Gold and silver steadied after their steepest selloff in years, as investors locked in profits on concern the recent surges in the precious metals had left them overvalued. Spot gold traded near $4,125 an ounce after tumbling as much as 6.3% on Tuesday — the biggest intraday decline in more than a dozen years — while spot silver slumped as much as 8.7%. Technical indicators had shown a scorching rally in both precious metals was likely overstretched. The pullback brought an abrupt halt to a scorching months-long advance that had seen both precious metals post record highs in...
Oil was little changed after notching a modest drop last week, as traders gauge the impact of European Union moves on Russian supply and strikes by Ukraine on the OPEC+ member's energy infrastructure. Brent traded above $66 a barrel after losing 0.5% last week, while West Texas Intermediate was near $63. The EU's next round of sanctions against Russia will focus on oil industry entities in so-called third countries, affecting about a dozen Chinese and several Indian bodies as the bloc looks to intensify pressure on the Kremlin's access to petrodollars. "We are now...
Oil prices fell on Friday (September 19th) as concerns about large supply and falling demand outweighed expectations that the first interest rate cut of the year by the US Federal Reserve would spur increased consumption. Brent crude futures closed at $66.68 per barrel, down 76 cents, or 1.1%. US West Texas Intermediate crude futures closed at $62.68, down 89 cents, or 1.4%. Both benchmarks rose for the second straight week. "Oil supplies continue to be strong, and OPEC is easing its oil production cuts," said Andrew Lipow, president of Lipow Oil Associates. "We haven't seen the impact of...
Gold prices rallied on Friday (September 20th) and headed for a fifth straight weekly gain, with market attention focused on further cues after the US Federal Reserve's first interest rate cut of the year. Spot gold rose 0.8% to $3,672.08 an ounce at 1:36 PM EDT (17:36 GMT). Prices have risen 0.8% so far this week. US gold futures for December delivery closed up 0.7% at $3,705.80. The US central bank cut its benchmark interest rate by 25 basis points on Wednesday, but tempered the move with a warning about persistent inflation, raising doubts about the pace of future easing. Following the...
Gold prices (XAU/USD) edged higher on Friday, halting a two-day decline, trading around $3,663 in the US session. This move followed a wild midweek reaction to the Fed's interest rate decision. On Wednesday, the Fed cut interest rates by 25 basis points to 4.00%–4.25%—a move fully anticipated by the market. Gold briefly touched a record near $3,707, but quickly corrected after Jerome Powell's less dovish press conference, triggering a recovery in the US dollar and Treasury yields. Powell emphasized that there was no need to act quickly, calling the cut a "risk-management cut" to mitigate...
Oil prices weakened for a third day, dragged down by expectations of a large global supply surplus next year. Brent traded near $67/barrel in London, with the market assessing that OPEC+ production recovery and rising output from competitors could build inventories, holding prices within a narrow range. Concerns about supply disruptions from Russia provided limited support. Ukraine's attack on energy infrastructure—including two refineries on Thursday—has pushed Russian processing capacity below 5 million bpd, the lowest since April 2022 (JPMorgan estimates). However, the narrative of a...
EUR/USD is heading lower for the third day in a row, trading at 1.1775 at the time of writing on Friday, down from the four-year highs above 1.1900 hit earlier this week. A larger-than-expected decline in weekly US Initial Jobless Claims and a sharp rebound in the Philadelphia Fed Manufacturing Survey provided additional support to the US Dollar on Wednesday. In Europe, the calendar has been light, but a new wave of anti-austerity protests is gathering strength in France, which is adding weight to the Euro (EUR). Hundreds of thousands of people gathered in France's main cities on Thursday...
Gold prices edged higher on Friday, poised for a fifth consecutive weekly gain, following the U.S. Federal Reserve's first rate cut of the year, while investors awaited further signals on the U.S. policy outlook. Spot gold was up 0.2% at $3,650.89 per ounce as of 0817 GMT. Bullion is up 0.2% so far this week. U.S. gold futures for December delivery rose 0.1% to $3,683.40. "The Fed policy outlook remains the primary driving force for bullion bugs, even as the precious metals enjoys tremendous support from central bank purchases and safe haven demand; any dips below $3,600 are bound to be...
Oil prices slipped lower Friday on growing concerns over slowing U.S. demand, but were still on track for weekly gains as the Federal Reserve's rate cut could spur consumption. At 04:50 ET (08:50 GMT), Brent oil futures for November fell 0.5% to $67.11 a barrel, and West Texas Intermediate crude futures dropped 0.7% to $63.10 a barrel. Both benchmarks were on course for small gains this week as increased hostilities between Russia and Ukraine spurred bets on more supply disruptions. That said, President Trump has called for lower oil prices to pressure Moscow to end the war in Ukraine....
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....