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...
Oil prices rose on Monday, supported by upbeat factory activity in China, the world's second-largest oil consumer, and as Israel pressed ahead with its offensive against Lebanon despite a ceasefire pact, stoking tensions in the Middle East. Brent crude futures rose 34 cents, or 0.47%, to $72.18 a barrel by 0452 GMT while U.S. West Texas Intermediate crude was at $68.32 a barrel, up 32 cents, or 0.47%. "Oil prices have managed to stabilize into the new week, with continued expansion in Chinese manufacturing activity reflecting some degree of policy success from recent stimulus efforts,"...
Gold price (XAU/USD) edges lower to around $2,645 during the early Asian session on Monday. A recovery in the US Dollar broadly weighs on the precious metal. However, persistent geopolitical tensions could cap the downside for XAU/USD. The yellow metal declined 3% in November, its worst monthly loss since September 2023. A victory of Donald Trump in the US Presidential election in November fuelled expectations that the Federal Reserve (Fed) would adopt a cautious approach to further rate cuts, which boost the Greenback and drag the USD-denominated Gold lower. Nonetheless, the escalating...
Gold braces for worst month in over a year on Trump-driven sell-off.Gold prices gained on Friday, boosted by a drop in dollar and persistent geopolitical tensions, but bullion was still set for its worst monthly loss since September last year after a post-election sell-off driven by Donald Trump's win. Spot gold rose 0.7% to $2,660.28 per ounce, but was set for a weekly fall of over 2% after a sharp decline earlier this week. U.S. gold futures also gained 0.7% to $2,684.9. Gold has dropped over 3% so far this month, its worst monthly slide since September 2023, as "Trump euphoria" lifted...
Gold prices gained about 1% on Friday, supported by a weaker greenback and geopolitical woes, but were on course for their worst monthly performance since September 2023 due to a dollar rally this month following Donald Trump's U.S. election victory. Spot gold climbed 0.9% to $2,664.11 per ounce, as of 1001 GMT, but set for a weekly fall of about 2% after a sharp sell-off earlier this week. U.S. gold futures also gained 0.9% to $2,664.50. Bullion has declined more than 3% so far in November, its worst monthly performance since September 2023, as traders expect the prospect of higher...
Oil edged lower as traders watched for any further clues to OPEC+'s production plans after it delayed a key virtual meeting by four days. Brent crude traded near $73 a barrel following a modest gain on Thursday. The producer group faces a decision on whether to start reviving curtailed production when a supply glut is expected next year. An online gathering is now schedule for Dec. 5, but OPEC+ delegates already said earlier this week that talks have begun on once again delaying restoring output. Crude has traded in a tight range since the middle of October, flipping...
The yen jumped more than 1% against the U.S. dollar to a six-week high on Friday after faster-than-expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month. The dollar sagged against its peers in trading thinned by the U.S. Thanksgiving holiday. "The yen is turning into the latest momentum trade ... with little friction to prevent it rising in thin holiday trade," said Matt Simpson, senior market analyst at City Index. The dollar was down 1.05% to 149.93 yen as of 0915 GMT, and earlier dipped to 149.53 yen for the first time since Oct. 21. The dollar...
Silver prices climbed back above $30.6 per ounce on Friday, rebounding from 11-week lows as growing geopolitical risks spurred safe-haven demand for the precious metal. Russian President Vladimir Putin warned about a possible nuclear-capable ballistic missile strikes on Ukraine, following a series of large-scale Russian attacks on key Ukrainian energy infrastructure. In the Middle East, tensions flared as Israel and Hezbollah exchanged accusations over violations of a ceasefire agreement that went into effect on Wednesday. Additionally, silver prices received support from a weaker dollar...
Gold rose for a fourth day as the dollar weakened and tensions in Ukraine raised demand for safe-haven assets. Bullion rose as much as 1% to trade near $2,665 an ounce on Friday, but was still down about 2% for the week after a cease-fire deal between Israel and Hezbollah earlier in the week. President Vladimir Putin warned Thursday that his forces could strike "decision-making centers" in Kyiv with ballistic missiles, in retaliation for Ukrainian attacks on Russia using Western missiles. The U.S. currency gauge fell on Friday, and was on track for its first weekly decline in eight weeks....
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....