Oil prices rose on Tuesday (October 21), bouncing off a five-month low in the previous session, as investors reassessed expectations of a possible oversupply and sought clarity on the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 31 cents, or 0.5%, to $61.32 a barrel, while U.S. West Texas Intermediate crude for November delivery, which expires on Tuesday, closed up 30 cents, or 0.5%, to $57.82. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by the Organization of the...
Oil prices rose after the North Atlantic Treaty Organization (NATO) promised a "robust" response to Russian incursions into its airspace, adding to concerns about Russian supply flows. West Texas Intermediate (WTI) crude rose as much as 2.6% to trade near $64 per barrel, its biggest intraday gain in a week, after NATO said it would use all options, including military ones, to defend itself. U.S. Secretary of State Marco Rubio reaffirmed America's commitment to NATO, while the Russian government is evaluating a potential ban on diesel exports for some companies amid a spate of Ukrainian...
Gold hit a new record, with traders weighing China's plan to become a custodian of foreign gold reserves in an effort to strengthen its position in the global bullion market. The People's Bank of China (PBOC) is using the Shanghai Gold Exchange to persuade central banks in friendly countries to buy bullion and store it domestically, according to sources familiar with the matter. The Asian nation is the world's largest producer and consumer of the precious metal, and a larger role in the global bullion market could mean easing import restrictions, or a broader role for gold in the financial...
Oil prices edged higher on Tuesday even as investors weighed the global supply outlook after Iraq and Kurdish regional governments reached a preliminary agreement to restart an oil pipeline. Brent crude futures rose 14 cents to $66.71 a barrel by 0919 GMT, while U.S. West Texas Intermediate crude gained 21 cents at $62.49 a barrel, both recouping modest earlier losses. Brent and WTI had fallen for the previous four sessions, dropping around 3%. "Supportive elements are still low OECD oil inventories," UBS analyst Giovanni Staunovo said. "On the other hand, higher crude exports from OPEC+...
The price of Loco Gold surged to a new high of $3,791 per troy ounce, reinforcing the bullish trend in gold that has been developing since the beginning of the quarter. This increase was driven not only by global sentiment but also by domestic factors in the United States, further strengthening gold's prospects as a primary hedge. Global Factors1. Expectations of a Fed Interest Rate Cut Global investors continue to anticipate further interest rate cuts from the Federal Reserve. Lower interest rates reduce the opportunity cost of holding gold, thus increasing investor interest in the...
Gold prices steadied on Tuesday after reaching a record high, underpinned by expectations of more U.S. rate cuts and a weaker dollar, as investors awaited Federal Reserve Chair Jerome Powell's speech for further policy cues. Spot gold was up 0.2% at $3,753.25 per ounce, as of 0604 GMT, after hitting a record high of $3,759.02 earlier in the session. U.S. gold futures for December delivery rose 0.3% to $3,787.40. The U.S. dollar index (.DXY), opens new tab extended its losses from the previous session, making greenback-priced gold cheaper for overseas buyers. "I think it's predominantly a...
Silver hovered just below $44 per ounce on Tuesday, staying close to 14-year highs as traders weighed the US Federal Reserve's policy outlook. Several Fed officials urged caution on further rate cuts, citing signs of stabilizing inflation, while new Governor Stephen Miran warned the central bank was misjudging policy tightness and risking the labor market without deeper easing. Markets now await Fed Chair Jerome Powell's remarks and Friday's PCE price index, the Fed's preferred inflation gauge, for clearer direction. Support also came from strong fundamentals, with tight supply underpinning...
The dollar index slipped below 97.3 on Tuesday, marking a second straight decline as traders parsed Federal Reserve commentary for signals on interest rates. Several officials urged caution before cutting further, noting inflation appeared to be stabilizing. In contrast, new Fed Governor Stephen Miran warned the central bank was misjudging policy tightness and risking the labor market without more aggressive easing. Attention now turns to Friday's PCE price index, the Fed's preferred inflation gauge, for fresh policy cues. On the political front, congressional budget negotiations this week...
Gold is steady in the early Asian trade, supported by hopes for more Fed rate cuts. Fed Chair Powell is scheduled to deliver comments on the U.S. economy later today. The precious metal hit another record high overnight, building on momentum from last week's Fed rate cut and guidance that further easing is likely as the labor market weakens, FFA Kings' Fadi Al Kurdi says in an email. "Expectations of continued monetary loosening have reinforced demand for the non-yielding asset," the founder and CEO adds. Spot gold is little changed at $3,747.22/oz. Source: Dow Jones Newswires
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....