace, unchanged from June and in line with consensus expectations, according to FactSet. Core PCE,...