Silver prices rose about 3.5% to over $53 an ounce on Wednesday, their highest level in nearly three weeks, supported by growing expectations that the Federal Reserve will continue to cut interest rates this year. Optimism over the imminent end of the US government shutdown, which will allow for the release of new economic data, also fueled this speculation. The market currently rates the chance of a 25-bps Fed rate cut in December at about 65%, up from about 62% the day before. Meanwhile, supply pressures are expected to persist, with demand likely to increase amid the start of the Indian...
Gold prices rose 2% on Wednesday (November 12) as US Treasury yields weakened ahead of the House vote on reopening the government, a move that could revive economic data releases and strengthen expectations of a Federal Reserve interest rate cut in December. Spot gold prices rose 2% to $4,208.98 an ounce, their highest level since October 21, as of 1:46 PM ET (6:46 PM GMT). US gold futures for December delivery closed 2.4% higher at $4,213.60 an ounce. The benchmark US 10-year yield fell 1% to its lowest level since November 5. "The US government is starting to reopen, and the market is...
Oil prices plunged more than $2 per barrel on Wednesday (November 12th), weighed down by an OPEC report stating that global oil supply will match demand in 2026, marking a further shift from its previous projection of a supply deficit. Brent crude futures closed at $62.71 per barrel, down $2.45, or 3.76%, after rising 1.7% on Tuesday. U.S. West Texas Intermediate crude closed at $58.49 per barrel, down $2.55, or 4.18%, after rising 1.5% in the previous session. The Organization of the Petroleum Exporting Countries (OPEC) noted that global oil supply will match demand next year due to...