Oil prices rose on Monday in early trade, paring last week's losses, after OPEC+ agreed over the weekend to raise output further but at a slower pace from October due to an anticipated weakening of global demand. Brent crude gained 23 cents, or 0.4%, to $65.73 a barrel by 2213 GMT, while U.S. West Texas Intermediate crude climbed 21 cents, or 0.3%, to $62.08 a barrel. Both benchmarks fell over 2% on Friday as a weak U.S. jobs report dimmed the outlook for energy demand. They lost more than 3% last week. OPEC+, which includes the Organization of the Petroleum Exporting Countries plus...
Oil steadied near a two-month low after the International Energy Agency said the market is on track for record oversupply next year. Brent traded below $66 a barrel, after closing at its lowest since June 5 on Wednesday, while West Texas Intermediate was around $63. Gloomy predictions from both the IEA and the US government this week come as supplies from both within and outside OPEC+ are expected to rise into the fourth quarter. Brent's nearest timespread — a guage of market health — is trading at its weakest level since May. Against that backdrop, traders are...
Gold prices edged down on Thursday due to a slight uptick in the U.S. dollar index, although expectations of a Federal Reserve interest rate cut in September limited losses. Spot gold fell 0.3% to $3,346.19 per ounce as of 0848 GMT. U.S. gold futures for December delivery were down 0.4% to $3,393.80. The dollar (.DXY), opens new tab rose 0.04% from an over two-week low against its rivals, making gold more expensive for holders of other currencies. "The marginal reduction in gold since this morning could be just chalked down to a slightly firmer dollar," said Nitesh Shah, commodities...
The U.S. dollar rose slightly against other major currencies on Thursday, but stayed close to multi-week lows as bets that the Federal Reserve will resume cutting interest rates next month ticked higher. Bucking the trend was the yen, with the dollar hitting a three-week low against the Japanese currency after U.S. Treasury Secretary Scott Bessent suggested the Bank of Japan needs to raise rates again soon, while the Fed cuts aggressively. Rising expectations for monetary easing combined with increasing institutional cryptocurrency investment powered bitcoin to a new record peak earlier in...
Silver prices held above $38.5 per ounce on Thursday, hovering near a three-week high as expectations for deeper Federal Reserve rate cuts this year supported the market. Softer US inflation data suggested President Donald Trump's tariffs are not adding to price pressures, while signs of labor market cooling reinforced the dovish outlook. Markets have nearly fully priced in a September cut, with some anticipating a larger 50-basis-point move. Additionally, Treasury Secretary Scott Bessent called for multiple rate cuts and said the Fed could kick off the policy rate easing with a half-point...
Gold held a small gain after traders increased bets the Federal Reserve will cut interest rates next month, following pressure from US Treasury Secretary Scott Bessent. Bullion rose as much as 0.6% on Thursday before paring gains to trade near $3,365 an ounce. Prices saw a modest increase in the previous session, supported by a fall in Treasury yields after Bessent suggested the Fed's benchmark rate ought to be at least 1.5 percentage points lower than it is now. Lower borrowing costs and declining yields tend to support gold, as it pays no interest. The increased bets...
The U.S. dollar was under pressure on Thursday as traders piled into wagers that the Federal Reserve will resume cutting interest rates next month, powering bitcoin to a record high, while a blistering rally in global stocks took a breather. MSCI's gauge of equities in Asia excluding Japan, lingered near its loftiest level since September 2021, taking cues from Wall Street, where the S&P 500 and Nasdaq indexes hit new closing highs for the second straight day. The dollar fell to a two-week low against a basket of major peers on shifting expectations of U.S. rate cuts, with comments...
Gold (XAU/USD) struggles to capitalize on its modest Asian session gains to a three-day peak and attracts some intraday sellers near the $3,375 region. The global risk sentiment remains well supported by the optimism over an extension of the US-China trade truce for another three months and the US-Russia summit on Friday aimed at ending the war in Ukraine. This, in turn, acts as a headwind for the safe-haven precious metal. However, a combination of supporting factors favors bullish traders and backs the case for the emergence of some dip-buying. The US Dollar (USD) selling bias remains...
Oil steadied near a two-month low after the International Energy Agency said the market is on track for record oversupply next year. Brent traded near $66 a barrel after closing at its lowest since June 5 on Wednesday, while West Texas Intermediate was around $63. Global oil inventories will accumulate at a rate faster than the average buildup during the pandemic year of 2020, the IEA's monthly report showed. Meanwhile, traders are monitoring the lead-up to Friday's summit between the US and Russian presidents, given that it may result in an easing or tightening of...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....