Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
Gold (XAU/USD) edges lower on Thursday, after briefly reclaiming the key $4,000 psychological mark amid a weaker US Dollar (USD). At the time of writing, XAU/USD is trading around $3,985, easing from an intraday high of $4,019 as bullish momentum stalls. Gold's downside remains cushioned as the ongoing United States (US) government shutdown keeps markets on edge. The political deadlock is raising concerns over the potential economic fallout and weighing on the Greenback after a strong multi-day rally. However, Bullion's upside appears limited in the near term as both macro and technical...
Silver held around $48.1 per ounce on Thursday, steadying after recent gains as investors digested stronger-than-expected US economic data. The ADP report showed that private employers added 42,000 jobs in October, exceeding forecasts and underscoring labor market resilience, while the ISM Services PMI climbed to an eight-month high. Signs of economic strength reinforced expectations that the Federal Reserve will move cautiously on further rate cuts, though the ongoing US government shutdown has delayed key data releases. Markets now price in a 62% chance of a 25 bps rate cut in December,...
Oil prices edged higher on Thursday (November 6), boosted by easing concerns over a potential oversupply as sanctions against Russian companies began to take effect. After closing at a two-week low in the previous session, Brent crude futures rose 65 cents, or 1%, to $64.17 a barrel at 09:20 GMT, while U.S. West Texas Intermediate crude rose 73 cents, or 1.2%, to $60.33. Recent sanctions against Russia's largest oil companies two weeks ago raised concerns about supply disruptions, despite rising production from OPEC and its allies, analysts said. Lukoil's overseas operations are...
Gold rose above the key $4,000 per oz level on Thursday (November 6th) as a weaker dollar and a prolonged US government shutdown raised concerns about the economic outlook. Spot gold prices rose 0.7% to $4,011.79 per oz at 09:14 GMT. US gold futures for December delivery rose 0.7% to $4,021.20 per oz. "The Supreme Court's skepticism about tariffs and a slightly weaker dollar are likely supporting gold prices," said UBS analyst Giovanni Staunovo. "Although near-term prices are likely to continue consolidating, we expect a further Federal Reserve rate cut to lift gold prices to $4,200/oz by...
The Australian dollar held steady around $0.651 on Thursday, holding onto recent gains after the September trade surplus widened sharply to AUD 3.94 billion (vs. August's revised AUD 1.11 billion), beating estimates of AUD 3.85 billion. The main boost came from exports rising 7.9%, led by a surge in bullion shipments as prices strengthened; while imports rose 1.1% to a new record due to an increase in capital goods. On the policy front, the Reserve Bank of Australia (RBA) held interest rates at 3.6% in November and reiterated its cautious stance. Policymakers highlighted persistent...
GBP/USD remained just above 1.3000 on Wednesday after a brief dead-cat bounce following days of selling pressure. Heading into Thursday, the pair was struggling around 1.3050, down more than 3% from its mid-October peak near 1.3470. The lack of official US data due to the shutdown has led the market to rely more on releases from private sources, potentially increasing volatility. The market's primary focus is now on the Bank of England (BoE) decision. This week is relatively quiet on UK data, and the market expects the MPC to hold interest rates by a 6-3 vote. Any additional vote for a cut...
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...
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....