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...
Gold prices steadied near a one-month low in Asian trade on Friday and were headed for weekly losses after the U.S. Federal Reserve's forecast of fewer than expected interest rate cuts in 2025 put investors on edge. The Fed lowered interest rates by 25 basis points as expected, but signaled it will adopt a slower rate cut path, with just two more cuts in 2025. Markets were expecting four cuts before the decision. Spot gold was slightly higher at $2,596.82 per ounce, while gold futures expiring in February ticked up 0.1% to $2,610.30 an ounce by 22:35 ET (03:35 GMT). Spot prices were down...
The Australian Dollar (AUD) retraces its recent gains from the previous session against the US Dollar (USD) following the People's Bank of China's (PBoC) monetary policy decision on Friday. China's central bank decided to keep its one- and five-year Loan Prime Rates (LPRs) unchanged at 3.10% and 3.60%, respectively, in the fourth quarterly meeting. Australia's Private Sector Credit grew by 0.5% month-over-month in November, aligning with expectations. This followed a 0.6% increase in October, which marked the fastest monthly growth in four months. On an annual basis, Private Sector Credit...
Gold headed for a weekly drop, as traders weighed the interest-rate outlook after the Federal Reserve dialed back rate-cut expectations for next year. Bullion traded near $2,590 an ounce, and is down about 2% for the week. The Fed reduced rates on Wednesday, but investors were more focused on comments from Chair Jerome Powell, who said that while the bank was "on track to continue to cut," officials would first have to see more progress on inflation. Lower rates are typically a positive for gold, as it doesn't pay interest. Traders were also weighing US GDP data on Thursday,...
Oil headed for a weekly decline as a strengthening US dollar pressured prices. West Texas Intermediate fell toward $69 a barrel, and is down more than 2% this week, while Brent crude closed below $73. The dollar has strengthened since the Federal Reserve signaled fewer interest-rate cuts next year on Wednesday, making commodities more expensive for many buyers. Crude is headed for a modest yearly decline, after trading in the narrowest annual range since 2019. Prices have been buffeted by the prospect of tougher sanctions on Iran and Russia, Donald Trump's imminent return to...
The US Dollar Index (DXY), which tracks the USD's value against a range of currencies, pulls back from its two-year peak following signals from the Federal Reserve (Fed) about fewer interest rate cuts in the future. Federal Open Market Committee (FOMC) members express concerns about inflation continuing into 2025 and take into account possible "Trump-effect" inflationary policies, such as tariffs and reduced labor supply due to deportations. The DXY stands at 108.00, with that level acting as support. Despite recent advances, traders are taking profits as they consider Chinese economic data...
Gold prices traded around flat on Thursday, erasing earlier gains after U.S. data reinforced market expectations the Federal Reserve will take a cautious approach to policy easing in the year ahead. Spot gold edged up 0.1% at $2,589.43 per ounce and U.S. gold futures fell 1.9% to $2,603.60. Data earlier showed the U.S. economy growing faster than expected in the third quarter, while jobless claims also fell more than anticipated. "With these GDP prints and the jobless claims, it's showing that the data is fairly firm," said Bart Melek, head of commodity strategies at TD Securities, adding...
Gold (XAU/USD) traded higher on Thursday, recovering some of its losses on Wednesday after the Federal Reserve's (Fed) monetary policy decision. At the time of writing, the precious metal had reached the $2,620 area after bouncing off a low of $2,580 the previous day. The Fed cut interest rates as expected but raised growth and inflation expectations and lowered its projection for rate cuts next year. This, coupled with an unusually hawkish tone from Fed Chair Jerome Powell, triggered a risk-off reaction, causing the US Dollar Index (DXY), which tracks the USD against a basket of six...
The US dollar eased slightly on Thursday, but remained near a two-year high after the Federal Reserve signaled a slower pace of interest rate cuts in 2025, while sterling strengthened ahead of the Bank of England's latest policy meeting. US dollar eases from two-year highs The dollar strengthened on Wednesday after the Federal Reserve cut its outlook for interest rate cuts in the coming year, after delivering on expectations for a rate cut. The US central bank's policymakers now see only 50 basis points of additional easing in 2025, instead of the 100 basis points indicated in their...
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....