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...
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...
Gold prices were steady on Wednesday, holding just below record-high levels as safe-haven demand, fuelled by geopolitical risks in the Middle East, offset the pressure from higher U.S. dollar and Treasury yields. Spot gold held its ground at $2,384.19 per ounce, as of 0803 GMT, not far off the all-time high of $2,431.29 it hit on Friday. U.S. gold futures fell 0.3% at $2,400.30. Both the dollar (.DXY), opens new tab and the 10-year Treasury yield held steady near their five-month peaks, making the greenback-priced bullion less attractive for other currency holders and as an investment...
The dollar edged down but was still within striking distance of its 5-1/2-month high on Wednesday, keeping the yen rooted near 34-year lows after Federal Reserve officials reiterated interest rates are likely to stay higher for longer. Top U.S. central bank officials including Fed Chair Jerome Powell backed away on Tuesday from providing any guidance on when interest rates may be cut, saying instead that monetary policy needs to be restrictive for longer. The dollar was slightly lower versus the euro at $1.0628 on Wednesday, not far from the five-and-half-month high of $1.06013 it touched...
Gold prices were steady on Wednesday after rallying to record highs last week, as safe-haven demand fuelled by geopolitical risks in the Middle East partially offset pressure from higher U.S. dollar and Treasury yields. Spot gold held its ground at $2,381.68 per ounce, as of 0337 GMT, after hitting an all-time high of $2,431.29 on Friday. U.S. gold futures fell 0.4% at $2,397.70. The dollar held steady near a five-month peak, making the greenback-priced bullion less attractive for other currency holders. Benchmark U.S. 10-year Treasury yields were at 4.6591%, hovering near a five-month...
Oil prices extended losses in early trade 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 slipped 56 cents, or 0.62%, to $89.46 a barrel by 0337 GMT, while U.S. crude futures for May fell 63 cents, or 0.74%, to $84.73 a barrel. Oil prices have softened so far this week as economic headwinds pressured investor sentiment, curbing gains from geopolitical tensions, with eyes on how Israel might respond to Iran's attack...
The dollar was broadly steady on Wednesday, keeping the yen rooted near 34-year lows after comments from Federal Reserve officials, including Chair Jerome Powell, suggested U.S. interest rates are likely to stay higher for longer. Top U.S. central bank officials including Powell backed away on Tuesday from providing any guidance on when interest rates may be cut, saying instead that monetary policy needs to be restrictive for longer, dashing investor hopes for significant easing this year. The dollar was broadly steady, with the euro at $1.062 in Asian hours, not far from the...
Gold held near a record-high, even as 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 withstood a surge in Treasury yields on Tuesday, as well as a jump in the dollar after Powell's comments saw another collapse in market-implied expectations for Fed rate cuts this...
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...