Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer tone made the market a little more willing to take risks, thus easing the pressure to buy gold as a safe haven. However, the big picture hasn't changed: gold remains in high territory because the world remains filled with uncertainty. Trade wars could resurface at any time, geopolitical tensions haven't completely subsided, and investors are...
Oil prices slipped at market open on Tuesday (14/1) but remained near four-month highs as Chinese and Indian buyers sought new suppliers in the wake of the Biden administration's toughest sanctions yet on Russian oil. Brent futures slipped 22 cents, or 0.27%, to $80.79 a barrel by 0122 GMT, while U.S. West Texas Intermediate (WTI) crude fell 16 cents, or 0.2% to $78.66 a barrel. That followed roughly 2% gains in Monday trading, after the U.S. Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that trade oil as part of Russia's...
The dollar index held steady around 109.6 on Tuesday, near a more than two-year high hit in the previous session. Signs of continued resilience in the U.S. economy prompted traders to scale back expectations for a Federal Reserve interest rate cut this year. Investors are also bracing for key inflation data this week, which could further influence the outlook for interest rates. Markets are now pricing in just 29 basis points of easing this year, a sharp drop from the 50 basis points forecast earlier this month. A quarter-point rate cut that was expected is now likely to be delayed until...
West Texas Intermediate (WTI), the US crude benchmark, was trading around $77.25 on Tuesday (14/1). WTI prices rose to their highest since Oct. 8 as US sanctions on Russian oil threatened to tighten global supplies. The US administration of President Joe Biden has imposed new sanctions on Russian oil giants Gazprom and Surgutneftegaz, as well as 183 oil tankers, often referred to as Russia's ‘Shadow Fleet'. Growing concerns over supply disruptions could support the black gold in the near term. "Supply is the key near-term driver, with Biden's new sanctions on Russia's two major oil...
EUR/USD continued to explore the bearish side of the chart on Monday (14/1), dropping to the 1.0200 level for the first time since late 2022, carving a fresh 26-month low before staging a half-hearted recovery later in the day. European economic data remained sluggish throughout the trading week. The European Central Bank (ECB) is set to continue lowering interest rates, further widening the euro's interest rate differential against the US dollar. Final pan-EUR and German inflation figures due mid-week are not expected to deviate significantly from the preliminary figures. The US Producer...
Gold prices fell during the North American session as traders seeking safety bought the greenback as US Treasury yields rose to their highest level since November 2023. At the time of writing, XAU/USD was trading at $2,657 after failing to break through $2,700, down 1.20%. A thin economic data on Monday left investors digesting the latest US Nonfarm Payrolls figures for December. While the economy performed better than expected, with the figure rising by 256K beating estimates of 160K and 212K in November, traders are eyeing the release of US inflation data. On Wednesday, the Consumer...
Gold prices dipped on Monday as the U.S. dollar soared to an over two-year high after a robust jobs report last week cemented expectations the Federal Reserve will proceed with caution with cutting interest rates this year. Spot gold fell 1% to $2,661.76 per ounce as of 03:57 p.m. ET (2057 GMT). Prices hit their highest in a month on Friday. U.S. gold futures settled 1.3% lower at $2,678.60. The dollar index (.DXY), rose to its highest since November 2022 after the U.S. jobs report underscored the strength of the economy and muddied the Fed outlook. A higher dollar makes bullion more...
Oil prices climbed about 2% to a four-month high on Monday on expectations that wider U.S. sanctions on Russian oil would force buyers in India and China to seek other suppliers. Brent futures rose $1.25, or 1.6%, to settle at $81.01 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.25, or 2.9%, to settle at $78.82. That put Brent on track for its highest close since Aug. 26 and WTI on track for its highest close since Aug. 12, and kept both benchmarks in technically overbought territory for a second day in a row. Moreover, with Brent and WTI front-month prices rising over...
The dollar index topped 110 on Monday, the highest level since October 2022, and extending a 0.6% gain in the first week of the year, as traders scaled back expectations for Federal Reserve rate cuts this year, driven by a stronger-than-expected jobs report on Friday. Concerns over inflationary policies under President-elect Donald Trump also added to the cautious outlook. Traders now anticipate only 27 basis points of rate cuts in 2024, a sharp reduction from the 50 basis points forecast earlier this month, with the expected single quarter-point cut likely postponed to the second half of...
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....