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...
Gold and silver steadied after their steepest selloff in years, as investors locked in profits on concern the recent surges in the precious metals had left them overvalued. Spot gold traded near $4,125 an ounce after tumbling as much as 6.3% on Tuesday — the biggest intraday decline in more than a dozen years — while spot silver slumped as much as 8.7%. Technical indicators had shown a scorching rally in both precious metals was likely overstretched. The pullback brought an abrupt halt to a scorching months-long advance that had seen both precious metals post record highs in...
Oil gained after an industry report signaled US crude stockpiles shrunk for the first time in four weeks, while President Donald Trump reiterated India would trim its purchases of Russian energy. West Texas Intermediate climbed toward $58 a barrel after closing 0.4% higher on Tuesday. Brent settled above $61. US inventories fell by 3 million barrels last week, while fuel stockpiles including gasoline dipped, according to the American Petroleum Institute. Government data is due later Wednesday. Meanwhile, Trump claimed for the second straight week that he spoke with Prime...
Oil prices rose on Tuesday (October 21), bouncing off a five-month low in the previous session, as investors reassessed expectations of a possible oversupply and sought clarity on the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 31 cents, or 0.5%, to $61.32 a barrel, while U.S. West Texas Intermediate crude for November delivery, which expires on Tuesday, closed up 30 cents, or 0.5%, to $57.82. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by the Organization of the...
Gold prices were on track for their sharpest daily decline in five years on Tuesday (October 21st), as investors took profits after expectations of a US interest rate cut and continued demand for safe-haven assets pushed the precious metal to a record high in the previous session. Spot gold prices fell 5.5% to a one-week low of $4,115.26 an ounce at 1:45 a.m. EDT (1745 GMT), the steepest decline since August 2020. US gold futures for December delivery closed 5.7% lower at $4,109.10 an ounce. Prices hit an all-time high of $4,381.21 on Monday and have risen about 60% this year, driven by...
Oil prices edged higher on Tuesday (October 21st) amid volatile trading, as investors focused on expectations that the market may be oversupplied and sought clarity regarding the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 23 cents, or 0.4%, to $61.24 a barrel at 11:38 a.m. ET (15:38 GMT). The U.S. West Texas Intermediate crude contract for November delivery, which expires on Tuesday, rose 22 cents, also 0.4%, to $57.74. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by...
Gold and silver experienced their sharpest sell-offs in years as investors locked in profits amid concerns that the precious metals' recent historic rally has overvalued them. Spot gold prices plunged 6.3%, their biggest drop since 2013, while spot silver fell 8.7% to $47.89 an ounce after technical indicators suggested the previous rally may have been overdone. Traders also cited a stronger dollar as reducing the metals' appeal, while recent comments from the White House eased concerns about the US-China trade talks. The closure of India, the second-largest gold buyer, for the Diwali...
Oil prices stabilise as oversupply concerns ease Oil prices steadied on Tuesday on easing concerns about an oversupplied market and the trade dispute between the U.S. and China, the world's top two oil consumers. Brent crude futures were up 7 cents, or 0.11%, at $61.08 a barrel at 1320 GMT. The U.S. West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was up 14 cents, or 0.24%, to $57.66. Prices stabilised on Tuesday after hitting their lowest levels since early May on Monday, amid mounting concerns of oversupply and slowing economic growth...
The U.S. dollar rose slightly higher Tuesday, stabilizing after recent banking-induced losses as the prospect of upcoming trade talks between the U.S. and China helped ease some concerns over a renewed trade war. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher to 98.570, after recording last week the biggest five-day retreat since late July. Dollar stabilizes after banking woesAttention in the foreign exchange markets has drifted away from concerns about the state of the U.S. banking sector with U.S. equities extending the rebound...
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....