Gold prices weakened in early December, dragged down by investor caution ahead of the Federal Reserve's looming interest rate decision. Amid speculation that the Fed was ready to cut rates again this month, market participants opted to hold back, keeping gold's movements limited. Pressure from the mixed US dollar also prevented gold from posting significant gains. Despite showing some strength in the previous month, gold is now moving defensively due to ongoing global uncertainty. US economic data released in the next few days—including inflation, consumer spending, and signs of a weakening...
Gold edged lower mid-afternoon on Friday following five losing sessions as the dollar eased and U.S. October retail sales came in higher-than-expected. Gold for December delivery was last seen down US$2.90 to US$2,570.00 per ounce. The dollar eased off a two-year high early, with the ICE dollar index last seen down 0.07points to 106.6. The rise comes as the U.S. Department of Commerce reported retail sales rose 0.4% in October, matching the September rise but ahead of the consensus estimate for a 0.3% increase. The rise showed the U.S. economy remains solid, with Federal Reserve chair...
The U.S. dollar was set for its biggest weekly gain in over a month on Friday, as markets reassessed expectations of future interest rate cuts and with the view that President-elect Donald Trump's policies could stoke inflation. The dollar has benefited from market expectation that Trump administration policies, including tariffs and tax cuts, could stoke inflation, leaving the Federal Reserve less room to cut interest rates. Fed Chairman Jerome Powell said on Thursday the U.S. central bank did not need to rush to lower interest rates, prompting traders to axe their more aggressive bets on...
Oil fell, deepening a weekly loss, on mixed economic and consumption data from China, the lingering impact from a stronger US dollar and concerns that the market will flip to a supply glut next year. Global benchmark Brent dropped below $72 a barrel in London and was down by around 3% this week. The International Energy Agency said on Thursday it expects a surplus next year as demand growth in China slows, while global output swells. The glut will be even bigger if OPEC+ presses on with plans to revive halted production. In China, while figures on Friday showed...
Gold prices (XAU/USD) struggled to gain ground around $2,570 on Friday (11/15) after rebounding from a two-month low in the previous session. The precious metal remained under selling pressure amid a stronger US Dollar (USD) and growing uncertainty over the Federal Reserve's (Fed) move to cut interest rates. Expectations of higher inflation next year due to Donald Trump's policies have led to fewer expected rate cuts, weighing on the yellow metal as higher rates make non-yielding assets such as bullion less attractive. However, rising tensions in the Middle East and the ongoing conflict...
The Australian Dollar (AUD) held near a three-month low against the US Dollar (USD) on Friday. The recent downtrend in the AUD/USD pair was largely driven by key economic data from Australia released on Thursday. Moreover, the AUD remained unaffected by mixed economic data from its close trading partner, China. China's Retail Sales rose 4.8% year-on-year in October, beating the 3.8% forecast and the 3.2% increase seen in September. Meanwhile, the country's Industrial Production grew by 5.3% YoY, slightly below the 5.6% forecast but higher than the 5.4% growth recorded in the previous...
Oil is headed for a weekly decline, weighed down by the impact of a stronger dollar and concerns that the global market will shift into a supply glut next year. West Texas Intermediate was steady near $69 a barrel, and more than 2% lower this week, while Brent closed above $72. The International Energy Agency said on Thursday it expects a surplus next year as demand growth in China slows while production increases. The supply glut would be even greater if OPEC+ goes ahead with a plan to revive stalled output, it said. Commodities including crude have struggled this week as the dollar gauge...
Gold recovered on Thursday but remained below its opening price for the fifth straight day, undermined by the Greenback's rise for the fifth straight day. A tepid US inflation report and solid jobs data sponsored the XAU/USD's decline towards the 100-day Simple Moving Average (SMA). At the time of writing, gold was trading at $2,568. The market mood shifted negative but failed to boost Gold prices and support the US Dollar. The US Bureau of Labor Statistics revealed that the Producer Price Index (PPI) rose in October, beating estimates and the September reading. This suggests that the...
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...
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....