Oil prices held steady as calls to end the US government shutdown boosted the broader market, with crude traders also looking ahead to a data-heavy week that will provide insight into whether a global surplus is forming. West Texas Intermediate prices held near $60 a barrel after two weekly declines, while Brent traded around $64. In the US, the Senate took a major step toward reopening the US government after the longest-ever shutdown, which helped stocks and most commodities. Meanwhile, commodity trading advisors have deepened their bearish stance over the past week, according to data...
Gold prices surged more than 2% on Monday (November 10th), hitting a two-week high, as weak U.S. economic data reinforced expectations that the Federal Reserve would cut interest rates, boosting demand for the non-yielding asset. Spot gold rose 2% to $4,079.71 an ounce at 9:45 a.m. ET (14:45 GMT), after hitting its highest level since October 27 earlier in the session. U.S. gold futures for December delivery rose 2% to $4,090.80 an ounce. The dollar index (.DXY) weakened, making gold more affordable for foreign buyers. "Some of the weak data last week made the market a little more dovish...
Gold prices surged nearly 3% on Monday (November 10), hitting their highest level in more than two weeks, as weak U.S. economic data reinforced expectations that the Federal Reserve would cut interest rates, boosting demand for the non-yielding asset. Spot gold rose 2.8% to $4,111.39 an ounce at 2:21 PM ET (19:21 GMT) after hitting its highest level since October 24 earlier in the session. U.S. gold futures for December delivery rose 2.8% to close at $4,122.00 an ounce. "Some of the weak data last week made the market a little more dovish in their expectations for the Fed... We could still...