Oil prices rose again after OPEC+ confirmed plans to temporarily halt production increases during the first quarter. This Saudi Arabia-led decision is considered a response to seasonally weaker market conditions. Brent is now trading above $63 per barrel, while WTI is approaching $60, signaling that the market is beginning to adjust to the new supply policy. This increase comes after oil posted four consecutive monthly declines due to concerns about a supply surplus. The IEA even predicted a record supply glut in 2026, while JPMorgan forecast oil prices could fall to nearly $50 per barrel....
Silver (XAG/USD) weakened slightly on Thursday (November 27th), trading around $53.25, down 0.15% at the time of writing. The precious metal remained rangebound amid thin liquidity due to the US Thanksgiving holiday. A modest rebound in the US dollar (USD) limited intraday gains and kept silver prices in check. Despite this consolidation, broader macro conditions remain supportive of precious metals. Several Federal Reserve (Fed) officials recently signaled openness to short-term easing, reinforcing market expectations that the central bank could cut interest rates by another 25 basis...
Oil prices were steady on Thursday (November 27) as market participants weighed negotiations to end the war in Ukraine against the impact of Western sanctions on Russian supplies, although trading was expected to remain quiet due to the Thanksgiving holiday in the US. Brent crude futures rose 5 cents, or 0.1%, to $63.18 a barrel at 14:12 GMT, while US West Texas Intermediate crude futures rose 18 cents, or 0.3%, to $58.83 a barrel. Russian President Vladimir Putin said on Thursday that the outline of a draft peace plan discussed by the United States and Ukraine could form the basis of a...
Gold prices weakened slightly on Thursday (November 27th), after hitting a nearly two-week high in the previous session, as investors weighed the possibility of a US interest rate cut in December. Spot gold fell 0.1% to $4,159.31 per ounce, as of 14:23 GMT. US gold futures for December delivery fell 0.3% to $4,156.30 per ounce. "We still expect the consolidation that began with the price decline in October to continue as the impact of that price decline has not yet fully subsided," said Julius Baer analyst Carsten Menke. Bullion prices have fallen 5% since hitting a record high of...
Oil prices were broadly stable on Thursday, with trading volumes anticipated to be relatively thin because of the Thanksgiving holiday in the United States. Get the latest updates and insights on the biggest market-moving stories by upgrading to InvestingPro - get 60% off today. Brent Oil Futures expiring in January were higher by 0.1% at $62.64 per barrel, while West Texas Intermediate (WTI) crude futures edged up 0.3% to $58.81 per barrel. Investors were taking stock of the potential of a Washington-backed framework to end the war in Ukraine. U.S. envoy Steve Witkoff is scheduled to...
This week's US Dollar (USD) pullback reflects Fed-driven rate expectations rather than geopolitical shifts, while thinner Thanksgiving liquidity may set the stage for potential USD/JPY intervention, ING's FX analyst Francesco Pesole notes. Yen outperforms high-beta peers"As discussed yesterday, we believe this week's dollar correction has more to do with a convergence towards lower rates following the dovish Fed's repricing, rather than any geopolitically driven rotation away from safe havens. The outperformance of the yen relative to a high-beta European currency like SEK is a clear...
Gold prices edged lower in Asian trade on Thursday, pulling back marginally after a strong performance this week as markets grew more confident that the U.S. Federal Reserve will cut interest rates in December. Speculation over a potentially dovish successor to Fed Chair Jerome Powell also boosted expectations of lower U.S. interest rates in the long term, as did a swathe of weak economic readings from the country. The dollar retreated on this notion, benefiting broader metal prices this week. Silver was a standout performer, coming back in sight of record highs, while platinum...
Silver prices traded just below US$53 per ounce on Thursday, again approaching a record high. This increase occurred amid growing market confidence that the US Federal Reserve will cut interest rates further in the near future. Market participants now estimate an 85% chance of a 25 basis point rate cut in December, a sharp increase from just 30% about a week ago, with three more cuts anticipated by the end of 2026. These dovish expectations have further strengthened following reports that Kevin Hassett, Director of the White House National Economic Council, is a strong candidate for the...
The dollar index weakened for a third straight day on Thursday, as markets grew increasingly confident the Federal Reserve would cut interest rates at its December meeting, ahead of the US Thanksgiving holiday. The Bloomberg Dollar Spot Index fell about 0.1% and remains on track for its third weekly decline in four weeks. The Fed's Beige Book report overnight showed US economic activity was "virtually unchanged," while consumer spending weakened, except among high-income buyers. The Beige Book also noted a slight decline in employment and only moderate price increases, bringing the...
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....