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...
Oil futures eased from multi-week highs as traders took profits while awaiting the Federal Reserve meeting later this week for clues on further interest rate cuts. However, the declines were capped by concerns about supply disruptions if further U.S. sanctions on key suppliers Russia and Iran are imposed. Brent crude futures were down 29 cents, or 0.4%, at $74.20 a barrel by 0746 GMT after hitting their highest since Nov. 22 on Friday. U.S. West Texas Intermediate crude futures were down 36 cents, or 0.5%, at $70.93 a barrel after hitting their highest close since Nov. 7 in the previous...
Gold (XAU/USD) prices staged a modest recovery from one-week troughs touched on Monday (16/12), albeit lacked any follow-through buying and currently trades around the $2,655 region. A modest pullback in the US Treasury bond yields kept the US Dollar (USD) investors on the defensive and offered some support to the commodity. Additionally, persistent geopolitical risks and concerns about US President-elect Donald Trump's policies kept the safe-haven precious metal underpinned. That said, growing acceptance that the Federal Reserve (Fed) will slow the pace of its interest rate-cutting cycle,...
The EUR/USD pair trades in positive territory around 1.0510 during the early European session on Monday. However, the upside for the cross might be limited due to the dovish stance of the European Central Bank (ECB). The ECB decided to cut interest rates for the fourth time this year last week and kept the door open to further easing as the Eurozone economy is weighed by political instability at home and the potential Donald Trump's tariff threats. Later on Monday, traders await the preliminary Eurozone HCOB Purchasing Managers' Index (PMI) for December for fresh impetus, along with the...
Oil slipped after a weekly advance, as lingering concerns about demand in China vied with indications the US may tighten sanctions on supply from Russia. Brent traded above $74 a barrel after rising almost 5% last week, while West Texas intermediate was near $71. China's crude refining dipped to the lowest in five months while two key economic indicators — home sales and consumer spending — also fell. The data out of the top crude importer sent prices somewhat lower. They had earlier held steady after US Treasury Secretary said the US and its allies could...
Silver (XAG/UD) started the new week on a subdued note and consolidated last week's retracement slide from or above one-month highs. The white metal remained close to a two-week low touched on Friday and traded around the $30.55 area, or the 100-day Simple Moving Average (SMA), during the Asian session. From a technical perspective, acceptance below the 100-day SMA will be seen as a fresh trigger for bearish traders against the backdrop of last week's failure near the $32.35 horizontal resistance. Given that oscillators on the daily chart have just started gaining negative traction, XAG/USD...
Gold prices (XAU/USD) moved higher after the Asian session to drop to $2,644-2,643 region, or the lowest level in a week, and for now, seems to have halted its sharp decline from over a month highs reached last Thursday. The US Dollar (USD) started the new week on a weaker note amid a slight decline in the US Treasury bond yields. Moreover, geopolitical risks and uncertainty over US President-elect Donald Trump's policies turned out to be the main factors providing support for the precious metal which is a safe-haven asset. Meanwhile, investors now seem convinced that the Federal Reserve...
The Australian Dollar (AUD) snapped a four-day losing streak on Monday (16/12) as the US Dollar (USD) weakened amid US Treasury yields ahead of the Federal Reserve's (Fed) interest rate decision due on Wednesday. The Fed is widely expected to announce a 25 basis point interest rate cut at its final monetary policy meeting of 2024. According to the CME FedWatch tool, markets are now almost fully pricing in a quarter basis point rate cut at the Fed's December meeting. China Retail Sales (YoY) rose 3.0% in November, compared with a 4.6% forecast and a previous reading of 4.8%. Meanwhile,...
West Texas Intermediate (WTI) oil prices corrected lower after posting gains in the previous session, trading around $70.50 per barrel during the Asian session on Monday (12/16). Crude oil prices rose amid rising expectations of tighter supplies driven by the imposition of additional US sanctions on major producers Russia and Iran. US Treasury Secretary Janet Yellen told Reuters on Friday that the United States was considering further sanctions on "black fleet" tankers and may also impose sanctions on Chinese banks to curb Russian oil revenues and access to foreign supplies, which fueled...
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....