Gold closed around $4,210 an ounce on Friday, near its highest level since late October, paring an earlier rally as a series of US data strengthened the case for an imminent Fed rate cut. Delayed September PCE rose 0.3% month-on-month and 2.8% year-on-year, while core PCE fell to 2.8% from 2.9%, a combination of sticky goods prices and declining services inflation suggesting weaker underlying pressures. The Michigan preliminary survey improved slightly to 53.3 as one-year inflation expectations fell to 4.1% and the five-year outlook fell to 3.2%, reinforcing the view that near-term price...
Oil prices edged up nearly 1% to a two-week high on Friday (December 5th) amid growing expectations that the US Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand, as well as geopolitical uncertainty that could limit supply from Russia and Venezuela. Brent crude futures rose 49 cents, or 0.8%, to $63.75 a barrel, while US West Texas Intermediate (WTI) crude rose 41 cents, or 0.7%, to $60.08. This was the highest close for both crude benchmarks since November 18th. For the week, Brent rose about 1% and WTI rose about 3%, marking the...
Silver prices are rising again and are now very close to their record high. The precious metal is trading around $58.50 per ounce, just over a dollar off its high reached the previous day. This increase occurred alongside massive inflows into silver-backed ETFs, which surged by nearly 590 tons in a week—signaling strong investor confidence that the silver rally will continue. Expectations that the Federal Reserve will cut interest rates this week also boosted silver prices. Low interest rates typically benefit non-yielding precious metals, potentially increasing demand. The silver market is...