West Texas Intermediate (WTI) crude oil closed higher on Thursday, posting a small gain following three losing sessions that came as the geopolitical risk premium eased while rising US inventories are seen as a signal of weak demand. WTI crude oil for May delivery closed up $0.04 to US$82.73 per barrel, while June Brent crude, the global benchmark, was last seen down US$0.35 to US$86.94. The commodity is shedding a risk premium accorded since the start of April, when Israel launched an attack on Iran's embassy in Syria that killed senior military leaders. Iran's response over the weekend,...
The dollar held near a five-month high on Friday following a week that saw traders aggressively pare Federal Reserve easing bets. Bloomberg Dollar Spot Index was little changed while the yield on policy sensitive two-year Treasuries fell three basis points to 4.93% The dollar gauge has climbed 0.7% this week to touch the highest since Nov. 14, with a bulk of the gains coming Wednesday after hotter-than-expected US inflation data Bets on Fed rate cuts have slumped. Swaps traders now price just 44 basis points of reductions this year, down from 64 basis points a week ago. USD/JPY...
Gold touched a fresh record as Israel prepared for a strike by Iran or its proxies, and traders mulled the latest US economic data. Bullion climbed as much as 1% to $2,395.48 in early Asia hours. Israel is preparing for an assault in the next two days, in retaliation for its strike on Iran's diplomatic compound in Syria last week, the Wall Street Journal reported, citing a person familiar with the matter. Gold's stellar rally faltered on Wednesday after a hotter-than expected consumer price inflation reading, but has since resumed a fourth weekly advance — the longest streak...
The yen struggled to break away from a 34-year low on Friday and was headed for a weekly decline, while the dollar hovered near a five-month high alongside U.S. Treasury yields as traders heavily scaled back bets for a slew of U.S. rate cuts this year. The euro was eyeing its sharpest weekly fall in about four months, pressured in part by a resurgent greenback and expectations that the European Central Bank (ECB) could begin easing rates in June, likely ahead of the Federal Reserve. The yen was last marginally higher at 153.17 per dollar, languishing near a 34-year trough of 153.32 per...
Gold is higher in early Asian trade, extending its overnight rally. The U.S March Producer-Price Index came in lower than expected, easing concerns that rate cuts by the Fed were off the table, ANZ Research analysts write in an email. However, the haven asset remains appealing amid geopolitical risks and rising demand from central banks. Spot gold is up 0.2% to $2,375.80/oz. Source: Marketwatch
Oil resumed gains as Israel braced for a potential strike by Iran or its proxies, and traders looked ahead to an International Energy Agency report on the supply and demand outlook. Brent futures rose above $90 a barrel after closing 0.8% lower in the previous session. West Texas Intermediate climbed toward $86. The US believes an attack on Israel is imminent in response to a strike on Iran's diplomatic compound in Syria last week. The Wall Street Journal reported Israel is preparing for an assault in the next two days, citing a person familiar with the matter. Crude is...
Oil prices settled lower on Thursday as sticky inflation dampened hopes for near-term U.S. interest rate cuts, but worries that Iran might attack Israeli interests kept crude near six-month highs. Brent crude futures settled down 74 cents, or 0.8%, to $89.74 a barrel while U.S. West Texas Intermediate crude futures settled down $1.19, or 1.4%, to $85.02. It will be difficult to maintain Brent above $90 a barrel in the second half of the year without actual supply disruption associated with geopolitical events, said global energy strategist Vikas Dwivedi of Macquarie. "As a result, we...
Gold prices firmed on Thursday after softer-than-expected U.S. producer prices data boosted hopes for U.S. rate cuts this year, while persistent geopolitical concerns added to the metal's shine. Spot gold rose 1.1% to $2,360.52 per ounce, as of 2:15 p.m. EDT (1815 GMT). Bullion prices hit an all-time high for an eighth straight session on Tuesday. U.S. gold futures settled 1% higher at $2,372.7. A Labor Department report showed the Producer Price Index (PPI) rose 0.2% month-on-month in March, compared with a 0.3% increase expected by economists polled by Reuters. "The PPI data came a bit...
Gold fluctuated as the latest US inflation reading trailed estimates, a day after hotter-than-expected price data roiled markets. The March producer price index for final demand rose 2.1% from a year earlier, Labor Department data showed Thursday. That's the most in 11 months, but below the 2.2% analyst estimate. The PPI print along with a hot consumer inflation report Wednesday underpinned the bumpy path the Federal Reserve faces in achieving its 2% target. Still, the details in the PPI report offered some calm for investors worried about a re-acceleration of inflation....
Silver price (XAU/USD) turns sideways around $23.15 after a strong recovery in the European session on Wednesday. The white metal clings to solid gains as the US Dollar has shifted to the backfoot...
Oil prices ticked up slightly on Monday following the widely expected extension of voluntary output cuts by the OPEC+ producer group on Sunday.
Brent futures climbed 14 cents to $83.69 a barrel at...
Gauge of the dollar held near a seven-week high as investors waited for comments from Federal Reserve Chair Jerome Powell to gauge his views on the US economy. Australia's dollar declined amid...