The precious metal recovered on Tuesday (December 30) after a sharp fall in the previous session, as markets refocused on geopolitical and economic risks, reviving gold's rally to close out its best year since 1979. Spot gold prices rose 0.8% to $4,365.86 an ounce at 9:56 a.m. ET (1456 GMT). On Monday, gold posted its biggest daily percentage drop since October 21 as profit-taking pushed it down from Friday's record high of $4,549.71. U.S. gold futures rose 0.8% to $4,380.10. "We saw some pretty extreme volatility yesterday where we saw strong action in Asian trading to the upside and then...
Oil was steady after a choppy session on Tuesday as investors weighed dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen. Brent crude futures for February delivery , which expire on Tuesday, settled down 2 cents, or 0.03%, at $61.92 a barrel. U.S. West Texas Intermediate crude settled down 13 cents, or 0.22%, at $57.95. On Monday, both benchmarks settled more than 2% higher as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting a Russian presidential residence, denting hopes of a peace...
Global oil prices are on track for their deepest annual decline since the 2020 pandemic. The main pressure comes from market concerns about a large supply surplus, which is expected to continue to cloud trade well into the new year. The US benchmark, West Texas Intermediate (WTI), fell below US$58 per barrel, down nearly 20% so far this year. Meanwhile, Brent for March delivery remained around US$61 per barrel. In the short term, market participants' attention is focused on the OPEC+ meeting scheduled for January 4th. Furthermore, negative US oil industry reports have weighed on sentiment....