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...
The Australian Dollar (AUD) attempted to halt its losing streak against the US Dollar (USD) on Wednesday (13/11) following a radio interview with Australian Prime Minister Anthony Albanese. Albanese said he discussed trade with US President-elect Donald Trump during a phone call last week. Albanese told Trump that the United States has a trade surplus with Australia and stressed that Washington's best interest is to "trade fairly" with its allies. Meanwhile, the defense minister underlined Australia's significant investment in security. The AUD/USD pair remained subdued following the...
The Japanese Yen (JPY) remained on the back foot against its American rival and hit a fresh low since July 30 during the Asian session on Wednesday, albeit managing to defend the psychological 155.00 level. Growing market confidence that the Japanese political landscape could make it difficult for the Bank of Japan (BOJ) to raise interest rates again continued weighing on the JPY. Meanwhile, US President-elect Donald Trump's inflation rate, which could have a significant impact on Japanese exports, could limit the scope for the Federal Reserve (Fed) to cut interest rates. This remained...
Oil prices edged up on Wednesday on signs of short-term supply tightness but remained near a two-week low after OPEC lowered its forecast for global oil demand growth in 2024 and 2025. Brent crude futures were up 13 cents, or 0.18%, at $72.02 a barrel by 0205 GMT, and U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.19%, at $68.25. But weaker demand projections and weakness in top consumer China continued to weigh on market sentiment. In its monthly report on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) said global oil demand will rise by...
Gold steadied near a seven-week low, with the precious metal remaining pressured after Donald Trump's election victory sparked a surge in the dollar. The greenback gauge has risen to its highest in nearly two years, making dollar-priced commodities like bullion more expensive for most buyers. Hedge funds have unwound bullish bets on the metal and exchange-traded fund flows have become less supportive amid a broad rotation into U.S. equities. Bullion has fallen 7% from an all-time high hit on Oct. 31, but is still up more than a quarter this year. Bullion has been supported by the Federal...
US benchmark West Texas Intermediate (WTI) crude oil prices were trading around $68.00 on Wednesday (11/13). WTI prices edged lower after the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2024. OPEC's latest revision to demand growth put selling pressure on the black gold. OPEC said in its monthly report on Tuesday that global oil demand will rise by 1.82 million barrels per day (bps) in 2024, down from the 1.93 million bpd growth it expected last month. OPEC also lowered its estimate for global demand growth in 2025 to 1.54...
WTI crude oil prices edged higher by 0.1% to $68.1 per barrel on Tuesday, after a 5% decline over two sessions. Investors reacted to OPEC's fourth consecutive cut to its 2024 global oil demand forecast and China's economic concerns. China's October data showed the slowest consumer price growth in four months and deeper producer price deflation, raising deflation risks and disappointing investors due to a lack of significant stimulus. Analysts said China's 10-trillion-yuan ($1.4 trillion) debt plan fell short of growth expectations. Meanwhile, U.S. policy may shift towards increased domestic...
Gold prices fell to nearly a two-month low on Tuesday in the face of a stronger dollar, optimism about economic growth under a second Trump administration, and a broader market pivot following the Nov. 5 U.S. presidential election. Spot gold was down 0.7% at $2,600.93 per ounce by 2:23 p.m. EST (1923 GMT), after dropping 1% to hit its lowest level since Sept. 20 at $2,589.59 earlier in the session. U.S. gold futures settled 0.4% lower at $2,606.30. The dollar index's (.DXY), rise to more than four-month high increased the cost of bullion for holders of other currencies, while bitcoin...
The Euro dropped below $1.06, the lowest since October 2023, pressured by a strong dollar following Donald Trump's US election victory. Investors are worried about potential trade tariffs Trump suggested, which could hurt European exports. Reports about Trump's possible administration picks added to fears of policies that might impact Europe's economy. The Euro is also under pressure due to political uncertainty in Germany, set to hold snap elections on Feb. 23 after the collapse of Chancellor Olaf Scholz's governing coalition. Meanwhile, markets adjusted their expectations for European...
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....