Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
Gold continued its decline on Friday (12/6), ahead of a key US jobs report that could influence the Federal Reserve's interest rate policy. The precious metal fell 0.7% on Thursday, its biggest decline since Nov. 25. The metal has been trading in a narrow range since early last week.
Silver prices eased in mid-U.S. trading on Thursday, but remained above $31 an ounce as traders bet the U.S. Federal Reserve will cut interest rates again this month. The probability of a 25-basis-point rate cut in December jumped to about 79%, up from 66.5% last week. The expectations grew after data showed U.S. service sector growth slowed more than anticipated in November, even as Fed Chair Jerome Powell signaled the central bank was in no rush to cut rates, citing strong growth, a robust labor market and persistent inflation pressures. Source: newsmaker.id
Gold prices dipped in the mid-day US session on Thursday as US Treasury yields rose following the release of weekly jobless claims data, while markets awaited US nonfarm payrolls figures for fresh insights into the Federal Reserve's stance on cutting interest rates. The number of Americans filing new applications for unemployment benefits rose modestly last week, suggesting the labor market continues to cool steadily. Investors' focus now turns to Friday's US nonfarm payrolls, which are likely to increase by 200,000 jobs in the month after rising by just 12,000 in October, for further...
Silver (XAG/USD) prices moved lower to around $31.20, ending a two-day winning streak during the early European session on Thursday(12/5). The Federal Reserve's (Fed) cautious stance on interest rate cuts weighed on the white metal. Federal Reserve Chairman Jerome Powell said Wednesday that the strength of the U.S. economy means the U.S. central bank can afford to be "a little more cautious" about decisions about interest rate moves. Joseph Brusuelas, chief economist at RSM US, noted that he does not expect another rate cut after the December meeting until March 2025 at the earliest.
Gold prices are currently stable in the Asian session on Thursday, as political turmoil in South Korea spurs safe-haven demand, although anticipation of further cues on US interest rates keeps traders on the sidelines.
Silver prices maintained their recent gains to around $30 an ounce on Wednesday, holding at a more than one-week high as markets anticipate that the US Federal Reserve will cut interest rates again at its December meeting. Currently, markets are pricing in a 75% probability of a 25 basis point rate cut this month. Investors are now focused on the upcoming US jobs data and remarks from Fed Chair Jerome Powell later this week for further clarity on the Fed's monetary policy path.
Gold bullion prices pared earlier gains as "JOLTS data confirmed our expectations for a rebound in the jobs market, alleviating concerns of a significant slowdown in the labor market ahead of Friday's nonfarm payrolls report," said Daniel Ghali, commodity strategist at TD Securities. A strong jobs report could prompt the Fed to take a cautious stance on cutting interest rates. Investors' focus shifts to the ADP jobs report and Fed Chair Jerome Powell's speech on Wednesday, ahead of Friday's payrolls report.
Gold (XAU/USD) held steady around $2,640 on Tuesday after the release of US labor market data reinforced the view that the US economy is in a good position. The US Dollar (USD) strengthened after the release, which put pressure on Gold, which is mostly priced and traded in USD. US JOLTS Job Openings rose to 7.744 million in October, beating the consensus estimate of 7.480 million and a downwardly revised 7.372 million in September, according to data from the US Bureau of Labor Statistics (BLS). The data caused Gold to pare earlier gains made after comments from a Federal Reserve (Fed)...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
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....