Gold and silver rallied to fresh all-time highs on escalating geopolitical tensions and prospects for more US rate cuts. Spot silver rose as much as 3.6% to trade above $70 an ounce for the first time. Gold was near $4,500 an ounce, extending gains after its biggest one-day jump in more than a month. Traders are betting the Federal Reserve will follow three straight interest-rate cuts by lowering the cost of borrowing again next year, which would be a tailwind for non-yielding precious metals. Gold's haven appeal has also been amplified in the last week by rising geopolitical...
Oil prices closed higher on Tuesday (December 24th) as investors assessed stronger-than-expected US economic growth and the risk of oil supply disruptions from Venezuela and Russia. Brent crude futures closed up 31 cents, or 0.5%, at $62.38 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.64%, to $58.38. Prices had risen more than 2% on Monday, with Brent posting its biggest daily gain in two months and WTI rising the most since November 14th. The U.S. economy grew faster than expected, driven by strong consumer spending, the Commerce Department's Bureau of...
Gold prices rose to a record high, breaking through $4,500 an ounce for the first time, amid rising tensions in Venezuela and expectations of further US interest rate cuts next year. Bullion prices rose more than 0.5%, extending their three-day rally. Tensions in Venezuela, where the US has blocked oil tankers, have boosted the precious metal's appeal as a safe-haven asset as it heads for its best annual performance since 1979. Traders are also betting that the US Federal Reserve will continue its three consecutive interest rate cuts by lowering borrowing costs again next year, which would...