Crude oil futures fell slightly on Friday (November 28th) as investors weighed the geopolitical risk premium on oil amid protracted Russia-Ukraine peace talks, while keeping an eye on Sunday's OPEC+ meeting for clues on potential production changes. US West Texas Intermediate crude futures resumed trading after being frozen due to a system outage at exchange operator CME Group, caused by a cooling issue at its CyrusOne data center. Brent is traded on the Intercontinental Exchange, or ICE. Brent crude futures for January, which expire on Friday, closed down 14 cents, or 0.22%, at $63.20 per...
The Japanese yen held steady near 157 per dollar on Friday (November 21st), after previously weakening steadily. The currency began to "put on the brakes" after Finance Minister Satsuki Katayama signaled that the government could intervene if the yen's movements were deemed too wild and speculative. Now, many market participants expect Japanese authorities to step in again if the yen approaches 160 per dollar, in line with previous intervention areas. Despite the temporary halt in its weakening, the yen is still expected to fall nearly 2% in the week and is near a 10-month low. Pressure...
Gold was steady after a mixed US jobs report that offered little fresh incentive for the Federal Reserve to cut interest rates. Bullion was trading around $4,080 an ounce, after dropping marginally in the previous session. The last labor report that the Fed will see before its Dec. 9-10 meeting showed that US job growth beat expectations in September but unemployment marched higher. Many Fed officials are leaning toward keeping interest rates steady, while swap traders see a less-than-50% chance of a reduction next month. Bullion typically underperforms in a higher rate...
Oil pushed lower after Ukrainian President Volodymyr Zelenskiy agreed to work on a peace plan, just as US sanctions on two Russian oil giants are scheduled to take effect on Friday. West Texas Intermediate dropped for a third session toward $58 a barrel, while Brent closed near $63 on Thursday. The plan was drafted by the US and Russia and Zelenskiy expects to talk with President Donald Trump in the coming days. Proposals include Ukraine ceding territory and the removal of sanctions. European diplomats expressed skepticism about any deal, noting that Russian President...
Global gold prices weakened again in tonight's trading after rising in the previous session. The main pressure came from the strengthening US dollar and rising US government bond yields, reducing gold's attractiveness as a non-yielding asset. As the dollar strengthens, the cost of holding gold for investors transacting in other currencies becomes more expensive, prompting some market participants to sell and take profits after the rally in recent weeks. At the same time, market participants were still closely monitoring the US employment data, released after a recent delay. The report...
Gold held steady, halting a two-day rally, as investors tempered expectations of a Federal Reserve interest rate cut next month. Gold bullion traded near $4,070 an ounce, after rising nearly 1% over the previous two sessions. The US will not release its October employment report, leaving Fed policymakers without significant data before their final meeting of the year. Meanwhile, minutes from the October meeting showed many officials said it would likely be appropriate to keep interest rates steady for the remainder of 2025. Gold bullion tends to benefit from lower interest rates because it...
Oil prices edged higher as investors weighed the impact of U.S. sanctions on Russia's Rosneft PJSC and Lukoil PJSC, which will take effect on Friday, while the European Union explored further measures to pressure Moscow. Brent traded near $64 a barrel after falling more than 2% on Wednesday, its biggest drop in a week, and West Texas Intermediate neared $60. U.S. sanctions on the Russian oil giant have disrupted crude flows, particularly to India, and forced Lukoil to seek buyers for its international assets. Oil prices remained near annual losses on expectations of a surplus as OPEC+ and...
Gold prices fell more than 1% on Thursday (November 20th), pressured by a stronger dollar and fading expectations of a Federal Reserve interest rate cut in December, as investors awaited the delayed US employment report later in the day. Spot gold fell 0.4% to $4,066.32 an ounce, as of 09:20 GMT, after falling more than 1% earlier in the session. US gold futures for December delivery fell 0.4% to $4,065.30 an ounce. The dollar index strengthened near a two-week high, making gold more expensive for holders of other currencies. "The strengthening dollar is weighing on gold, but these price...
The Australian dollar (AUD) moved steadily against the US dollar (USD) on Thursday following the People's Bank of China (PBOC) interest rate decision. The Chinese central bank held the Loan Prime Rate (LPR) at 3.00% for one-year and 3.50% for five-year terms. As China is Australia's main trading partner, this decision influenced market perceptions of Australia's economic outlook and the movement of the AUD. Domestically, comments from RBA Assistant Governor Sarah Hunter added some color to the market. She emphasized that excessively strong economic growth has the potential to trigger...
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....