Oil prices have been little changed in their recent narrow range as traders continue to monitor the possibility of a supply glut and US efforts to force India to halt purchases of Russian oil. Brent crude briefly touched below $68 per barrel, after trading between $65 and $70 for most of August. White House trade adviser Peter Navarro increased pressure on New Delhi to halt purchases of Russian oil after Washington doubled import duties from the country to 50%. The US has been squeezing India over its imports of Russian crude as part of its efforts to end the war in Ukraine. At the same...
Gold held firm near a more-than-two-week peak on Thursday, as the dollar softened and investors hunkered down for Friday's U.S. inflation data for cues on the Federal Reserve's policy path. Spot gold was up 0.1% at $3,399.60 per ounce, as of 0851 GMT, after hitting $3,401.73, its highest level since August 11, earlier in the session. U.S. gold futures for December delivery edged 0.2% higher to $3,456.20. The dollar index was down 0.1% against its rivals. Investors are awaiting the release of the Personal Consumption Expenditures (PCE) Price Index, the preferred inflation measure for the...
The U.S. dollar was little changed on Thursday (August 28th) as traders increased bets for a Fed rate cut next month after New York Fed Chairman John Williams hinted at the possibility of a rate cut. The U.S. currency is again under pressure from President Donald Trump's intensifying campaign to exert more influence over monetary policy decisions, as he seeks to oust Fed Chair Lisa Cook and replace her with a loyalist. The dollar weakened against the euro even after the French Prime Minister unexpectedly called for a no-confidence vote next month on Monday, which would likely lead to the...
Oil prices plummeted on Thursday (August 28th) after briefly rising in the previous session, pressured by expectations of lower US fuel demand as the summer holiday season ends and Russian supplies to Hungary and Slovakia resume via the Druzhba pipeline resume. Crude prices briefly rose on Wednesday after official data showed US crude inventories fell by 2.4 million barrels in the week ending August 22nd, compared with analysts' expectations in a Reuters poll for a 1.9 million barrel drop, a sign of strong demand. However, oil market participants view the upcoming US Labor Day holiday as...
Silver prices (XAG/USD) rose more than 0.5%, trading around $38.80 per troy ounce in early European trading on Thursday (August 28th). Non-yielding silver prices strengthened amid the increasing likelihood of an interest rate cut by the US Federal Reserve (Fed). Lower interest rates reduce the opportunity cost of holding precious metals compared to interest-bearing assets, making silver more attractive. Traders now price an 88% chance of a rate cut of at least a quarter point at the Fed's September meeting, up from 82% the previous week, according to the CME FedWatch tool. This shift...
Oil prices fell on Thursday after rising in the previous session as investors weighed expectations for lower U.S. fuel demand with the end of the summer demand season nearing and focused on India's response to punitive U.S. tariffs. Brent crude futures dropped 63 cents, or 0.91%, to $67.43 at 0502 GMT, and West Texas Intermediate (WTI) crude futures dropped 62 cents, or 0.97%, to $63.55. Both contracts climbed in the prior session after the U.S. Energy Information Administration reported that U.S. crude inventories fell by 2.4 million barrels in the week ended August 22, compared with...
Silver climbed above $38.6 per ounce on Thursday, trading near one-month highs as the dollar retreated on growing expectations of a US Federal Reserve rate cut next month. Markets now assign an 89% probability of a 25 basis point cut in September, up from 82% a week earlier. The shift came as President Donald Trump sought to exert greater influence over the central bank after attempting to remove Fed Governor Lisa Cook and replace her with a more dovish candidate. On the industrial side, silver demand drew support from robust photovoltaic sector data in China. Recent figures showed Chinese...
The Australian dollar appreciated to above $0.650 on Thursday, extending its rally for the third consecutive session, supported by tempered expectations of another near-term rate cut from the Reserve Bank of Australia. Market pricing now implies only around 34 basis points of additional easing for the rest of 2025, with the likelihood of a September move slipping to about 25%. Analysts expect the central bank to wait until the November meeting before resuming its easing cycle. The Aussie also drew support from a softer US dollar, as traders ramped up bets on a September Fed rate cut after...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....