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 surged after the US announced sanctions on Russia's largest oil companies, threatening supplies from one of the world's largest oil producers. West Texas Intermediate crude jumped 6.2% to trade above $61 per barrel, heading for its biggest one-day gain since the start of the Israel-Iran conflict on June 13. The US blacklisted Russian oil giants Rosneft PJSC and Lukoil PJSC in an attempt to cut off revenues needed for Russia's war in Ukraine. Senior refinery executives in India—a major buyer of Russian crude—said the restrictions would make it impossible for oil flows to...
Gold (XAU/USD) edges higher on Thursday, trading around $4,115, up nearly 0.40% for the day. Demand for safe-haven assets remains firm amid the prolonged budget deadlock in Washington and persistent geopolitical uncertainty. Expectations of further monetary easing by the Federal Reserve (Fed) continue to support the precious metal, with markets pricing in a 97% chance of a 25-basis-point rate cut next week, according to the CME FedWatch tool. Markets are treading carefully ahead of the September US Consumer Price Index (CPI) release, due Friday. This report will attract particular attention...
Dollar picks up slightly with CPI release in focus The U.S. dollar drifted higher Thursday as traders weighed up fresh trade threats between Washington and Beijing, ahead of the release of key inflation data. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher to 98.805, bouncing after recording hefty losses last week. The safe-haven dollar has edged slightly higher as traders have worried about the fragile state of U.S.-China relations, amid fears of a potentially damaging trade war between the world's two largest economies. Trump's...
Silver climbed above $49 per ounce on Thursday, recouping some losses from earlier in the week as mounting global trade and geopolitical tensions boosted demand for safe-haven assets. Reports indicated that the US is weighing export restrictions on China involving US-made software, though President Donald Trump later confirmed plans to meet with Chinese President Xi Jinping. At the same time, the Trump administration blacklisted Russia's top oil producers, Rosneft and Lukoil, in an effort to push Moscow toward talks to end the Ukraine war. Despite the rebound, silver remains nearly 10%...
The pound sterling (GBP) exchange rate against the US dollar (USD) has continued to weaken for the fifth consecutive day and is now trading around 1.3340 in the Asian session on Thursday (October 23rd) morning. Pressure on the pound increased due to the strengthening of the US dollar amid growing market concerns ahead of the release of US inflation data on Friday. This situation was exacerbated by the partial US government shutdown, which delayed the release of important economic data, making investors more cautious. The US dollar also received additional support from growing optimism...
Oil jumped after the US announced sanctions on Russia's biggest producers, as President Donald Trump ramps up pressure on his counterpart Vladimir Putin to negotiate an end to the war in Ukraine. West Texas Intermediate surged as much as 2.8% to trade above $60 after the US blacklisted state-run giant Rosneft PJSC and Lukoil PJSC, citing Moscow's lack of commitment to Ukrainian peace. Trump is also seeking to squeeze Russia's key crude buyers — India and China. Brent closed above $62 on Wednesday. The sanctions mark a U-turn for Trump, who had announced last week he would...
Gold extends pullback in early Asian session after front-month Comex gold futures fell for a second straight session overnight. Investors have been unwinding part of last week's speculative surge, Sucden Financial's Research team says in commentary. The retreat in precious metals' prices probably reflects profit-taking and reduced safe-haven flows rather than U.S. Treasury yields' dynamics, the team says. "Still-low Treasury yields and ongoing macro uncertainty continue to offer underlying support" for precious metals, the team adds. Spot gold is 0.2% lower at $4,089.65/oz. (az) Source:...
Oil prices continued their rally after the deal on Wednesday (October 22), rising more than $2 a barrel after U.S. Treasury Secretary Scott Bessent said more U.S. sanctions targeting Russia would be announced. Brent crude jumped $2.44, or 3.98%, to $63.76 after the deal at 3:44 p.m. EDT (19:44 GMT), and U.S. West Texas Intermediate crude rose $2.42, or 4.23%, to $59.66. Brent crude closed up $1.27, or 2.07%, to $62.59 a barrel, while U.S. West Texas Intermediate crude rose $1.26, or 2.20%, to $58.50. Bessent said U.S. sanctions would be announced on Wednesday or Thursday. "We'll be...
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....