Global gold prices weakened again in tonight's trading after rising in the previous session. The main pressure came from the strengthening US dollar and rising US government bond yields, reducing gold's attractiveness as a non-yielding asset. As the dollar strengthens, the cost of holding gold for investors transacting in other currencies becomes more expensive, prompting some market participants to sell and take profits after the rally in recent weeks. At the same time, market participants were still closely monitoring the US employment data, released after a recent delay. The report...
Oil pushed lower after Ukrainian President Volodymyr Zelenskiy agreed to work on a peace plan, just as US sanctions on two Russian oil giants are scheduled to take effect on Friday. West Texas Intermediate dropped for a third session toward $58 a barrel, while Brent closed near $63 on Thursday. The plan was drafted by the US and Russia and Zelenskiy expects to talk with President Donald Trump in the coming days. Proposals include Ukraine ceding territory and the removal of sanctions. European diplomats expressed skepticism about any deal, noting that Russian President...
Gold was steady after a mixed US jobs report that offered little fresh incentive for the Federal Reserve to cut interest rates. Bullion was trading around $4,080 an ounce, after dropping marginally in the previous session. The last labor report that the Fed will see before its Dec. 9-10 meeting showed that US job growth beat expectations in September but unemployment marched higher. Many Fed officials are leaning toward keeping interest rates steady, while swap traders see a less-than-50% chance of a reduction next month. Bullion typically underperforms in a higher rate...