Oil jumped after an Israeli attack in Qatar escalated the conflict in the Middle East, the source of about a third of the world's supplies, increasing the geopolitical risk premium for crude. West Texas Intermediate climbed about 1.5% to top $63 a barrel after the Israel Defense Forces conducted a strike in Doha targeting the senior leadership of Hamas, which has been declared a terrorist group by the US and Europe. Several blasts were heard in the city, according to media reports, and Qatar said the attack violated international law. The strike is the first...
Brent crude rose to $74.50 a barrel on Tuesday, extending gains for a third straight session, boosted by signs of economic recovery in China, the world's largest crude importer. Chinese factory activity expanded for a third month, boosted by recent stimulus measures. However, despite the current momentum, Brent is on track for a slight annual loss after months of trading in a narrow range. Looking ahead, the market faces significant uncertainties, including the risk of oversupply, geopolitical tensions and potential changes in oil policy under the incoming Trump administration. Source:...
Gold prices rose above $2,600 an ounce on Tuesday, marking one of its strongest annual performances since 2010 with a 26% gain in 2024. The surge has been driven by U.S. monetary easing, ongoing geopolitical tensions and record central bank purchases. Despite a slight dip following Donald Trump's election victory in November, gold's annual gains have outpaced most other commodities, including a mixed year for base metals and sharp declines in iron ore and lithium. Looking ahead to 2025, investors are weighing the impact of U.S. monetary policy uncertainty, potential challenges under a Trump...
USD/JPY extends its decline for the third straight session on New Year's Eve, trading around 156.20 during early European hours on Tuesday. However, the Japanese Yen (JPY) is heading for a more than 10% decline in 2024, marking the fourth consecutive year of weakness against the US Dollar (USD). The decline in the USD/JPY pair was driven by a rise in the Japanese Yen (JPY) as traders continued to assess market sentiment that the Bank of Japan (BOJ) might hike interest rates in January following the release of the Tokyo Consumer Price Index (CPI) inflation data last week. Source: FXStreet
The Australian Dollar (AUD) remained sluggish against the US Dollar (USD) following the release of mixed NBS Manufacturing Purchasing Managers' Index (PMI) data from China on Tuesday. As a close trading partner, any fluctuations in the Chinese economy tend to affect the Australian market. China's official Manufacturing PMI slipped to 50.1 in December, down from 50.3 in the previous reading and below market expectations of 50.3. Meanwhile, the NBS Non-Manufacturing PMI improved significantly, rising to 52.2 in December from 50.0 in November and beating estimates of 50.2. Source: FXStreet
Oil prices rose on Tuesday after data showed China's manufacturing activity expanded in December, but they are on track to end lower for a second consecutive year due to demand concerns in top consuming countries. Brent crude futures rose 60 cents, or 0.8%, to $74.59 a barrel as of 0530 GMT. U.S. West Texas Intermediate crude gained 62 cents, or 0.9%, to $71.61 a barrel. For the year, Brent declined 3.2%, while WTI was down 0.1%. China's manufacturing activity expanded for a third straight month in December but at a slower pace, an official factory survey showed on Tuesday, suggesting a...
Gold price (XAU/USD) holds ground after two days of losses amid thin trading volume on Monday. Gold prices are set to finish the year with an impressive 27% gain, representing their strongest annual performance since 2010. This rally has been driven by central bank purchases, rising geopolitical tensions, and monetary easing policies implemented by major central banks. The yellow bullion, Gold, remained relatively stable as investors reacted to indications of a hawkish Federal Reserve (Fed). Robust labor market data, reflected in payroll counts, and persistent inflation prompted FOMC...
Gold held above $2,600 per ounce on Tuesday after two sessions of declines, showing little movement over the past week as investors awaited fresh catalysts. Traders are closely monitoring signals about the US economy, President-elect Donald Trump's tariff policies, and the Federal Reserve's monetary policy outlook, all of which could influence gold's trajectory. Resilient labor market data from payroll counts and signs of persistent inflation has recently led FOMC members to project fewer rate cuts next year, which weighed on gold prices in Q4 as the hawkish Fed reduced the appeal of...
The dollar was firm on the last trading day of the year, poised to clock strong gains in 2024 against most currencies as investors prepared for fewer U.S. rate cuts and the incoming Trump administration's policies. The dollar's ascent, buoyed by rising Treasury yields, has pushed the yen toward its lowest levels since July, when the Japanese authorities last intervened. On Tuesday, it was at 157.02 per dollar, on course for a 10% drop in 2024, its fourth straight year of decline against the dollar. Japanese markets are closed for the rest of the week, and with most markets closed on...
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....