Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer tone made the market a little more willing to take risks, thus easing the pressure to buy gold as a safe haven. However, the big picture hasn't changed: gold remains in high territory because the world remains filled with uncertainty. Trade wars could resurface at any time, geopolitical tensions haven't completely subsided, and investors are...
Oil prices fell 1% on Tuesday (December 2nd) as the market weighed fading hopes for a Russia-Ukraine peace deal and concerns about oversupply. Brent crude futures closed 72 cents lower, or 1.14%, at $62.45 a barrel, while U.S. West Texas Intermediate crude fell 68 cents, or 1.15%, to $58.64 a barrel. Both benchmarks rose more than 1% on Monday. Investors shifted their focus to Russia-Ukraine peace talks as Russian President Vladimir Putin met with U.S. President Donald Trump's special envoy, Steve Witkoff, and his son-in-law, Jared Kushner, in the Kremlin on Tuesday. "Oil prices were...
Gold (XAU/USD) fell about 0.80% on Tuesday (December 2nd) as traders appeared to be taking profits ahead of next week's Federal Reserve (Fed) monetary policy meeting, amid a strengthening US dollar. At the time of writing, XAU/USD was trading at $4,193, after hitting a daily high of $4,240. XAU/USD weakened as traders unwound their positions ahead of next week's FOMC decision. The optimistic market mood weighed on gold's safe-haven appeal, while the greenback, according to the US Dollar Index (DXY), held firm at 99.44, up 0.04%. On Monday, the ISM Manufacturing Purchasing Managers' Index...
Gold prices fell more than 1% on Tuesday (December 2) as investors took profits after hitting a six-week high in the previous session, while they awaited key US economic data ahead of next week's Federal Reserve policy meeting. Spot gold fell 1.4% to $4,173.91 an ounce at 11:09 a.m. ET (16:09 GMT). US gold futures for February delivery fell 1.6% to $4,205.10 an ounce. "This is probably just a little profit-taking; the biggest focus of the market lately has been expectations of a rate cut, and those expectations remain fairly stable," said Peter Grant, vice president and senior metals...
Silver weakened from its record high, with technical indicators suggesting a six-day rally pushing the precious metal into overbought territory. Gold also weakened. The white metal slumped as much as 2.4% before paring some losses in US trading. Traders had been betting on continued tight supply and expectations of another US interest rate cut – a boost for the non-yielding precious metal. Looking at the 14-day relative strength index, a measure of overbought conditions, silver surged above 70, a level often considered an indication of overheated momentum. Silver is experiencing a...
Oil prices fluctuated amid volatile trading as escalating tensions between Russia and Ukraine raised the possibility of further supply disruptions. West Texas Intermediate (WTI) crude prices started the day down 1.75%, trading near $58 per barrel. Prices briefly turned positive after Russian President Vladimir Putin threatened potential retaliatory action against ships from countries that aided Ukraine in Moscow's war, according to Interfax. "Today's news releases should be highly sensitive to headlines, and the path of least resistance still looks lower," said Rebecca Babin, senior...
The dollar strengthened slightly in early December trading, a historically difficult period for the US currency. G-10 currencies traded in tight ranges with little US data available and Federal Reserve officials in a quiet period ahead of next week's meeting. The Bloomberg Dollar Spot Index rose 0.1% in New York trading, after posting a slight gain on Monday. "There is little room for the USD to extend this rebound at this point," given "Fed policy expectations/focus on a possible leadership change/seasonal trends," wrote Shaun Osborne, chief currency strategist at Scotiabank, on...
Oil prices held firm on Tuesday as traders weighed up risks from Ukrainian drone strikes on Russian energy sites and mounting U.S.-Venezuela tension. Brent crude futures fell 19 cents, or 0.3%, to $62.98 a barrel by 0903 GMT. U.S. West Texas Intermediate crude was down 12 cents, or 0.2%, to stand at $20 a barrel. Both benchmarks advanced more than 1% on Monday, while WTI was near a two-week high. While prompt prices seemed rangebound, the geopolitical risk premium seems to have built again due to the situations around the Black Sea and Venezuela, said Ole Hansen, head of commodity...
Gold (XAU/USD) remains depressed through the early European session on Monday, though it manages to defend the $4,200 mark amid mixed fundamental cues. A generally positive tone around the equity markets undermines demand for traditional safe-haven assets and drags the precious metal away from its highest level since October 20, touched on Monday. However, dovish US Federal Reserve (Fed) expectations act as a tailwind for the non-yielding yellow metal and help limit further losses. Investors now seem convinced that the US central bank will lower borrowing costs again at its upcoming policy...
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....