Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S. West Texas Intermediate crude finished at $62.69, a gain of 32 cents, or 0.51%. Early in the day, crude reacted to the drone attack on Russia's northwestern port of Primorsk, which led to a suspension of oil loading operations overnight, an official from Ukraine's SBU security service said. "Those attacks on Russian energy infrastructure have room...
Gold prices held steady in holiday-thinned trade as markets digested the Federal Reserve meeting results and the Middle East conflict. Israel and Iran continued to trade barbs, with Trump saying he would decide on a US strike on Iran "within two weeks." The safe-haven metal traded in a tight range amid lower volumes, but underlying risks remain real, says Tammy Da Costa at FXStreet. Geopolitical tensions remain the main upside driver for gold, although it faces pressure from renewed USD strength after the Fed update, she writes. Powell's cautious tone suggests monetary policy may remain...
Oil prices jumped almost 3% on Thursday as a week-old air war between Israel and Iran escalated and uncertainty about potential U.S. involvement kept investors on edge. Brent crude futures settled up $2.15, or 2.8%, to $78.85 a barrel, its highest close since January 22. U.S. West Texas Intermediate crude for July was up $2.06, or 2.7%, to $77.20 at 1330 EST (1730 GMT). Trading volumes were light on Thursday due to a U.S. federal holiday. Israel bombed nuclear targets in Iran on Thursday, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. There was...
WTI crude oil futures pared its early session rally to trade below $75 per barrel on Thursday, only marginally below a five-month high, after President Trump's announcement that he will decide on US involvement in the Israel–Iran conflict "within two weeks" defused the immediacy of a Middle East supply shock. Earlier, renewed missile exchanges between Israel and Iran after Tel Aviv claimed to have struck nuclear targets in Iran had stoked fears of an escalation severe enough to threaten tanker traffic through the Strait of Hormuz, driving prices briefly above $77. Trump's initial "may...
Gold price registers modest gains on Thursday as geopolitical tensions rose due to increasing rumors that the United States (US) might become involved in the Israel–Iran conflict. Nevertheless, a slightly hawkish Federal Reserve (Fed) caps the golden metal's advance. At the time of writing, XAU/USD trades at $3,373, up 0.13%. Geopolitics continued to drive Gold's price action due to reports from several US news websites like The Wall Street Journal and CBS News revealing that plans of a US attack on Iran nuclear facilities had been approved by US President Donald Trump, who is weighing his...
Gold (XAU/USD) is trading within a tight range on Thursday, consolidating between $3,360 and $3,400. These levels have repeatedly served as key short-term support and resistance over recent sessions. With the United States (US) observing the Juneteenth holiday, lower trading volumes have resulted in subdued price movements, although underlying risks remain pronounced. Geopolitical tensions persist as significant drivers of Gold prices. Russia has issued a stark warning against potential US military involvement in Iran, describing it as an "extremely dangerous step" with "unpredictable...
The Silver (XAG/USD) edges lower for the second consecutive day on Thursday, retreating from a fresh multi-year high of $37.32 touched on Wednesday, as traders lock in profits following the Federal Reserve's (Fed) cautious policy pause. The Fed held rates steady but signaled that borrowing costs may remain elevated for longer, giving the US Dollar some breathing room and weighing slightly on precious metals. At the time of writing, XAG/USD is down about 1.10% on the day as the metal backs away from its highest level since 2012, drifting lower during the American session to trade near...
The Pound Sterling (GBP) faces selling pressure against its major peers on Thursday as the Bank of England's (BoE) leaves interest rates steady at 4.25%. The BoE was expected to do so as it guided a "gradual and careful" stance to the monetary expansion path in the May policy meeting, following an interest rate reduction by 25 basis points (bps). Investors expected the BoE to leave borrowing rates steady at 4.25%, with a 7-2 majority. However, three Monetary Policy Committee (MPC) members: Swati Dhingra, Dave Ramsden and Alan Taylor have supported for an interest rate cut. These members...
Gold price (XAU/USD) trades in a limited range below the round-level resistance of $3,400 during European trading hours on Thursday. The upside in the yellow metal appears to have been capped by upwardly revised interest rate target for 2026 and 2027 by the Federal Reserve (Fed) on Wednesday, following leaving them unchanged in the range of 4.25%-4.50% for the fourth straight meeting. The Fed warned of increasing upside risks to inflation due to the imposition of tariff policy by Unted States (US) President Donald Trump raised inflation target for 2026 and 2027 to 3.6% and 3.4%,...
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....