Gold's rally extended beyond the $3,600 level for the first time on Monday after weak US employment data reinforced expectations of a Federal Reserve interest rate cut next week. Spot gold rose 0.9% to $3,617.79 per oz at 12:09 GMT after hitting a record high of $3,622.07 earlier in the session. Bullion prices have surged about 37% so far this year, extending their 27% rally in 2024, driven by a weaker dollar, strong central bank buying, a weak monetary policy environment, and geopolitical and economic uncertainty. US gold futures for December delivery were unchanged at $3,657.20. US job...
Oil prices rebounded after last week's decline after OPEC+ agreed to raise production at a modest rate, amid doubts about how many members could continue to increase output. The rise marked a reversal of production cuts that were previously set to last until the end of 2026—following the return of most of the oil production that had been halted for several months—as the alliance seeks to regain market share. This signals the alliance's confidence in further pushing its bold oil market strategy. Brent rose above $66 per barrel after falling nearly 4% last week, when it became clear that a...
Gold (XAU/USD) begins the week on an impressive bullish note, soaring to fresh all-time highs above $3,600 per ounce on Monday. The move extends last week's rally amid growing conviction that the Federal Reserve (Fed) will cut interest rates at its September monetary policy meeting, a shift markets now treat as a near certainty following a string of weak US labor market data. The yellow metal has already climbed about 38% so far this year, underscoring its strong appeal as investors flock to safe-haven assets. At the time of writing, XAU/USD is trading around $3,635, pushing into uncharted...