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 futures fall ahead of key U.S. economic data. Futures are down 0.3% at $3,394.40 a troy ounce. If Tuesday's Consumer Price Index data comes in soft, pressure will mount on the Federal Reserve to cut interest rates further, benefiting non-interest bearing bullion, Commerzbank analysts say in a note. Gold prices came under pressure in the prior session, falling sharply on a stronger U.S. dollar and renewed hopes for an end to the Russia-Ukraine war sapping safe-haven demand, Commerzbank says. Gold prices on U.S. commodities exchange Comex were further weighed down by expectations that...
The Pound Sterling (GBP) attracts significant bids against its major peers on Tuesday after the release of the upbeat United Kingdom (UK) labor market data for the three-months ending June. The Office for National Statistics (ONS) reported that the economy created fresh 239K jobs in the second quarter of the year, well above the 134K workers hired in the three months ending May. This is a significant recovery from earlier indicatores, which showed that firms became reluctant to increase their workforce due to the increase in employers' contributions to social security schemes to 15%. The...
Gold prices edged higher on Tuesday, after a sharp selloff in the previous session, as investors focused on U.S. inflation data that could shape the Federal Reserve's rate-cut timeline. Spot gold was up 0.2% at $3,349.13 per ounce, as of 0904 GMT. U.S. gold futures for December delivery were steady at $3,398.90. Bullion slid 1.6% to a more than one-week low on Monday, while futures dropped more than 2%, after U.S. President Donald Trump ruled out tariffs on imported bullion. Comex front-month gold futures are now in line with London spot after a near $40/ounce premium on Friday, said...
The U.S. dollar drifted lower Tuesday ahead of the release of the latest U.S. consumer inflation report, which could shape expectations for Federal Reserve interest rate cuts. At 04:15 ET (08:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 98.317, after advancing 0.5% over the past two sessions. U.S. July CPI looms large The focus of foreign exchange traders was squarely on the release of the U.S. consumer price index inflation data for July later in the session, as they seek more cues on future interest rates in the...
Silver price (XAG/USD) gains ground after registering around 2% losses in the previous session, trading around $37.80 per troy ounce during the European hours on Tuesday. The Silver attracts buyers after the US President Donald Trump announced late Monday to postpone the implementation of sweeping tariffs on China for an additional 90 days. The decision came just hours before the previous agreement between the world's two largest economies was set to expire. In response, China's Commerce Ministry announced it would suspend additional tariffs on US goods for the same period, following...
Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers. Brent crude futures gained 14 cents, or 0.2%, to $66.77 a barrel by 0643 GMT, while U.S. West Texas Intermediate crude futures rose 8 cents, or 0.1%, to $64.04. U.S. President Donald Trump extended a tariff truce with China to November 10, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday...
The Japanese Yen (JPY) sticks to its negative bias for the third straight day against a broadly flat US Dollar (USD), allowing the USD/JPY pair to stand firm just below mid-148.00s, or over a one-week high touched during the Asian session on Tuesday. The domestic political uncertainty, along with the potential negative impact of higher US tariffs on the economy, suggests that the prospects for further policy normalization by the Bank of Japan (BoJ) could be delayed further. This, along with a positive risk tone, continues to undermine the safe-haven JPY. That said, an upward revision in...
Gold prices (XAU/USD) strengthened in the Asian session, recovering from a previous sharp decline and returning to $3,341, surpassing a one-week low. This strengthening occurred as the US dollar struggled to maintain its two-day rally as market participants held back ahead of today's release of US consumer inflation (CPI) data. The CPI data will be a key indicator of expectations for a Federal Reserve interest rate cut, which could influence the US dollar's movement and provide fresh impetus for non-yielding gold. Ahead of the data release, speculation that the Fed could cut interest rates...
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....