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...
Gold slipped over 1% on Thursday as investors booked profits after it briefly reached a five-week high earlier in the session and squared positions ahead of a U.S. Federal Reserve meeting next week. Spot gold lost 1.2% at $2,684.15 per ounce by 01:40 p.m. ET (1840 GMT), while U.S. gold futures settled 1.7% lower at $2,709.40. Bullion climbed to its highest level since Nov. 6 earlier in the session. Source: Reuters
Oil prices were little changed in Asian trade on Thursday as forecasts of weak demand and a higher-than-expected rise in U.S. gasoline and distillate inventories stemmed gains from an additional round of EU sanctions threatening Russian oil flows. Brent crude futures were up 14 cents at $73.66 a barrel at 0519 GMT. U.S. West Texas Intermediate crude futures rose 6 cents to $70.35. Both benchmarks rose over $1 each on Wednesday. OPEC cut its demand growth forecasts for 2025 for the fifth straight month on Wednesday and by the largest amount yet. "Investors will be closely monitoring the...
Gold eased near $2,700 an ounce on Wednesday, taking a breather after a three-day rally as investors continued to digest the latest U.S. inflation data. The November report showed headline inflation rose as expected, while core inflation remained unchanged. That prompted traders to increase bets on a Federal Reserve interest rate cut next week, with Fed fund futures indicating a 98% chance of a 25 bps cut. Such moves typically benefit gold by reducing the opportunity cost of holding non-yielding assets. However, concerns about persistent inflation remain in the year ahead, as other key...
The dollar index held steady around 106.5 on Thursday after rising for four straight sessions even as the latest US consumer inflation data reinforced bets for a Federal Reserve interest rate cut next week. The CPI report showed that both headline and core inflation rates matched expectations in November, paving the way for the Fed to continue cutting rates. The market is now pricing in a near 100% chance that the Fed will cut by another 25 basis points next week. Investors are also looking ahead to producer inflation data due on Thursday for further direction. Meanwhile, the US dollar...
The Australian Dollar (AUD) halts its two days of losses against the US Dollar (USD) on Thursday. The AUD remains stronger after the release of domestic mixed employment data. The seasonally adjusted Employment Change increased by 35,600, bringing the total number of employed people to 14,535,500 in November. This exceeded the previous reading of 12,100 and the expected figure of 25,000. Meanwhile, the Unemployment Rate fell to 3.9%, the lowest since March, lower than market estimates of 4.2%. The AUD/USD pair faced challenges due to the broadly stronger US dollar (USD) following the...
Gold rose for a fourth day after a key U.S. inflation report bolstered expectations for a Federal Reserve rate cut when policymakers meet next week. Bullion traded above $2,720 an ounce — near its highest in more than two weeks — after consumer price index data on Wednesday rose in line with expectations. The report reinforced bets for a 25-basis-point cut at the Fed's final meeting of the year, with swaps traders now largely pricing in the move. Lower borrowing costs typically help bullion, as it pays no interest. Gold has risen by almost a third this year, hitting a string of records and...
GBP/USD moved swiftly on Wednesday, moving closer to 1.2750 after the US Consumer Price Index (CPI) figures for November broadly met market expectations. The rest of the week remains on the UK side of the economic calendar, with Cable traders facing the US Producer Price Index (PPI) figures on Thursday. US CPI inflation rose slightly for the year ended in November with headline CPI inflation rising to 2.7% YoY from 2.6%, while core CPI inflation held steady at 3.3% YoY. Monthly headline CPI inflation also rose in November, rising to 0.3% MoM from 0.2% in October. Despite the overall rise in...
West Texas Intermediate (WTI) crude oil rose on Wednesday as China's decision on Monday to loosen monetary policy continues to support the commodity, while OPEC lowered its demand forecast for this year and next and a report showed a drop in U.S. inventories. WTI crude for January delivery closed up US$1.70 to settle at US$70.29 per barrel, while February Brent crude was last seen up US$1.25 to US$73.44. In its Monthly Oil Market Report released on Wednesday OPEC again lowered its demand-growth forecast for 2024 and 2025 demand. The cartel trimmed its outlook for this year by 210,000...
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....