Gold climbs in the early Asian session amid safe-haven demand spurred by new credit-fraud fears. Regional banks in the U.S. came under renewed scrutiny Thursday after Zions Bancorp said it would take a large loss and revealed accusations of fraud against a set of borrowers who had ties to a number of other lenders in the industry. Safe-haven demand also comes amid intensifying trade frictions and expectations of further Fed monetary easing, says Bas Kooijman, CEO and asset manager at DHF Capital, in an email. Spot gold rises 0.9% to $4,366.29/oz after earlier touching a fresh record...
A Bloomberg gauge of the dollar rose along with short-term Treasury yields, while swaps traders pared bets on a December Federal Reserve interest-rate reduction after Chair Jerome Powell said the central bank does not need to hurry rate cuts. The Bloomberg Dollar Spot Index is up 0.3%. "The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said in prepared remarks. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully". Earlier, US producer...
Oil edged higher for a third day, settling below $69 a barrel, as traders weighed bullish gasoline draws in the US with a dour long-term outlook. A US government report showing gasoline stockpiles slid to a 10-year seasonal low supported prices, with gasoline futures outpacing crude's gain. But the market remained capped by the International Energy Agency warning of a looming supply glut. The agency forecast a 1 million barrel-a-day surplus next year, which could swell further if OPEC+ decides to reverse its production cuts. Barring disruptions to...
Gold traded at a two-month low mid-afternoon on Thursday, falling for a fifth-straight session as the dollar continued its post-election rally and rose to the highest in more than two years while another U.S. inflation measure rose last month. Gold for December delivery was last seen down US$11.40 to US$2.575.10 per ounce, the lowest since Sept.11. The U.S. Bureau of Labor Statistics reported the October Producer Price Index (PPI) rose by 0.2% from September, up from a revised 0.1% pace a month earlier, but met the consensus forecast, according to Marketwatch. Core PPI, excluding one-time...
Oil rose after US data showed a drop for national gasoline inventories, but gains were capped by the International Energy Agency's forecast of a large crude glut next year. West Texas Intermediate climbed near $69 a barrel. A US government report showed that gasoline stockpiles slid to the lowest in two years. Data also showed that inventories at the key Cushing, Okla., storage hub fell by the most in about two months, though the nation's total crude inventories posted a build. The IEA on Thursday warned that the oil market faces a surplus of more than 1 million barrels a...
Oil prices were mostly steady on Thursday, with traders holding back after a drop earlier this week on a stronger U.S. dollar and concerns about rising supply amid slowing demand growth. Brent crude futures were down 3 cents at $72.25 a barrel by 0937 GMT. U.S. West Texas Intermediate crude futures were down 7 cents at $68.36. "The main driver of oil prices, both in the short term and going forward, is the direction of the U.S. dollar," said Danish Lim, investment analyst at Phillip Nova. The dollar's recent rise has been the main downward pressure, said Lim, who expects the oil market to...
Gold slipped for a fifth day as a surge in the dollar weighed on the metal, even as US inflation data supported the case for another Federal Reserve rate cut next month. Bullion dropped 1% in early London trading. A gauge of the dollar is at a two-year high on expectations that President-elect Donald Trump's win will boost economic growth and corporate profits. A stronger greenback makes commodities priced in the currency more expensive for most buyers. Wednesday's US consumer price data fell, in line with expectations on a headline basis, although the annualized three-month...
Silver price (XAG/USD) extends its losses to two-month lows, trading around $29.90 per troy ounce during the European hours on Thursday. This downside of the safe-haven Silver is attributed to improving risk sentiment since Donald Trump's election victory last week. The US Dollar (USD), equities, and cryptocurrencies are advancing as markets anticipate strong growth and higher inflation under the incoming Trump administration. The proposed policies could drive increased investment, spending, and labor demand, raising inflation risks. The dollar-denominated Silver faces challenges due to...
This week's price action has given us a glimpse of what's to come in the forex market in Trump's second term, with a brief dollar correction being taken as an opportunity to enter structural USD long positions at more attractive levels, notes ING forex analyst Francesco Pesole. "While our view is that the dollar will remain strong through next year, the near-term picture is still a bit more nuanced as long-term dollar positioning is starting to look quite stretched and a broader (albeit short-lived) dollar correction could be on the cards. One catalyst could be today's PPI print, which has...
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....