Oil prices increased on Monday, recovering some of last week's losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude. OPEC+ flagged plans to further increase production from October but the amount was less than some analysts had anticipated. Reuters reported earlier this month that members were considering another hike. "The market had run ahead of itself in regard to this OPEC+ increase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Today we're seeing a classic sell the rumour, buy the...
The Japanese Yen (JPY) remained strong against the US Dollar (USD) on Monday. The USD/JPY pair remained subdued as the Japanese Yen (JPY) strengthened on the possibility of the Bank of Japan (BOJ) raising interest rates in January following the release of the Tokyo Consumer Price Index (CPI) inflation data last week. Japan's Jibun Bank Manufacturing PMI came in at 49.6 in December, slightly beating the preliminary estimate of 49.5 and improving from 49.0 in November. While marking the highest level since September, it still signaled a decline in factory activity for the sixth straight...
Gold prices (XAU/USD) recovered recent losses from the previous session, despite lower trading volumes on Monday than usual ahead of the New Year holiday. Safe-haven Gold gained upside support as markets anticipate signals on the US economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025. Safe-haven demand for the yellow metal could increase as potential tariffs and trade policies by the incoming Trump administration, which could trigger trade conflicts, boost risk aversion sentiment. However, the prospect of fewer Fed rate cuts in...
Silver price (XAG/USD) recovers its recent losses from the previous session, trading around $29.50 per troy ounce during the Asian hours on Monday. However, trading volume is lighter than usual ahead of the New Year holiday. The safe-haven Silver appreciates as traders anticipate signals regarding the United States (US) economy under the President-elect Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025. The potential for Donald Trump's tariffs and trade policies could trigger trade conflicts, increasing the risk aversion sentiment and supporting the demand...
Gold is heading for one of its biggest annual gains this century, with a 27% advance that's been fueled by US monetary easing, sustained geopolitical risks, and a wave of purchases by central banks. While bullion has ticked lower since Donald Trump's sweeping victory in November's US presidential election, its gains over 2024 still outstrip most other commodities. Base metals have had a mixed year, while iron ore has tumbled, and lithium's woes have deepened. The varied performances over 2024 highlight the absence of a single, over-riding driver that's steered the complex's...
Gold price (XAU/USD) recovers its recent losses from the previous session, although trading volume is lighter on Monday than usual ahead of the New Year holiday. The safe-haven Gold gains upward support as markets anticipate signals regarding the United States (US) economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025. The safe-haven demand for the yellow metal could increase as the potential Donald Trump's tariffs and trade policies could trigger trade conflicts, increasing the risk aversion sentiment. However, the outlook for fewer...
The Japanese yen traded around five-month lows on Monday against a dollar underpinned by rising U.S. yields as thin year-end liquidity kept most currencies in tight ranges. The yen was changing hands at 157.71 with only the risk of Japanese intervention preventing another test of the 160 level last seen in July. The dollar index measure against major rivals was flat at 107.98. The euro stood at $1.0429 , not far from recent troughs and in a holding pattern in holiday trading. The currency is heading for a calendar-year drop of roughly 5.5% on the dollar. Rising U.S. Treasury yields have...
Gold edges higher in early Asian trade in thin holiday trading. Prices for the precious metal will likely be volatile in the near term, Zhengxin Futures says in a research note. U.S. Treasury yields have been on an upward trend, weighing on the non-interest-bearing precious metal. However, gold could continue to rise in the medium and long term as global central banks have started cutting rates and geopolitical tensions remain heightened. Concerns over the trajectory of U.S. inflation will likely rise after Donald Trump takes office in mid January, Zhengxin adds. Spot gold is 0.1% higher at...
Oil slipped in quiet end-of-year trading, as the market focused on the outlook for 2025 while monitoring Middle East developments. West Texas Intermediate traded near $70 a barrel after rising 1.6% last week, and Brent was below $74. There are widespread expectations that the market will be oversupplied next year, which is likely to make it harder for OPEC and its allies to revive idled production. Oil is heading for a modest loss this year, with trading confined to a narrow range since mid-October. The market has been buffeted by bearish and bullish signals,...
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....