Gold (XAU/USD) started the week on a stronger note, extending its five-day rally to reach its highest level in more than four months, last seen on April 22. A generally weaker US dollar and strong expectations for a Federal Reserve (Fed) interest rate cut in September continued to support gold's momentum. At the time of writing, XAU/USD was consolidating around $3,477 in the American session, after hitting an intraday high of $3,490 during Asian hours—just shy of its all-time peak of $3,500. Mild technical selling and stable US Treasury yields weighed on sentiment, while trading...
Oil steadied after its biggest weekly gain in nearly two months as geopolitical risks in Ukraine and the Middle East kept investors on edge. Brent crude traded above $75 a barrel after surging nearly 6% last week, with West Texas Intermediate nearing $71. Russia's war in Ukraine has escalated with both sides using long-range missiles. Meanwhile, Iran said it would increase its nuclear fuel production capacity after being criticized by the U.N.'s International Atomic Energy Agency, as OPEC producers brace for potential sanctions under a second Trump administration. "The IAEA criticism and...
Gold is steady after surging the most in 20 months last week as the escalation of the Russia-Ukraine war boosted demand for safe haven assets. Bullion was trading near $2,720 an ounce after surging 6% last week as the conflict entered a dangerous new phase. President Vladimir Putin said his forces may use new missiles again after targeting Ukraine in retaliation for Kyiv's use of American and British-made weapons on Russian territory. Former Ukrainian military chief Gen. Valery Zaluzhny said European countries are not ready for a prolonged military confrontation with Russia. The reason,...
The AUD/USD pair attracted some buyers near 0.6540 during the early Asian session on Monday (11/25). The US Dollar Index (DXY) eased slightly after hitting a fresh two-year high despite strong S&P US Purchasing Managers' Index (PMI) data. On Monday, the US Chicago Fed National Activity Index for October and the Dallas Fed Manufacturing Business Index for November will be released. Upbeat US November PMIs failed to boost the greenback. Data released by S&P Global showed on Friday that the S&P US Global Composite PMI rose to 55.3 in the flash estimate for November from 54.1 in...
Oil prices climbed about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium. Brent futures rose 94 cents, or 1.3%, to settle at $75.17 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.14, or 1.6%, to settle at $71.24. Both crude benchmarks were up about 6% for the week, their highest settlements since Nov. 7 as Moscow stepped up its Ukraine offensive after Britain and the U.S. allowed Kyiv to strike deeper into Russia with their missiles. "The Russia-Ukraine escalation has raised geopolitical tensions...
Gold was higher for a fifth-straight session mid-afternoon on Friday, continuing a recovery from post-election losses even as the dollar rose to the highest level in two years. Gold for February delivery was last seen up US$39.20 to US$2,738.50 per ounce. The rise comes on safe-haven demand after Ukraine made its first attack on Russia using foreign missiles and Russia retaliated by firing a newly developed hypersonic ballistic missile at the city of Dnipro amid further nuclear threats from the country. The threats prompted safe-haven buying of the precious metal as it recovers from a...
Gold futures rise, on track for one of its strongest weekly gains in years. Futures are up 1.1% at $2,704.20 a troy ounce, and are up 5.2% on-week. The precious metal has recovered more than half its losses since a fresh record at the end of October was swiftly followed by a sharp sell-off. Given the threat of an escalation in the war in Ukraine, its gains reflect safe-haven demand, Commerzbank analysts say in a note. This has been demonstrated by significant inflows into gold ETFs in recent days, they say. According to the latest Swiss gold exports for October, demand for the precious...
The euro headed for its seventh weekly decline in eight as PMI data out of the euro area's two largest economies increased the chances of a big interest-rate cut by the European Central Bank next month. EUR/USD dives by 1.3% to 1.0335, lowest since Nov. 2022, before paring losses; huge stop entries went through on the breaks of 1.0440, 1.0400 and 1.0350 as digital options exposure kicks in, Europe-based traders say. Euro heads for its worst three-day decline since Sept. 2022; there's no strong technical support until Fibonacci level of $1.0201. Euro-area business...
Gold is headed for its biggest weekly gain since October last year as the escalating Russia-Ukraine conflict boosts its safe-haven appeal, with traders also weighing the prospect of further easing by the Federal Reserve. Bullion rose 1.4% to $2,706.73 an ounce at 9:43 a.m. in London after Ukraine said Russia launched a "new" type of ballistic missile toward the city of Dnipro in a worrying signal to Kyiv's Western backers. Rising geopolitical tensions tend to drive investors into safe-haven assets, such as bullion. "The counter-escalation between Russia and Ukraine has raised the...
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....