Gold prices are flat in early Asian trade. Geopolitical tensions, renewed trade frictions and dented global sentiment have kept investors leaning on the yellow metal as a safe haven, Phillip Nova analyst Priyanka Sachdeva says in a research note. While profit-taking could cap gains for gold prices after the recent rally, broader macro drivers are still supportive, she notes. Gold prices will be shaped by incoming U.S. data such as the July PCE print, the analyst says, as they could cement expectations of a Fed rate cut in September. Spot gold is flat at $3,415.35/ oz. Source: Bloomberg
Oil advanced after OPEC+ agreed to push back its December production increase by one month and tensions escalated again in the Middle East. Brent rose as much as 2.5% to more than $74 a barrel, while West Texas Intermediate climbed above $71. Saudi Arabia and its allies delayed a series of monthly output hikes until early next year, a move anticipated by many traders amid fragile market conditions. Meanwhile, Iran escalated its rhetoric against Israel with supreme leader Ayatollah Ali Khamenei warning of a "crushing response" in a speech on Saturday. The Wall...
The rise in silver prices could be attributed to a weaker US Dollar (USD) amid lower Treasury yields. A weaker dollar generally boosts demand for dollar-denominated commodities like silver, making it more attractive to buyers using other currencies. The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of six major currencies, was trading around 103.80 with the 2-year and 10-year US Treasury yields at 4.17% and 4.31%, respectively, at the time of writing. Silver prices may remain volatile as traders also brace for the upcoming monetary policy decision from...
EUR/USD surged around the key resistance of 1.0900 during the European session on Monday. The major currency pair surged as the US dollar (USD) slumped amid rising uncertainty ahead of the US presidential election on Tuesday and the Federal Reserve's (Fed) monetary policy meeting on Thursday. The US dollar started the week on a bearish note, with the US Dollar Index (DXY) falling below 103.70 as market participants expected a tight race between former President Donald Trump and current Vice President Kamala Harris. The sharp sell-off in the US dollar came after the release of the Des...
The dollar slipped in Asia on Monday as investors braced for a potential pivot this week for the global economy as the United States chooses a new leader, and as it likely cuts interest rates again with major implications for bond yields. The euro rose 0.4% to $1.0884 but faces resistance around $1.0905, while the dollar fell 0.7% on the yen to 151.81 yen . The dollar index eased 0.1% to 103.79. Treasury futures rallied 10 ticks, recovering some of the losses suffered on Friday. Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls and the...
EUR/USD retraces its recent losses from the previous session, trading around 1.0880 during Asian hours on Monday. The pair's upside can be attributed to a softer US Dollar (USD) after the release of weaker-than-expected US October Nonfarm Payrolls (NFP) data. However, uncertainty surrounding the US presidential election could drive safe-haven flows, potentially limiting the upside of the EUR/USD pair. On Friday, data from the US Bureau of Labor Statistics (BLS) indicated that October's NFP increased by only 12,000, following a revised September gain of 223,000 (down from 254,000), which...
Harga minyak naik lebih dari $1 ditengah penundaan kenaikan produksi OPEC+ Oil prices rose by more than $1 in early trading on Monday after OPEC+ said on Sunday it would delay a planned December output hike by one month. Brent futures rose by $1.14 per barrel, or 1.56%, to $74.24 a barrel. U.S. West Texas Intermediate (WTI) crude also rose by $1.14 a barrel, or 1.64%, to $70.63. OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, was due to increase output by 180,000 barrels per day (bpd) in December. Source : Reuters
Gold was steady below a record high, with traders monitoring a tight US presidential election that could have a dramatic impact on economic policy. Bullion traded near $2,740 an ounce after the latest raft of polling data showed no clear frontrunner in the race between Kamala Harris and Donald Trump ahead of the vote on Tuesday. The uncertainty has spurred a rush to haven assets, and many investors anticipate the precious metal could rise further — especially if the result is contested. Gold has surged by around a third this year on a combination of easing monetary...
Gold prices edged down on Friday, pressured by a stronger U.S. dollar and Treasury yields, but a weak job growth data from the world's biggest economy prompted analysts to increase bets for a rate cut from the Federal Reserve, limiting some losses. Spot gold fell 0.2% to $2,736.28 per ounce by 1:55 p.m. ET (1755 GMT). Prices fell 1.5% on Thursday as some traders took profit after bullion hit a record high of $2,790.15. U.S. gold futures settled largely steady at 2,749.2. Nonfarm payrolls increased by 12,000 jobs last month, the smallest gain since December 2020, affected by disruptions...
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....