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 held steady amid disagreements among three Federal Reserve policymakers over the next interest rate cut next month, with the U.S. dollar trading near its highest level in months. The price of bullion held near $4,000 an ounce, after fluctuating between gains and losses on Monday. Fed Chair Lisa Cook said she sees the risk of further labor market weakness as greater than the risk of rising inflation, but refrained from committing to another interest rate cut in December. These comments echoed those of her colleagues, Mary Daly and Austan Goolsbee. Governor Stephen Miran, on the other...
Gold edges lower in the early Asian session amid lingering worries over China's Finance Ministry ending of a tax incentive for sales of the precious metal, effective Nov. 1. "The new rules may potentially dent wholesale gold demand for end-users," TD Securities' Daniel Ghali says in a research report. Also, "the new rules could have a meaningful impact on gold's ecosystem within China," the senior commodity strategist adds. Spot gold is 0.2% lower at $3,997.62/oz. Source: Dow Jones Newswires
Oil dipped after a four-day run of gains as the market weighed OPEC+'s decision to pause output hikes early next year and contrasting views on supply. West Texas Intermediate traded near $61 a barrel, while Brent settled just below $65 on Monday. The Organization of the Petroleum Exporting Countries and its allies said at the weekend they planned to hold back from lifting production quotas in the first quarter. That came as the market is widely expected to be headed for a glut. US sanctions on Russia's two biggest producers will delay cargoes and slow down trade, the...
Gold prices held near $4,000 an ounce after a weak start on Monday, as China ended long-standing tax breaks for some retailers. This change could weigh on demand in one of the world's largest precious metals markets. Gold bullion prices for immediate delivery were trading little changed by midday in London, after falling as much as 1% in early trading. Beijing announced on Saturday that it would no longer allow some retailers to fully offset value-added tax when selling gold they purchased from the Shanghai Gold Exchange and the Shanghai Futures Exchange. The news sent Chinese gold jewelry...
Oil prices were little changed despite news that OPEC+ plans to end its supply increases, with the market weighed down by concerns about oversupply and weak factory data in Asia. Brent crude futures fell 1 cent, or 0.02%, to $64.76 a barrel at 09:59 GMT. U.S. West Texas Intermediate crude fell 3 cents, or 0.05%, to $60.95 The Organization of the Petroleum Exporting Countries (OPEC+) and its allies, collectively known as OPEC+, agreed on Sunday to increase production by 137,000 barrels per day (bpd) in December and to pause increases in the first quarter of next year. Brent and WTI both...
The US dollar held near a three-month high on Monday (November 3rd) ahead of economic data this week that will provide only vague clues about the health of the US economy and could reinforce the Federal Reserve's cautious stance. The Fed cut interest rates by 25 basis points last week, as expected, but Chairman Jerome Powell hinted that it might be the central bank's last cut of the year, citing the risk of taking additional steps without a stronger economic picture. Were it not for the ongoing US government shutdown, this week's scheduled data releases, including US non-farm payrolls,...
Gold prices rose on Monday (November 3), boosted by expectations of further US interest rate cuts following comments from the US Federal Reserve Board's Christopher Waller, although a stronger dollar and easing trade tensions curbed those gains. Spot gold rose 0.5% to $4,020.45 per ounce at 09:05 GMT. US gold futures for December delivery rose 0.9% to $4,031.50. "We're still in consolidation mode. The lack of US economic data is a bit of a complicating factor, but weaker US economic data will support further Fed rate cuts and allow gold to move to $4,200 per ounce by year-end," said UBS...
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....