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...
The US dollar weakened on Thursday (November 13th) as risk appetite improved after the US federal government reopened after a 43-day shutdown, while recent gains driven by declining interest rate cut expectations continued to fade. The US government is scheduled to reopen on Thursday after its longest-ever shutdown, which disrupted air traffic, cut food aid for low-income Americans, and left more than 1 million workers without pay for more than a month. "Risk has responded positively to the shutdown news, and the dollar has been a bit bid," said Sarah Ying, chief FX strategist at CIBC...
Gold prices rose on Thursday, hitting a more than three-week high, on expectations that the U.S. government reopening would increase debt levels, while delayed economic data could bolster the case for a Federal Reserve rate cut next month. Spot gold gained 0.7% at $4,227.15 per ounce, as of 0809 GMT, its highest since October 21. U.S. gold futures for December delivery rose 0.4% at $4,232.30 per ounce. "Precious metals are rallying alongside equities as traders continue to front run dovishness and the resolution of the U.S. government shutdown will not significantly alter the trajectory,...
Silver (XAG/USD) is expected to consolidate the strong gains recorded in recent days, moving within a narrower price range during the Asian session on Thursday (November 13th). The precious metal is currently trading slightly below its highest level in nearly four weeks and appears poised to continue its rally. Technically, the upward movement from the previous support level is a positive signal for silver, while indicators on the daily chart show that the price is still far from overbought territory, indicating potential for further upside. If silver manages to break through the previous...
The US dollar index held steady around 99.5 on Thursday, moving sideways after the US House of Representatives passed a short-term funding bill to end the longest government shutdown in history. This measure is expected to be signed by President Donald Trump soon, allowing government operations to resume in the coming days. The end of the shutdown will also pave the way for the release of delayed economic reports, although the White House indicated that October employment and inflation data may not be released. In monetary markets, market participants estimate there is about a 60% chance...
Gold was steady after rising almost 2% in the previous session, as traders weighed an uncertain US economic outlook that's been compounded by an absence of reliable data. Bullion was trading just below $4,200 an ounce on Thursday, consolidating four days of gains — the longest winning streak in a month. While US lawmakers are expected to end the longest government shutdown in history, the White House has warned that official jobs and inflation reports for October are unlikely to be released. The data void throughout the shutdown has caused investors to fly blind or rely on...
World oil prices continue to weaken after previously plummeting by more than 4%. West Texas Intermediate (WTI) crude is now around $58 per barrel, while Brent has fallen below $63. This decline occurred after OPEC reported that global oil supply exceeded demand in the third quarter. This condition indicates that the long-awaited oil surplus is finally starting to be felt in the market. Signs of oversupply are also evident in changes in price patterns in the oil market. The WTI prompt spread briefly moved into contango, a situation where oil prices for future delivery are higher than current...
Oil prices plunged more than $2 per barrel on Wednesday (November 12th), weighed down by an OPEC report stating that global oil supply will match demand in 2026, marking a further shift from its previous projection of a supply deficit. Brent crude futures closed at $62.71 per barrel, down $2.45, or 3.76%, after rising 1.7% on Tuesday. U.S. West Texas Intermediate crude closed at $58.49 per barrel, down $2.55, or 4.18%, after rising 1.5% in the previous session. The Organization of the Petroleum Exporting Countries (OPEC) noted that global oil supply will match demand next year due to...
Gold prices rose 2% on Wednesday (November 12) as US Treasury yields weakened ahead of the House vote on reopening the government, a move that could revive economic data releases and strengthen expectations of a Federal Reserve interest rate cut in December. Spot gold prices rose 2% to $4,208.98 an ounce, their highest level since October 21, as of 1:46 PM ET (6:46 PM GMT). US gold futures for December delivery closed 2.4% higher at $4,213.60 an ounce. The benchmark US 10-year yield fell 1% to its lowest level since November 5. "The US government is starting to reopen, and the market is...
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....