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...
Silver price slides over 2% to near $35.85 during European trading hours on Friday. The white metal faces a sharp selling pressure due to improvement in trade relations between the United States (US) and China and no signs of Israel-Iran truce violation. During the European trading session, a spokesperson from the Chinese Ministry of Commerce confirmed that Beijing has agreed to expedite exports to rare earths to the US, while Washington will revoke non-tariff barriers. On Thursday, US Commerce Secretary Howard Lutnick also confirmed that China is going to "deliver rare earths to us" and...
Gold fell more than 1% to its lowest level in nearly a month on Friday due to easing geopolitical and trade tensions and as investors awaited U.S. inflation data for clues on the future trajectory of interest rates. Spot gold lost 1.3% to $3,283.56 per ounce by 0839 GMT, its lowest since late May. Prices have fallen by over 2% this week and more than $200 from a record high scaled in April. U.S. gold futures fell 1.6% to $3,295.70. The Iran-Israel ceasefire, brokered earlier this week by U.S. President Donald Trump, is holding for now. A White House official said on Thursday that the...
The U.S. dollar edged marginally higher Friday ahead of the release of key inflation data, but remained close to multi-year lows, on course for hefty weekly losses on expectations of lower interest rates and reduced geopolitical and trade tensions. At 04:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose marginally to 96.770, remaining close to its lowest level since March 2022, on track for a 1.5% decline in June, its sixth straight month in the red. Dollar has further downside Signs of stabilization in the Middle East, with the...
The Pound Sterling (GBP) holds onto gains near a fresh three-year high around 1.3770 against the US Dollar (USD) during European trading hours on Friday. The GBP/USD pair clings to gains as the US Dollar struggles to gain ground due to a sharp deterioration in its safe-haven demand, following tensions between United States (US) President Donald Trump and Federal Reserve (Fed) Chair Jerome Powell over the monetary policy status. At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, struggles to hold the fresh three-and-a-half-year...
Oil prices headed for their steepest weekly decline since March 2023 on Friday, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 36 cents, or 0.53%, to $68.09 a barrel by 0637 GMT while U.S. West Texas Intermediate crude gained 33 cents, or 0.51%, to $65.57. That put both contracts on course for a weekly fall of about 12%. The benchmarks are now back at the levels they were at before Israel began the conflict by firing missiles at Iranian military and nuclear targets on June 13. This week began with...
Gold declined toward $3,280 per ounce on Friday, hitting its lowest level in four weeks, as fading geopolitical risks and easing fears of a prolonged trade conflict dented safe-haven demand. The US and China finalized the details of their London trade deal, which will implement the Geneva consensus. Under the agreement, China will approve export applications for controlled goods, while the US will lift various trade restrictions. This followed the White House downplaying the urgency of upcoming tariff deadlines, suggesting they could be extended and further easing trade...
Silver (XAG/USD) prices are trading lower after posting gains in the previous two sessions, trading around $36.50 per troy ounce during Asian hours on Friday (6/27). The decline in precious metals, including Silver, could be restrained by renewed concerns over the independence of the US Federal Reserve (Fed). US President Donald Trump called Federal Reserve Chairman Jerome Powell "terrible" in The Hague on the sidelines of a NATO summit and said he has several potential successors in mind. "I know of three or four people I'm going to pick." Trump could undermine Powell's authority by...
Oil prices were headed for their biggest weekly drop since March 2023 on Friday, as the absence of significant supply disruptions from the Iran-Israel conflict caused the risk premium to evaporate. Brent crude futures were up 35 cents, or 0.52%, at $68.08 a barrel by 0429 GMT while U.S. West Texas Intermediate crude was up 40 cents, or 0.61%, at $65.64. That left both contracts on track for weekly declines of about 12%. The benchmarks are now back to levels before Israel started the conflict by firing missiles at Iranian military and nuclear targets on June 13. The week began with prices...
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....