Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
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 prices are likely to rise further in 2025, according to Phillip Nova analyst Priyanka Sachdeva in a research note. The yellow metal surpassed the $2,700/oz mark last Friday after consolidating in the $2,600/oz range for over a month, the analyst points out. A sustained consolidation above the $2,700/oz mark would enable gold bulls to target $3,000/oz, Sachdeva adds. There is strong long-term support for a bullish upswing in gold, particularly with macroeconomic factors expected to play a significant role in 2025. Gold investors are currently focused on the release of the U.S....
Silver prices (XAG/USD) fell on Monday, according to FXStreet data. Silver trades at $30.09 per troy ounce, down 0.81% from the $30.34 it cost on Friday. Silver prices have increased by 4.15% since the beginning of the year. Source: FXstreet
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....