Oil prices plunged 2% on Tuesday (October 28th), marking a third straight day of declines as investors assess the impact of US sanctions on Russia's two largest oil companies, as well as a potential OPEC+ plan to increase production. Brent crude fell $1.29, or 2%, to $64.33 per barrel at 08:56 GMT. US West Texas Intermediate crude fell $1.20, or 2%, to $60.11. "Traders are weighing progress in US-China trade talks and the broader supply outlook," ANZ said in a morning note. The lower prices come after Brent and WTI posted their biggest weekly gains since June last week, in response to US...
Gold plunged more than 2% to a three-week low on Tuesday (October 28th), as optimism over easing trade tensions boosted risk appetite and dented demand for bullion as a safe-haven asset, while investors shifted their attention to this week's Federal Reserve policy meeting. Spot gold prices fell 2% to $3,899.94 per ounce at 08:57 GMT, hitting their lowest level since October 6th. US gold futures for December delivery fell 2.6% to $3,915.30 per ounce. "Hopes to avoid a full-blown trade war between the US and China... (are) driving a rally in risk assets like stocks. On the other hand, this...
The dollar weakened on Tuesday ahead of a series of central bank meetings that are likely to lead to interest rate cuts in the US and as investors continued to monitor President Donald Trump's visit to Asia, hoping for a trade deal with China. The yen strengthened more than 0.6% to 151.855 per dollar ahead of this week's Bank of Japan meeting, where the central bank is expected to keep interest rates unchanged, but focus will be on whether it provides any clues about the timing of the next hike. Comments from US Treasury Secretary Scott Bessent boosted the yen as he called for "sound...