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 (XAU/USD) kicks off the week on a softer footing after touching a two-week high on Friday, following Federal Reserve (Fed) Chair Jerome Powell's dovish remarks at the Jackson Hole Symposium that fueled a broad rally in precious metals. At the time of writing, the metal is trimming earlier losses and edging higher during the American session, consolidating near recent peaks around $3,370. Powell gave his final annual speech at the Jackson Hole Symposium last Friday, where he emphasized the Fed's cautious approach to monetary policy in a shifting economic environment. "The stability of...
Gold edged lower on Monday morning as the dollar and yields strengthened after Friday's decline after Federal Reserve Chairman Jerome Powell signaled an interest rate cut was imminent. Gold for December delivery last traded down US$5.70 at US$3,412.80 per ounce. The price of the precious metal rose sharply on Friday following Powell's speech at the Fed's annual Economic Policy Symposium in Jackson Hole, Wyoming. While he gave no indication that a rate cut would be made at the conclusion of the Fed's next policy committee meeting on September 17, he did signal that changes to the bank's...
Oil prices rose on Monday (August 25th) as traders weighed concerns that Russian supplies could be disrupted by tighter U.S. sanctions and a Ukrainian attack targeting Russian energy infrastructure. Brent crude futures rose 40 cents, or 0.6%, to $68.13 at 12:00 GMT, and West Texas Intermediate (WTI) crude futures rose 44 cents, or 0.7%, to $64.10. "The market is somewhat concerned that these peace negotiations will not bear fruit," said Ole Hansen, head of commodity strategy at Saxo Bank. "The market expects supply to exceed demand in the autumn months, but in the short term, it is being...
Gold edged lower on Monday (August 25th) as the dollar strengthened, weakening from a two-week high reached in the previous session after comments from US Federal Reserve Chairman Jerome Powell reinforced speculation of an interest rate cut. Spot gold edged down 0.3% to $3,362.56 an ounce, as of 09:14 GMT, after hitting its highest level since August 11th on Friday. US gold futures for December delivery fell 0.3% to $3,407.30. The dollar index rose 0.2%, making gold more expensive for holders of other currencies. Powell on Friday hinted at the possibility of a rate cut at next month's Fed...
Oil prices rose on Monday (August 25th) as traders weighed concerns that Russian supplies could be disrupted by tighter U.S. sanctions and a Ukrainian attack targeting Russian energy infrastructure. Brent crude futures rose 29 cents, or 0.4%, to $68.02 at 08:39 GMT, and West Texas Intermediate (WTI) crude futures rose 36 cents, or 0.6%, to $64.02. "The market is somewhat concerned that these peace negotiations will not bear fruit," said Ole Hansen, head of commodity strategy at Saxo Bank. "The market expects supply to exceed demand in the autumn months, but in the short term, it is being...
Silver prices (XAG/USD) experienced a slight correction during Monday's (August 25th) European trading session, after rallying for three consecutive days. The precious metal was trading around $38.80 per troy ounce, although the medium-term uptrend remains strong. Fundamentally, expectations of a Fed rate cut next month continue to support non-yielding precious metals like silver. The 14-day Relative Strength Index (RSI) is above 50, reinforcing the bullish bias. Furthermore, silver is trading above the nine-day Exponential Moving Average (EMA), indicating stronger short-term price...
The US dollar strengthened slightly on Monday (August 25th), but struggled to recover from a sharp decline triggered by Federal Reserve Chairman Jerome Powell's dovish stance, which left the door open for an interest rate cut in the world's largest economy next month. The euro fell 0.1% to $1.1701 but remained near Friday's high of $1.174225, a level not seen since July 28th. The pound and Swiss franc also weakened by about 0.1%. Powell, in a closely watched speech at the Fed's annual Jackson Hole symposium on Friday, hinted at the possibility of an interest rate cut at the US central...
The British pound (GBP) maintained its gains on Friday near 1.3530 against the US dollar (USD) during the European trading session on Monday (August 25th). The GBP/USD pair traded strongly as comments from Federal Reserve Chairman Jerome Powell, during his speech at the Jackson Hole Symposium on Friday, signaled that he had taken a dovish stance on the interest rate outlook. Investors had anticipated that Powell would reiterate his "wait-and-see" approach to interest rates. However, this surprisingly dovish tone has significantly increased investor risk appetite. However, the US dollar and...
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....