Gold (XAU/USD) trades little changed on Wednesday, consolidating gains near a three-week high as investors adopt a wait-and-see approach ahead of a crucial US congressional vote to end the record-long government shutdown. At the time of writing, XAU/USD is trading around $4,130, with market participants staying on the sidelines amid subdued risk appetite. The US House of Representatives is set to vote later on Wednesday on a stopgap funding bill aimed at reopening the government and ending the record-long shutdown. The proposal would keep most federal agencies funded through January 30,...
The US currency remained near a five-month high after US employment data posted a surprising increase, with private sector employment increasing by about 42,000 in October, exceeding economists' expectations of 28,000. This increase reinforces the market's belief that the Federal Reserve (the Fed) will pause or delay its monetary policy stance, making the dollar attractive relative to other currencies. However, the dollar is not completely unhindered. US consumer sentiment fell to a three-year low due to the prolonged government shutdown and concerns about a weakening labor market. This...
Oil prices plunged the most in a month as key market indicators pointed to weakness and OPEC said global crude supply was outpacing demand faster than anticipated. West Texas Intermediate crude fell more than 3%, erasing three sessions of gains. The US benchmark's near-term futures briefly traded in a so-called bearish contango structure—meaning oil prices are currently cheaper than contracts for delivery further out—for the first time since February, a new sign of a long-anticipated oversupply. OPEC revised its estimate for the global oil market to a surplus in the third quarter from a...