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...
The Japanese Yen (JPY) remained on the back foot against its American rival and hit a fresh low since July 30 during the Asian session on Wednesday, albeit managing to defend the psychological 155.00 level. Growing market confidence that the Japanese political landscape could make it difficult for the Bank of Japan (BOJ) to raise interest rates again continued weighing on the JPY. Meanwhile, US President-elect Donald Trump's inflation rate, which could have a significant impact on Japanese exports, could limit the scope for the Federal Reserve (Fed) to cut interest rates. This remained...
Oil prices edged up on Wednesday on signs of short-term supply tightness but remained near a two-week low after OPEC lowered its forecast for global oil demand growth in 2024 and 2025. Brent crude futures were up 13 cents, or 0.18%, at $72.02 a barrel by 0205 GMT, and U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.19%, at $68.25. But weaker demand projections and weakness in top consumer China continued to weigh on market sentiment. In its monthly report on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) said global oil demand will rise by...
Gold steadied near a seven-week low, with the precious metal remaining pressured after Donald Trump's election victory sparked a surge in the dollar. The greenback gauge has risen to its highest in nearly two years, making dollar-priced commodities like bullion more expensive for most buyers. Hedge funds have unwound bullish bets on the metal and exchange-traded fund flows have become less supportive amid a broad rotation into U.S. equities. Bullion has fallen 7% from an all-time high hit on Oct. 31, but is still up more than a quarter this year. Bullion has been supported by the Federal...
US benchmark West Texas Intermediate (WTI) crude oil prices were trading around $68.00 on Wednesday (11/13). WTI prices edged lower after the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2024. OPEC's latest revision to demand growth put selling pressure on the black gold. OPEC said in its monthly report on Tuesday that global oil demand will rise by 1.82 million barrels per day (bps) in 2024, down from the 1.93 million bpd growth it expected last month. OPEC also lowered its estimate for global demand growth in 2025 to 1.54...
WTI crude oil prices edged higher by 0.1% to $68.1 per barrel on Tuesday, after a 5% decline over two sessions. Investors reacted to OPEC's fourth consecutive cut to its 2024 global oil demand forecast and China's economic concerns. China's October data showed the slowest consumer price growth in four months and deeper producer price deflation, raising deflation risks and disappointing investors due to a lack of significant stimulus. Analysts said China's 10-trillion-yuan ($1.4 trillion) debt plan fell short of growth expectations. Meanwhile, U.S. policy may shift towards increased domestic...
Gold prices fell to nearly a two-month low on Tuesday in the face of a stronger dollar, optimism about economic growth under a second Trump administration, and a broader market pivot following the Nov. 5 U.S. presidential election. Spot gold was down 0.7% at $2,600.93 per ounce by 2:23 p.m. EST (1923 GMT), after dropping 1% to hit its lowest level since Sept. 20 at $2,589.59 earlier in the session. U.S. gold futures settled 0.4% lower at $2,606.30. The dollar index's (.DXY), rise to more than four-month high increased the cost of bullion for holders of other currencies, while bitcoin...
The Euro dropped below $1.06, the lowest since October 2023, pressured by a strong dollar following Donald Trump's US election victory. Investors are worried about potential trade tariffs Trump suggested, which could hurt European exports. Reports about Trump's possible administration picks added to fears of policies that might impact Europe's economy. The Euro is also under pressure due to political uncertainty in Germany, set to hold snap elections on Feb. 23 after the collapse of Chancellor Olaf Scholz's governing coalition. Meanwhile, markets adjusted their expectations for European...
Gold futures slip 0.2% to $2,612 a troy ounce. U.S. dollar-denominated commodities like gold have been pressured in the wake of Donald Trump's victory in the U.S. election. Market expectations for fewer interest-rate cuts and a resurgence in inflationary pressures given Trump's planned tax and tariff laws have started to play against the precious metal, says Capital.com's Daniela Sabin Hathorn. In the short term, investor attitude toward gold has turned bearish, but gold isn't a hard sell just because the market expects fewer rate cuts, Hathorn says in a note. There is still plenty for...
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....