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...
The Japanese yen strengthened past 152.5 per dollar on Wednesday, reaching its highest level in over two weeks, fueled by speculation that the Bank of Japan may raise interest rates in December. BOJ Governor Kazuo Ueda recently hinted at the possibility of a rate hike next month, citing concerns over the yen's weakness. Investors are now awaiting Tokyo's inflation data later this week, which could offer further clues on the outlook for monetary policy. The yen also received support from increased safe-haven demand following US President-elect Donald Trump's threat of tariffs on China,...
Silver (XAG/USD) price remains stable near $30.50 per troy ounce during the Asian trading hours on Wednesday (11/27). The daily chart analysis suggests a possible shift in momentum from bearish to bullish as the currency pair has been moving down along the upper boundary of the descending channel pattern. However, the 14-day Relative Strength Index (RSI) is currently below the 50 level, indicating the prevailing bearish sentiment. Moreover, the XAG/USD currency pair remains below the 14- and nine-day Exponential Moving Averages (EMA), which signal a bearish outlook and indicate weakening...
The dollar index held steady around 106.9 on Wednesday as investors prepared for the release of the latest US PCE price index report, the Federal Reserve's preferred inflation measure. Market participants are also looking ahead to other key data, including initial jobless claims, a second reading of GDP, and figures on personal income and spending. Minutes from the FOMC's November meeting revealed that officials were optimistic about easing inflation and the strength of the labor market, which supports the case for further rate cuts. However, they indicated a preference for gradual...
Oil prices fell slightly in Asian trade on Wednesday, extending recent losses after Israel agreed to a two-month deal. Brent crude futures expiring in January fell 0.2% to $72.70 a barrel, while West Texas Intermediate crude futures fell 0.2% to $68.30 a barrel by 8:47 p.m. ET (01:47 GMT). Crude losses were also tempered by a Reuters report that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are considering a further delay in plans to increase output. The cartel meets on Dec. 1. US oil inventories unexpectedly fall – API. Data from the American Petroleum...
Gold rose near $2,640 an ounce on Wednesday (11/27) as investors continued to digest the latest FOMC minutes while awaiting key US data for further insights into the Federal Reserve's monetary policy outlook. While officials expressed confidence in easing inflation and labor market strength, the minutes also expressed a cautious approach to further rate cuts, signaling a preference for gradual adjustments. Most investors still expect a 25bps rate cut in December, with a probability of around 63%, which would reduce the opportunity cost of holding non-interest-bearing bullion. Traders...
Oil prices slid on Tuesday, giving back early gains in choppy trade after Israel agreed to a ceasefire deal with Lebanon, reducing oil's risk premium. Brent crude futures fell 22 cents, or 0.3%, to $72.79 a barrel at 2:19 p.m. ET, while U.S. West Texas Intermediate crude futures were at $68.74 a barrel, down 20 cents, or 0.29%. Israel's security cabinet has agreed a ceasefire deal with Lebanon, Channel 12 reported. The accord was expected to take effect on Wednesday. On Monday, oil prices slid more than $2 following multiple reports that Israel and Lebanon had agreed to the terms of a...
Front-month gold futures close the day up 0.1% to $2,620.30 an ounce, quickly turning around after the contract posted its largest decline in four years on news of a potential ceasefire between Israel and Lebanon. President-elect Trump's plans for new tariffs are throwing a wrench into thoughts around future interest rate cuts, which could keep rates higher for longer. "These factors may keep these gains fragile," says Samer Hasn of XS.com in a note. SPDR Gold shares are down 0.1% in afternoon trading. Source: Marketwatch
Oil prices rose on Tuesday after falling more than $2 a barrel in the previous session as investors took stock of a potential ceasefire between Israel and Lebanon's Hezbollah, which had weighed on oil's risk premium. Brent crude futures were up 73 cents, or 1%, to $73.74 a barrel as of 1018 GMT. U.S. West Texas Intermediate crude futures were at $69.62 a barrel, up 68 cents, also 1%. Prices fell sharply on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict. A senior Israeli official said Israel looks set to approve a...
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....