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...
The AUD/USD currency pair is currently in a bullish consolidation phase, a brief pause in its uptrend, and is hovering around the 0.6600 level during the Asian session on Friday (December 5th). This level is just below the nearly two-month high touched the previous day. Fundamentally, the path of best practice for AUD/USD remains upward, but many market participants are choosing to hold off while awaiting the release of key US inflation data before extending long positions formed over the past two weeks. Today's main market focus is the release of the US Core PCE Price Index for October,...
Gold prices were flat at around $4,205 per troy ounce at the start of Friday's Asian session. Rising US government bond yields and still-strong employment data prevented gold from rising further. Many market participants opted for a wait-and-see approach ahead of the release of key US inflation data, the September PCE Price Index, scheduled for release today. This data is considered key to determining the Fed's future policy direction. Higher bond yields and strong employment data typically support a stronger US dollar, which tends to pressure dollar-denominated commodity prices, including...
Oil prices have remained bullish for the past two days. WTI is trading near $60 per barrel, while Brent is above $63 after gaining 1.2% on Thursday. Market sentiment has been largely influenced by developments in ceasefire talks in Ukraine, with Ukrainian negotiators set to attend a new round of discussions in Florida. However, Russian President Vladimir Putin has made it clear that there are several points in the US peace plan that he cannot accept. The market is now focused on whether these talks will lead to the lifting of sanctions on Russia and increased oil exports from the country....
Silver is now stable around $57 per ounce after previously hitting a record high near $59 earlier in the week. Selling pressure emerged as many traders opted to take profits after a rally they deemed too strong. The more than 2% drop in the previous session also pushed silver out of "overbought" territory, so this correction looks more like a short-term breather than a major trend reversal. The recent rise in silver prices has been largely supported by expectations that the Federal Reserve will cut interest rates at its meeting next week. Swap contracts indicate the market is almost certain...
Oil prices held steady on Thursday amid investor expectations that the Federal Reserve would cut interest rates, while stalled Ukraine peace talks dampened hopes of a deal to restore Russian oil flows. Brent crude closed up 59 cents, or 0.94%, at $63.26. U.S. West Texas Intermediate crude closed up 72 cents, or 1.22%, at $59.67. U.S. crude futures rose more than $1 per barrel earlier in the session, boosted by expectations that a U.S. interest rate cut would support the world's largest economy and oil demand, after data showed a slowdown in employment. The dollar weakened, poised to post a...
Gold (XAU/USD) posted modest gains on Thursday, despite the latest US jobs data showing that the labor market remains resilient, albeit with signs of easing emerging. High expectations that the Federal Reserve (Fed) will cut interest rates kept bullion prices supported, with XAU/USD trading at $4,212, up 0.25% at the time of writing. The mixed US jobs data kept rate cut speculation high, helping bullion extend its gains despite signs of a stabilizing labor market. Market sentiment was mixed after the release of the latest US economic data showed the labor market weakening, but not as...
Gold prices were largely unchanged on Thursday as rising US Treasury yields offset support from a weaker dollar, while the market awaited Friday's US inflation data for clues on the Federal Reserve's policy outlook ahead of its December meeting. Spot gold fell 0.2% to $4,195.69 an ounce, as of 15:05 GMT. US gold futures for February delivery fell 0.2% to $4,224.10 an ounce. "Higher yields are capping some upside (for gold), and the dollar index is generally providing some support," said Marex analyst Edward Meir. The benchmark 10-year US Treasury yield rose 0.8%, while the US dollar index...
Silver fell from its all-time high, as traders took profits after an eight-day rally deemed too fast and too far. Gold was little changed. The white metal fell as much as 3.4% after the latest US jobs data did little to dent bets on interest rate cuts next week. Applications for unemployment benefits hit their lowest level in more than three years, indicating that companies are retaining workers despite the recent wave of layoffs. Lower interest rates should theoretically boost precious metals, including silver and gold, as they don't pay interest. However, silver's rapid rise to an...
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....