Oil prices fell on Friday (August 29th) but were poised for weekly gains, swayed by uncertainty over Russian supplies and expectations of falling demand as the summer driving season nears its end in the United States, the world's largest fuel consumer. Brent crude futures for October delivery, which expire on Friday, fell 36 cents, or 0.5%, to $68.26 at 08:16 GMT, while the more active November contract fell 29 cents, or 0.4%, to $67.69. West Texas Intermediate crude futures fell 28 cents, or 0.4%, to $64.32. Brent was poised for a weekly gain of 0.8%, while WTI was expected to rise 1%....
Gold prices (XAU/USD) recovered from Friday's losses. Uncertainties surrounding the US presidential election and ongoing geopolitical tensions in the Middle East provided some support to the precious metal, a traditional safe-haven asset. However, rising US Treasury yields and a stronger US Dollar (USD) may weigh on the yellow metal. Traders will be eyeing the US October jobs report on Friday for fresh impetus, including Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings. A stronger reading could boost bets for less aggressive policy easing by the Federal Reserve (Fed),...
Gold steadied around $2,750 an ounce on Friday after losing more than 1% in the previous session, as markets weighed demand for safety against pressure from a less dovish Federal Reserve. The latest U.S. data revealed strong personal income and spending figures, a rise in underlying inflation that remained above target, and an unexpected drop in jobless claims. This reinforced the perception that the U.S. economy is resilient to higher borrowing costs and gave the Fed more room to avoid implementing aggressive cuts. However, political uncertainty in the U.S. is supportive of gold, as the...
Oil jumped after a report that Iran could be preparing to attack Israel from Iraqi territory in the coming days, jolting the market's attention back to a potential flare-up of Middle East hostilities. Brent surged as much as 2% to trade above $74 a barrel on Friday, while West Texas Intermediate rallied toward $71. Iran is planning a strike through militias it backs in Iraq, which is expected to be carried out with drones and ballistic missiles, Axios reported, citing two Israeli sources it didn't name. Oil tumbled at the start of the week after a limited Israeli attack on...
The GBP/USD pair remains on the defensive around 1.2895, the lowest since August 16 during the early Asian trading hours on Friday. The major pair edges lower after the UK Labour government announced its first Autumn Forecast Statement on Wednesday. The US inflation, as measured by the Personal Consumption Expenditure Price Index (PCE), grew at a slightly faster-than-expected pace in September. Data released by the US Bureau of Economic Analysis (BEA) on Thursday showed that the headline PCE rose 2.1% YoY in September, compared to 2.2% in August, in line with the market consensus of...
Gold was steady after its biggest one-day drop since July, as traders took profits near record-high levels and strong US data weakened the case for further monetary easing. Bullion traded near $2,745 an ounce and was on track to end this week little changed. The metal fell from a record-high on Thursday as Treasury yields climbed, reflecting a drop in expectations for aggressive Federal Reserve interest-rate cuts following an unexpected drop in new jobless claims and a pick up in underlying inflation. Higher rates tend to weigh on gold, which...
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....