Oil prices fell on Tuesday (December 16), adding to the previous session's losses, as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations of potential sanctions relief. Brent crude futures fell 89 cents, or about 1.5%, to $59.67 per barrel at 0942 GMT, while U.S. West Texas Intermediate crude traded at $55.90 per barrel, down 92 cents, or 1.6%. Both contracts are near their lowest levels since May of this year. "Brent has fallen this morning to below $60 per barrel for the first time in months, as the market assesses the potential for a peace deal that...
Gold prices fell on Tuesday (December 16th), as investors became more cautious ahead of crucial US jobs and inflation data, which could provide clues to Federal Reserve policy heading into the new year. Spot gold prices fell 0.3% to $4,290.33 an ounce, as of 06:37 GMT. Bullion has gained 64% since the start of the year, breaking several records along the way. US gold futures fell 0.4% to $4,316.40. "We're right near the previous high around $4,380 from mid-October. So the market is essentially asking whether there's enough conviction to break higher, or whether this is the level where...
Gold prices rose again following the release of US Nonfarm Payrolls (NFP) data today, after initially being under pressure at the start of trading. This movement occurred because the market assessed the labor data as signaling a slowing economy, potentially reinforcing expectations of a Fed interest rate cut. In the latest report, the US recorded an increase of 64,000 jobs in November after a decrease of 105,000 in October, while the unemployment rate rose to 4.6% (the highest since 2021). This combination of "job growth is there, but unemployment is rising" led the market to perceive labor...