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 weakened on Thursday (November 6th) as the market digested rising US inventory data and lingering concerns about oversupply. WTI traded below $60 and Brent below $64, continuing its two-day decline amidst relatively flat trading since last week. Sentiment was weighed down by the prospect of a future supply surplus. The official EIA report showed that US crude oil stocks rose by 5.2 million barrels in the week ending October 31st, while gasoline and distillate inventories fell, indicating still-resilient product demand. The API had previously forecast a larger stock increase of...
Gold prices weakened early in the Asian session, down 0.2% to $3,971.75/oz. Pressure came after better-than-expected ADP employment data and the ISM services index in the US came out, dampening interest in non-yielding assets like gold. The solid data lowered the odds of a Fed rate cut in December to 68% from 70% before the ADP release. The prospect of persistently high interest rates tends to strengthen the dollar and bond yields—a combination that typically pressures gold prices. However, demand for safe havens is still supported by geopolitical uncertainty. Bas Kooijman of DHF Capital...
Oil prices fell more than 1% on Wednesday, settling at two-week lows on pressure from concerns of a possible global oil glut, but data showing signs of strong U.S. demand for fuel limited losses. Brent crude futures closed 92 cents, or 1.43%, lower at $63.52 a barrel, while U.S. West Texas Intermediate crude settled 96 cents, or 1.59%, low at $59.60. Oil prices fell following U.S. government data that showed an increase in crude inventories last week. "A rebound in imports and subdued refining activity amid seasonal maintenance has encouraged a build to U.S. crude inventories," said Kpler...
Silver traded above $47.5 per ounce on Wednesday, snapping a three-day losing streak as global risk-off sentiment spurred demand for safe-haven assets. Global equities and other risk assets fell sharply amid concerns over stretched valuations and uncertainty about future US rate cuts. Meanwhile, ADP data showed private employers added 42,000 jobs in October, beating forecasts and signaling continued labor market resilience. The stronger data reinforced the view that the Fed is in no rush to cut rates further, as inflation remains above target and the government shutdown delays key labor...
Gold (XAU/USD) holds steady within familiar ranges on Wednesday as a mild risk-off tone across global markets underpins demand for the safe-haven metal. At the time of writing, XAU/USD is trading around $3,975, recovering modestly from Tuesday's low of $3,928. The risk-off sentiment follows a broad sell-off in global equities, led by weakness in US tech and AI-related stocks. Concerns about stretched valuations and warnings from Wall Street executives of a potential correction sparked the downturn, which rippled through Asian and European markets. Meanwhile, ongoing uncertainty surrounding...
The U.S. dollar edged up on Wednesday, extending its gains from last week on doubts about the outlook for another Fed rate cut this year and as private payrolls data assuaged worries over the state of the labor market. U.S. private payrolls rose by 42,000 jobs in October, exceeding expectations of a 28,000 gain, according to a Reuters poll of economists. While the turnaround likely does not suggest a material shift in the labor market because some industries such as professional business services shed jobs for a third straight month, it did help soothe worries about labor market...
Gold prices rose more than 1% on Wednesday (November 5), with a slight weakening of the US dollar and widespread risk-off sentiment boosting demand. Spot gold rose 0.8% to $3,966.54 per ounce as of 10:44 GMT. US gold futures for December delivery rose 0.4% to $3,976.10 per ounce. Gold prices have risen about 52% this year, hitting an all-time high of $4,381.21 on October 20. "The recent shift to risk-off sentiment in financial markets due to rising concerns about equity market valuations helped gold stabilize after falling from record levels," said Julius Baer analyst Carsten...
Oil prices were little changed on Wednesday (November 5) as investors digested weaker economic data from major oil-importing countries and US inventories indicating stronger fuel demand, while a stronger US dollar weighed on prices. Brent crude futures edged up 9 cents, or 0.14%, to $64.53 a barrel at 09:00 GMT, after hitting a near two-week low in the previous session. US West Texas Intermediate crude also rose 9 cents, or 0.15%, to $60.65. The weaker economic data coupled with a rally in the US dollar prevented oil from making significant gains, while prices found support from refined...
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....