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 prices held steady as calls to end the US government shutdown boosted the broader market, with crude traders also looking ahead to a data-heavy week that will provide insight into whether a global surplus is forming. West Texas Intermediate prices held near $60 a barrel after two weekly declines, while Brent traded around $64. In the US, the Senate took a major step toward reopening the US government after the longest-ever shutdown, which helped stocks and most commodities. Meanwhile, commodity trading advisors have deepened their bearish stance over the past week, according to data...
Oil gains on US government shutdown optimism Oil prices rose on Monday on optimism that the U.S. government shutdown could end soon and lift demand in the world's top oil consumer, offsetting concerns about rising supplies globally. Brent crude futures rose 50 cents, or 0.79%, to $64.13 a barrel by 0916 GMT. U.S. West Texas Intermediate crude was at $60.28 a barrel, up 53 cents, or 0.89%. The U.S. Senate on Sunday moved forward on a measure aimed at reopening the federal government and ending a now 40-day shutdown that has sidelined federal workers, delayed food aid and snarled air...
Gold attracts some buyers on global growth worries, rising Fed rate cut bets Gold price (XAU/USD) jumps to near $4,075 during the early European trading hours on Monday. The precious metal edges higher amid uncertainty over the US economic outlook. Traders ramped up bets on a US rate cut following weak US private jobs data and a downbeat University of Michigan (UoM) Consumer Sentiment Index survey. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal. On the other hand, signs that the US government shutdown may end could...
Dollar lower as end to U.S. government shutdown draws nearer The U.S. dollar slipped lower Monday, as rising optimism that the U.S. government shutdown could be coming to an end hit this safe haven. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 99.370, after logging mild declines in the past week. The news that the U.S. Senate voted to advance a measure that could fund the U.S. government through January has boosted risk appetite, with the long-running shutdown, which entered its 40th day on Sunday, seen having a significant...
Silver rose above $49 per ounce on Monday, reaching a three-week high amid growing concerns over the US economy. The rally was supported by a weaker dollar, which makes dollar-denominated commodities cheaper for foreign buyers. The University of Michigan's consumer sentiment index fell to 50.3 in November, the second-lowest reading on record and below expectations of 53.2, as Americans worried about the economic fallout from the longest government shutdown in US history. Private data on Thursday showed the US economy lost 153,000 jobs in October, the highest for the month in 22 years,...
The pound weakened towards 1.3150 against the US dollar in early trading on Monday, ending the previous three-day rally. The dollar's strength was driven by optimism that the longest US government shutdown in history would soon end, after a number of moderate Democratic senators supported a temporary funding deal. This news triggered a return of funds to dollar assets. Meanwhile, the market is awaiting Bank of England Governor Clare Lombardelli's speech tonight for clues on the direction of interest rate policy. The BoE held interest rates at 4% last week but hinted at the possibility of a...
Gold edges higher in early Asian trade amid signs of U.S. economic weakness which typically enhance the safe-haven allure of the precious metal. The University of Michigan survey's headline index fell to 50.3 in November, from 53.6 last month, based on preliminary November responses. Analysts polled by The Wall Street Journal were expecting a milder decline in the index, to 53. Gold is likely to remain in demand as a safe haven and consequently stabilize at its current level, Commerzbank Research's commodity analysts say in a recent research report. Spot gold is 0.2% higher at...
Oil steadied after posting two weekly declines, as traders weighed concerns about a looming global glut and the fallout from US sanctions against Russian producers at the start of a data-heavy week. Brent traded above $63 a barrel after shedding more than 2% last week, while the West Texas Intermediate was below $60. Traders are concerned that global crude supplies are poised to run ahead of demand, with market outlooks due this week from OPEC as well as the International Energy Agency. US sanctions remain in focus after the Trump administration targeted Rosneft PJSC and...
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....