Silver slipped to around $48.6 per ounce on Friday and was on track to lose over 6% for the week, as profit-taking swept through the market amid concerns that the metal may have entered overvalued territory. The recent surge was driven by strong safe-haven demand and optimism over silver's long-term industrial use in electric vehicles, data centers, and solar power, alongside tightening inventories in London and Shanghai vaults. Meanwhile, investors monitored trade developments after the White House confirmed the Trump-Xi meeting next Thursday on the sidelines of the APEC summit. Markets...
The dollar traded near a 2.5-month low against the euro and near a 10-month low against the risk-sensitive Australian dollar on Tuesday as investors increased bets for a Fed rate cut this week and next. The U.S. dollar traded slightly below its lowest level in more than two months against the British pound, with U.S. President Donald Trump renewing his call for aggressive monetary easing. Markets are pricing in a rate cut of at least 25 basis points on Wednesday as a certainty, with a 50 basis point cut even more likely. A total of 67 basis points of cuts are expected over the remainder of...
Oil prices are mixed in the early Asian trade, but may be supported by supply-disruption risks. Ukraine has stepped up attacks on Russia's energy infrastructure, ANZ Research analysts say in a research report. Another drone attack struck Russia's Kinef refinery, which has an annual processing capacity of over 20 million tons, the analysts note. "This follows last week's wave of attacks which Ukraine claimed have struck facilities handling almost half of Russia's seaborne crude exports," the analysts add. Front-month WTI crude oil futures are little changed at $63.32/bbl; front-month Brent...
Gold is steady in the early Asian trade ahead of the FOMC's two-day meeting that starts today and major U.S. economic data such as retail sales due out today. Given expectations of a Fed rate cut and continuing geopolitical tensions, gold has settled into a high-level consolidation, Pepperstone's Dilin Wu says in an email. The FOMC meeting and U.S. retail sales will likely be the key events to monitor, possibly shaping whether the precious metal can resume a directional trend, the research strategist adds. Spot gold is little changed at $3,678.38/oz. Source: Bloomberg
The Australian Dollar (AUD) strengthened slightly against the US Dollar (USD) on Monday, extending its gains as the greenback remained on the defensive. This move came amid strong confidence that the Federal Reserve (Fed) will cut interest rates by 25 basis points (bps) at its monetary policy meeting on Wednesday, a scenario the market now views as a done deal. At the time of writing, AUD/USD was trading near 0.6672, its strongest level in more than ten months. The currency pair has benefited from the broad USD weakness, as traders fully anticipate imminent Fed policy easing. Meanwhile, the...
Gold rose to an all-time high on Monday (September 15), boosted by a weaker dollar and falling U.S. Treasury yields, as investors prepared for this week's crucial Federal Reserve meeting that could set the tone for the rest of the year. Spot gold rose 1.1% to $3,680.80 an ounce at 1:44 p.m. EDT (1744 GMT), after hitting a record high of $3,685.39 earlier in the session. Bullion prices rose about 1.6% last week. U.S. gold futures for December delivery closed 0.8% higher at $3,719.00. The dollar index fell 0.3% to a one-week low, making gold more attractive to holders of other currencies,...
Oil prices rose on Monday as investors assessed the impact of Ukrainian drone attacks on Russian oil refineries and U.S. President Donald Trump's call for NATO countries to halt purchases of Russian oil. Brent crude futures closed up 45 cents, or 0.67%, at $67.44 a barrel, while U.S. West Texas Intermediate crude closed up 61 cents, or 0.97%, at $63.30 a barrel. The attack on Russian oil infrastructure and Trump's increasing pressure on buyers of Russian crude boosted oil prices on Monday, said Phil Flynn, senior analyst at Price Futures Group. "Behind the scenes, there are a lot of...
Gold rose to a new a record high as traders geared up for an anticipated easing of the US Federal Reserve's monetary policy this week and looked for clues on further rate cuts this year. Bullion traded above $3,682 an ounce on Monday, after gaining for four consecutive weeks. Investors see a quarter-point cut this week, following signs of labor market weakness. Swaps also price in at least another reduction before the end of the year, with a high probability of a third one. That expectation has driven Treasury yields to the lowest level in months and weakened the...
Oil prices rose on Monday (September 15th) as investors assessed the impact of Ukrainian drone attacks on Russian refineries and U.S. President Donald Trump's call for NATO countries to halt purchases of Russian oil. Brent crude rose 41 cents, or 0.61%, to $67.40 a barrel at 11:43 a.m. EDT (15:43 GMT), while U.S. West Texas Intermediate crude was at $63.25 a barrel, up 56 cents, or 0.89%. The attack on Russian oil infrastructure and increased pressure from Trump on buyers of Russian crude boosted oil prices on Monday, said Phil Flynn, senior analyst at Price Futures Group. "Behind the...
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....