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 was steady as traders eyed further clues on OPEC+'s output plans after postponing a key meeting for four days. West Texas Intermediate crude futures held below $69 a barrel, while Brent crude settled above $73. The producer group is set to discuss whether to press ahead with a supply restart at a delayed online meeting on Dec. 5, or extend curbs into 2025 to avoid global markets becoming oversupplied Crude has traded in a tight range since mid-October, alternating between weekly gains and losses. Prices have been shaken by volatile geopolitical tensions in the Middle East, waning...
Oil held steady as trading thinned during the US Thanksgiving holiday, with the market looking ahead to an upcoming OPEC+ meeting that has been delayed until Dec. 5. West Texas Intermediate was little changed below $69 a barrel in a choppy session, while global benchmark Brent traded above $73. OPEC+ is widely expected to once again delay restoring production when it next meets, to offset concerns about an anticipated glut next year. The meeting, originally scheduled for Sunday, has been pushed back by four days. The group had started talks earlier in the week on delaying an increase to...
Crude Oil falling flat, and is returning less than 0.50% profit on this Thursday after headlines that Israel has already broken the ceasefire deal between in the Gaza region, Bloomberg reports. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have confirmed they will postpone its upcoming Output Policy Meeting decision from Sunday to December 5. The conglomerate of Oil producers and exporters is again facing an existential crisis, with a slowdown in global demand with more non-OPEC supply to be released to markets taking place. The US Dollar Index...
Gold futures rise, finding some support after a volatile month. Futures are up 0.3% at $2,646.60 a troy ounce. The precious metal has gained as the U.S. Federal Reserve appears likely to continue interest-rate cuts at its December meeting, ING analysts write. The CME's Fed watch tool shows the market is currently pricing in a 68% chance of a 25-basis-point cut, up from around 56% a week ago. Lower interest rates typically boost the appeal of non-interest bearing bullion. On the other hand, Wednesday's inflation numbers were on the higher side, which could weaken the case for further rate...
The dollar edged up from a two-week low against its major peers in holiday-thinned trading on Thursday, though the yen headed for its strongest week in nearly three months on growing bets that Japan will hike rates in December. The yen slipped half a percent to 151.93 per dollar ,but with its 1.9% gain this week the currency has recovered losses suffered since the U.S. election. Markets see about a 65% chance the Bank of Japan will hike rates next month. The dollar index was marginally higher at 106.30 after suffering its steepest fall in four months that pushed it as low as 105.85 in the...
Gold edged higher as investors assess the outlook for US interest rates following inflation data on Wednesday that supported the case for a cut next month. Bullion rose 0.5% to $2,648.21 an ounce as of 10:53 a.m. in London, with pressure on the metal easing as a rally in the dollar lost steam. The greenback, which strengthened in the wake of President-elect Donald Trump's win, has weakened this week against other currencies amid month-end flows. A stronger dollar makes the metal more expensive for many buyers. The case for a December rate cut was bolstered by...
Oil prices were flat on Thursday after a surprise jump in U.S. gasoline inventories and postponement of the OPEC+ meeting on output policy to Dec. 5 from Dec. 1. Brent crude futures edged up by 8 cents to $72.91 a barrel by 0955 GMT while U.S. West Texas Intermediate crude futures were up 7 cents at $68.79. Trading is expected to be light because of the U.S. Thanksgiving holiday on Thursday. OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its weekend meeting to avoid a conflict with another event, the producer group said. The...
Silver prices dropped below $30 an ounce on Thursday, hitting 11-week lows as demand for the metal's safe-haven appeal waned and the outlook for its industrial usage weakened. The recent ceasefire between Israel and Hezbollah, brokered by the US and France, alleviated geopolitical tensions, reducing silver's appeal as a risk-off asset. Additionally, expect that the US Federal Reserve may adopt a more cautious stance on interest rate cuts weighed on silver prices. Economic uncertainty in China, the world's largest silver consumer, and concerns over the potential negative impact of US...
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....