Oil prices posted a slight increase on Friday (October 17th), but were close to a weekly loss of nearly 3% after the International Energy Agency (IEA) forecast a widening oversupply, and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine. Brent crude futures closed at $61.29 per barrel, up 23 cents, or 0.38%. U.S. West Texas Intermediate crude futures closed at $57.54 per barrel, up 8 cents, or 0.14%. Trump and Putin agreed on Thursday to hold another summit on the war in Ukraine, to be held in Hungary within the next two weeks. This...
Gold prices were steady as market participants weighed political turmoil in South Korea and France, which has boosted demand for safe-haven assets. Bullion was little changed near $2,635 an ounce on Wednesday, after rising 0.2% in the previous session. South Korean President Yoon Suk Yeol made a surprise declaration of martial law late Tuesday, before revoking the decision hours later. Opposition parties have since filed a motion calling for his impeachment. Also in France, President Emmanuel Macron called on lawmakers to reject a vote that would overthrow the government. The precious...
Oil prices firmed on Wednesday as market participants weighed up geopolitical tensions and the prospect of OPEC+ extending supply cuts against weaker demand. Brent crude futures rose 23 cents, or 0.3%, to $73.85 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude futures gained 19 cents, or 0.3%, to $70.13. On Tuesday, Brent posted its biggest gain in two weeks, rising 2.5%. Meanwhile in the U.S., crude oil inventories rose 1.2 million barrels last week, market sources said, citing data from the American Petroleum Institute. Gasoline inventory also rose, by 4.6 million...
The euro strengthened on Wednesday ahead of a French no-confidence vote, while the Australian dollar fell to a four-month low on slowing economic growth and gains resumed after South Korea's president resigned after declaring martial law. The European common currency held steady at $1.0512 and 82.90 pence ahead of a vote by French lawmakers on a no-confidence motion that is almost certain to topple Prime Minister Michel Barnier's fragile coalition. The debate is due to begin at 4 p.m. in Paris (1500 GMT), with a vote expected about three hours later, parliamentary officials...
Gold fell on Wednesday as a modest recovery in the U.S. dollar outweighed safe-haven demand as markets awaited U.S. jobs data and comments from Federal Reserve Chairman Jerome Powell for clues on the U.S. central bank's policy outlook. Spot gold fell 0.1% to $2,641.79 an ounce by 0902 GMT. U.S. gold futures fell 0.2% to $2,663.70. The dollar index reflects strength that makes dollar-priced bullion more expensive for buyers using other currencies. Traders see about a 74% chance of the Fed cutting interest rates by 25 basis points, according to CME Group's FedWatch Tool. U.S. central...
The USD/JPY pair extended its overnight upsurge from the 148.65 area, the lowest level since October 11 and gained strong follow-through traction on Wednesday (4/12). The intraday upsurge extended into the first half of the European session and lifted the spot prices to a fresh intraday high, around the 150.55 region in the last hour. Investors now seem convinced that the Federal Reserve (Fed) will take a more cautious approach to cutting interest rates amid expectations that US President-elect Donald Trump's policies will boost inflation. This, in turn, pushed the US Treasury bond yields...
Oil prices firmed on Wednesday as market participants weighed up geopolitical tensions and the prospect of OPEC+ extending supply cuts against weaker demand. Brent crude futures rose 23 cents, or 0.3%, to $73.85 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude futures gained 19 cents, or 0.3%, to $70.13. On Tuesday, Brent posted its biggest gain in two weeks, rising 2.5%. A shaky ceasefire between Israel and Hezbollah, South Korea's curtailed declaration of martial law and a rebel offensive in Syria that threatens to draw in forces from several oil-producing countries, all...
Silver prices held its recent advance to around $31 per ounce on Wednesday, hovering at an over one-week high as markets anticipate that the US Federal Reserve will cut interest rates again at its December meeting. Currently, markets are pricing in a 75% probability of a 25 basis point rate cut this month. Investors are now focused on upcoming US jobs data and remarks from Fed Chair Jerome Powell later this week for more clarity on the Fed's monetary policy path. Silver and other precious metals also benefited from increased safe-haven demand following South Korea's failed martial law...
Gold prices edged higher in Asian trade on Wednesday as political turmoil in South Korea spurred safe-haven demand, although anticipation of further cues on U.S. interest rates kept traders on hold. The yellow metal has seen some relief this week as concerns over a collapse of the Israel-Hezbollah ceasefire also spurred safe-haven demand. However, gold's gains were largely capped by a surge in the dollar, as the greenback surged on uncertainty over the long-term outlook for U.S. interest rates. Spot gold rose 0.1% to $2,646.53 an ounce, while February gold futures rose 0.1% to $2,668.60 an...
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....