Silver slipped to around $48.6 per ounce on Friday and was on track to lose over 6% for the week, as profit-taking swept through the market amid concerns that the metal may have entered overvalued territory. The recent surge was driven by strong safe-haven demand and optimism over silver's long-term industrial use in electric vehicles, data centers, and solar power, alongside tightening inventories in London and Shanghai vaults. Meanwhile, investors monitored trade developments after the White House confirmed the Trump-Xi meeting next Thursday on the sidelines of the APEC summit. Markets...
Oil steadies but supply fear keeps it on track for weekly gain Oil prices were little changed on Friday, stabilising after the previous day's surge and remaining on track for a weekly gain as fresh U.S. sanctions on Russia's two biggest oil companies over the war in Ukraine fuelled supply concerns. Brent crude futures were up 12 cents, or 0.2%, at $66.11 by 0808 GMT. U.S. West Texas Intermediate crude futures added 16 cents, or 0.3%, to $61.95. "Everyone is waiting for signs of how big the impact is of the new sanctions on Russia. The market is in a wait-and-see mode to see what happens...
Gold drew attention during LME Week, with prices up by around 60% this year. The rally has been driven by uncertainties over global trade, heightened geopolitical tensions, US fiscal stability and the Fed's independence. The start of the Fed's easing cycle also boosted Gold, which doesn't pay any interest. The rally has been driven by physical buying, with central banks and private investors accumulating Gold at record volumes, ING's commodity expert Ewa Manthey notes. Gold tumbles after record-breaking rally"But after a weeks-long rally that saw the precious metal hitting successive record...