Oil slipped in quiet end-of-year trading, as the market focused on the outlook for 2025 while monitoring Middle East developments. West Texas Intermediate traded near $70 a barrel after rising 1.6% last week, and Brent was below $74. There are widespread expectations that the market will be oversupplied next year, which is likely to make it harder for OPEC and its allies to revive idled production. Oil is heading for a modest loss this year, with trading confined to a narrow range since mid-October. The market has been buffeted by bearish and bullish signals,...
Gold edges higher in early Asian trade in thin holiday trading. Prices for the precious metal will likely be volatile in the near term, Zhengxin Futures says in a research note. U.S. Treasury yields have been on an upward trend, weighing on the non-interest-bearing precious metal. However, gold could continue to rise in the medium and long term as global central banks have started cutting rates and geopolitical tensions remain heightened. Concerns over the trajectory of U.S. inflation will likely rise after Donald Trump takes office in mid January, Zhengxin adds. Spot gold is 0.1% higher at...
The Japanese yen traded around five-month lows on Monday against a dollar underpinned by rising U.S. yields as thin year-end liquidity kept most currencies in tight ranges. The yen was changing hands at 157.71 with only the risk of Japanese intervention preventing another test of the 160 level last seen in July. The dollar index measure against major rivals was flat at 107.98. The euro stood at $1.0429 , not far from recent troughs and in a holding pattern in holiday trading. The currency is heading for a calendar-year drop of roughly 5.5% on the dollar. Rising U.S. Treasury yields have...