Gold prices pared losses on Friday (October 24) after slightly lower-than-expected US inflation data reinforced expectations that the Federal Reserve will cut interest rates next week, but the precious metal is still expected to post its first weekly loss in 10 weeks. Spot gold fell 0.2% to $4,118.29 an ounce at 1:42 p.m. ET (1742 GMT), after falling nearly 2% earlier in the session. Prices have fallen more than 3% for the week. US gold futures for December delivery closed 0.2% lower at $4,137.8 an ounce. "Gold and silver jumped on lower-than-expected September core CPI, but it likely...
Silver price (XAG/USD) extends its winning streak for the third successive session, marking a fresh 14-year high at $42.17 during the Asian hours on Friday. The precious Silver attracts buyers as market expectations for three Federal Reserve (Fed) rate cuts this year increase after US Weekly Initial Jobless Claims climbed to their highest since October 2021. The increased jobless claims, along with last week's weak Nonfarm Payrolls report, overshadow a hotter-than-expected consumer inflation reading. It's worth noting that when interest rates are low, investors often turn to non-yielding...
Gold prices rose on Friday and were set for a fourth consecutive weekly gain, as mounting concerns over a weakening U.S. labour market eclipsed inflation worries ahead of a widely expected Federal Reserve rate cut next week. Spot gold was up 0.6% at $3,654.37 per ounce, as of 0211 GMT. The contract hovered near a record high of $3,673.95 touched on Tuesday. Bullion has gained 1.9% so far this week. U.S. gold futures for December delivery were up 0.5% at $3,692.80. "Now the market is looking for a high chance of at least three interest rate cuts before 2025 ends, which is much more than...
The US dollar weakened on Friday after a surge in jobless claims and a moderate rise in inflation made markets increasingly confident that the Fed would cut interest rates next week—and possibly further thereafter. The dollar index stood at 97.585, heading for a second straight weekly decline after snapping a two-day rally on Thursday.Thursday's data showed the largest weekly increase in jobless claims in four years, overshadowing the August CPI release, which rose the fastest in seven months but remained moderate and in line with expectations. Some market participants called the current...
The Gold price (XAU/USD) edges lower to around $3,630 during the early Asian session on Friday. The precious metal retreats from a record high on some profit-taking. Nonetheless, the rising bets of the US Federal Reserve (Fed) rate cut in the upcoming meeting might cap its downside. Traders await the University of Michigan Consumer Sentiment Index data, which is due later on Friday. A modest rebound in the US Dollar (USD) and a wave of profit-taking weigh on the USD-denominated commodity price as traders continue to assess the US inflation reports, which will help shape the next steps in...
Oil held a decline after the International Energy Agency projected an even bigger surplus next year, with the bearish outlook offsetting concerns about geopolitical tensions from the Middle East to Europe. West Texas Intermediate traded near $62 a barrel after sliding 2% on Thursday. Brent settled above $66. The IEA's forecast for record oversupply followed a decision by OPEC+ over the weekend to keep returning idled barrels to the market in October, albeit at a modest rate. Thursday's slump snapped a three-day advance, which was driven by Israel's strike on the Qatari...
GBP/USD rebounds from session lows and trades marginally higher on the day above 1.3550. The renewed selling pressure surrounding the USD following the inflation and Jobless Claims data help the pair gain traction in the American session. Although the US Dollar (USD) came under bearish pressure with the immediate reaction to the weaker-than-expected Producer Price Index (PPI) data for August on Wednesday, the cautious market stance helped the currency find support and made it difficult for GBP/USD to gain traction. During a meeting of government ministers on Wednesday, Britain's finance...
Gold price trimmed some of its earlier losses on Thursday, yet it remains negative in the day, down over 0.14% as the latest print of consumer inflation was aligned with estimates. Nevertheless, jobs data outweighed August's Consumer Price Index (CPI) report as the number of Americans filing for unemployment benefits rose. XAU/USD trades at $3,635 after hitting a daily high of $3,649. Bullion edges lower after soft CPI and higher Jobless Claims boost easing odds The US Bureau of Labor Statistics (BLS) revealed that inflation remained steady on the consumer side, with headline CPI standing...
Oil prices slid about 2% on Thursday on concerns over softening U.S. demand and broad oversupply that offset threats to output from the conflict in the Middle East and the war in Ukraine. Brent crude futures were down $1.11, or 1.6%, to $66.38 a barrel at 11:34 a.m. EDT (1534 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.20, or 1.9%, to $62.47. "Oil prices are falling today in response to bearish IEA (International Energy Agency) headlines, which suggest massive oversupply on the oil market next year," said Carsten Fritsch, an analyst at Commerzbank. The IEA said in its...
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....