West Texas Intermediate (WTI) crude oil closed higher on Friday as the geopolitical risk premium rose after Israel launched a retaliatory attack on Iran, but one that caused little damage. WTI crude oil for May delivery closed up US$0.41 to settle at US$83.14 per barrel, the lowest since late March, while June Brent crude, the global benchmark, was up US$0.33 to US$87.44. The rise came after Israel carried out drone attacks near the Iranian city of Isfahan that caused little reported damage. The attacks were a response to Iran's weekend attempt to strike Israel with drone and missiles that...
Gold edged higher after dropping by almost 1% on Wednesday on signs the Federal Reserve will wait longer than previously expected to cut interest rates. Fed Chair Jerome Powell flagged the likely delay to the much-anticipated pivot after a series of surprisingly high inflation readings. Swaps markets now see just a 16% chance of a reduction in borrowing costs in June, down from 57% at the end of last month. Bullion has smashed through records over the last couple of months in a blistering rally that's seen it jump by around a fifth since the middle of February. The metal has...
Oil held the largest decline in two months amid a slew of conflicting signals that ranged from rising stockpiles to tensions in the Middle East and the reimposition of US sanctions on Venezuelan crude. Global benchmark Brent traded below $88 a barrel after slumping by 3% on Wednesday, while West Texas Intermediate was near $83. US crude inventories rose by 2.7 million barrels last week, hitting the highest level since last June, while gauges of fuel demand declined. The weak US data overshadowed the impact of geopolitical tensions in the Middle East as traders...
West Texas Intermediate (WTI) crude oil fell for a third-straight day on Wednesday as a report showed an larger than expected rise in US inventories last week, while geopolitical worries continue to moderate. WTI crude oil for May delivery closed down US$2.67 to settle at US$82.69 per barrel, the lowest since March 27, while June Brent crude, the global benchmark, was last seen down US$2.49 to US$87.53. Oil is ceding some of the risk premium awarded the commodity following the failed weekend attack on Israel from Iran, which saw the Persian Gulf country send hundreds of drones and missile...
Gold prices edged down on Wednesday, but traded near their record high levels hit last week, as pressure from fading U.S. rate cut hopes overshadowed gains from safe haven demand arising out of geopolitical turmoil in the Middle East. Spot gold eased 0.2% to $2,376.39 per ounce, as of 2:15 p.m. ET (1815 GMT). Prices hit an all-time high of $2,431.29 on Friday. U.S. gold futures settled 0.8% lower at $2,388.4. Iran said its military was ready to confront any attack by Israel. Iran carried out its first-ever direct attack on Israel last weekend in retaliation for a suspected Israeli strike...
Oil prices drifted lower Wednesday as indications of a large weekly build in U.S. inventories pointed to less tight markets, although prices remained elevated on concerns of a wider conflict in the Middle East. At 08:45 ET (12:45 GMT), Brent oil futures fell 0.9% to $89.23 a barrel, while West Texas Intermediate crude futures fell 0.8% to $84.69 a barrel. Both contracts were trading well below over five-month highs hit last week. Both benchmarks have fallen back from recent highs after data from the American Petroleum Institute showed on Tuesday that U.S crude inventories rose just over 4...
Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in U.S. commercial stockpiles outweighed supply fears from heightened tensions in the Middle East. Brent futures for June fell 40 cents, or 0.44%, to $89.62 a barrel by 0632 GMT, while U.S. crude futures for May fell 48 cents, or 0.56%, to $84.88 a barrel. Oil prices have softened so far this week as economic headwinds pressured investor sentiment, curbing gains from geopolitical tensions, with market's eyeing on how Israel might respond to Iran's attack over the...
Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $28.49 per troy ounce, up 1.37% from the $28.11 it cost on Tuesday. Silver prices have increased by 11.86% since the beginning of the year. The Gold/Silver ratio, which shows the number of troy ounces of Silver needed to equal the value of one troy ounce of Gold, stood at 83.97 on Wednesday, down from 84.77 on Tuesday. Investors might use this ratio to determine the relative valuation of Gold and Silver. Some may consider a high ratio as an indicator that Silver is undervalued – or Gold is overvalued –...
Gold rose to trade near a record-high, even as investors weighed a shift in messaging from Federal Reserve chief Jerome Powell, who said the US central bank will likely keep rates on hold for longer than originally planned. The precious metal is up about 15% so far this year, with gains partially driven by haven demand as geopolitical tensions in the Middle East and Ukraine continue to escalate. Bullion closed little changed on Tuesday after Powell said that it's appropriate to give the Fed's restrictive policy further time to work, and pointed to the lack of additional progress made on...
Silver price (XAU/USD) turns sideways around $23.15 after a strong recovery in the European session on Wednesday. The white metal clings to solid gains as the US Dollar has shifted to the backfoot...
Oil prices ticked up slightly on Monday following the widely expected extension of voluntary output cuts by the OPEC+ producer group on Sunday. Brent futures climbed 14 cents to $83.69 a barrel at...
Gauge of the dollar held near a seven-week high as investors waited for comments from Federal Reserve Chair Jerome Powell to gauge his views on the US economy. Australia's dollar declined amid...