Oil steadied as investors weighed the prospect for softening demand after Saudi Arabia cut pricing for most of its grades. West Texas Intermediate traded above $62 a barrel after climbing 0.6% in the previous session. Brent closed near $66. State producer Saudi Aramco will trim the price for all its crude for buyers in Asia next month, following a decision by OPEC+ to continue adding idled barrels to the market in October. Aramco reduced the price for its flagship Arab Light crude to Asia more than expected, potentially sending a bearish signal, according to...
Gold held near its latest record reached on Monday, with its rally stoked by a surge in bets for a wave of Federal Reserve rate cuts this year. Bullion was little changed in early Asian trading, trading at around $10 short of its latest peak of $3,646.46 an ounce. It climbed 2.5% in the previous two sessions after unexpectedly weak US payrolls data on Friday prompted traders to price in three rate cuts this year, including a quarter-point cut at the Fed's meeting next week. Gold tends to benefit from lower borrowing cost as it doesn't pay interest. Whether gold...
Silver is currently trading at around US$41.26 per ounce in Asian trading on Tuesday, a slight decline of 0.19% from the previous session. This level remains near its highest level in recent years, reflecting moderate volatility but remaining below the broader bullish trend. The decline in silver prices was driven by market optimism regarding the possibility of a Fed interest rate cut. Expectations of monetary policy easing have depressed bond yields, reducing the appeal of non-interest-bearing "safe haven" assets like silver. Furthermore, a weakening US dollar has strengthened investment...