Oil prices fluctuated amid volatile trading as escalating tensions between Russia and Ukraine raised the possibility of further supply disruptions. West Texas Intermediate (WTI) crude prices started the day down 1.75%, trading near $58 per barrel. Prices briefly turned positive after Russian President Vladimir Putin threatened potential retaliatory action against ships from countries that aided Ukraine in Moscow's war, according to Interfax. "Today's news releases should be highly sensitive to headlines, and the path of least resistance still looks lower," said Rebecca Babin, senior...
Silver weakened from its record high, with technical indicators suggesting a six-day rally pushing the precious metal into overbought territory. Gold also weakened. The white metal slumped as much as 2.4% before paring some losses in US trading. Traders had been betting on continued tight supply and expectations of another US interest rate cut – a boost for the non-yielding precious metal. Looking at the 14-day relative strength index, a measure of overbought conditions, silver surged above 70, a level often considered an indication of overheated momentum. Silver is experiencing a...
Gold prices fell more than 1% on Tuesday (December 2) as investors took profits after hitting a six-week high in the previous session, while they awaited key US economic data ahead of next week's Federal Reserve policy meeting. Spot gold fell 1.4% to $4,173.91 an ounce at 11:09 a.m. ET (16:09 GMT). US gold futures for February delivery fell 1.6% to $4,205.10 an ounce. "This is probably just a little profit-taking; the biggest focus of the market lately has been expectations of a rate cut, and those expectations remain fairly stable," said Peter Grant, vice president and senior metals...