Oil prices drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.Brent crude futures fell 23 cents, or 0.3%, to $66.77 a barrel at 0012 GMT, while U.S. West Texas Intermediate crude fell 19 cents, or 0.3%, to $63.29.Eight members of the Organization of the Petroleum Exporting Countries and allies like Russia in OPEC+ will consider further raising production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters. Another boost would mean that OPEC+, which...
Gold rose to around $3,550 per ounce on Friday, near record levels and on track for a weekly gain of over 3%, supported by expectations of lower US interest rates and safe-haven demand. A drop in job openings, higher-than-expected layoffs, and initial jobless claims reaching a two-month high have led markets to largely price in a September rate cut.Traders are now betting on up to three cuts this year, which would benefit gold, as lower interest rates reduce the opportunity cost of holding non-yielding assets. Investors are now awaiting the US nonfarm payrolls report for a broader view of...
Silver climbed to around $41.8 per ounce on Friday, holding near its strongest levels since 2011 as signs of a cooling US labor market reinforced expectations for a Federal Reserve rate cut. The latest ADP report showed private payrolls rose just 54K in August, well below forecasts, while jobless claims reached their highest since June, pointing to further weakness. Investors now await the August jobs report due later today, expected to cement bets on a near-term Fed move. Markets are pricing in nearly 100% odds of a 25 basis point cut on September 17.Safe-haven demand also underpinned...