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 stabilized on Wednesday (October 1) after two days of declines as investors considered OPEC+ plans for a larger production increase next month, while data from the US and Asia showed signs of declining demand. Brent crude for December delivery rose 6 cents to $66.09 a barrel at 08:35 GMT. US West Texas Intermediate crude rose 4 cents to $62.41 a barrel. On Monday, Brent and WTI both closed down more than 3%, their sharpest daily declines since August 1. On Tuesday, both fell 1.5% each. "After two days of selling, triggered by reports of an OPEC+ production increase and the...
Gold surged above $3,890 an ounce on Wednesday (October 1), hitting a new record high as the US government shutdown boosted demand for safe-haven assets. Washington has suspended most operations after a partisan standoff prevented a funding deal between Congress and the White House, triggering a potentially prolonged impasse that threatens thousands of federal jobs. Traders are closely monitoring the duration of the government shutdown, as it threatens to delay key economic data, including Friday's nonfarm payrolls report, which is seen as crucial ahead of the Fed's policy meeting in late...
The Australian dollar edged lower to around $0.660 on Wednesday, ending its three consecutive session of gains, as investors digested soft economic data. Australia's manufacturing sector continued to expand in September, though at a slower pace, while industry activity showed slight improvement but remained in contraction, with weak demand, rising costs, and labor shortages weighing on firms. Additionally, global sentiment remained cautious amid concerns over a potential US government shutdown after the Congress's failure to pass funding bills. The commodity-linked Aussie also came under...
The US dollar continued to weaken, approaching its lowest level in a week as uncertainty over a possible US government shutdown looms. If the US government does shut down, the release of key data, such as Friday's jobs report, could be delayed, heightening market caution. US President Donald Trump warned that a shutdown would force the government to take "irreversible" steps, including shutting down critical programs. Meanwhile, recent data showed the US labor market is starting to weaken, with a decline in the number of workers employed despite a slight increase in job openings. In the...
Gold edges higher in the early morning Asian session. The U.S. federal government is on track to shut down, with Congress set to miss the deadline to fund federal agencies. Front-month Comex gold futures ended 16.59% higher in 3Q, a record quarterly net gain. The precious metal's strong performance has been fueled by risingdemand for safe-haven assets, Exness's Agustina Patti says in an email. Immediate focus has remained on Washington, where talks between President Trump and congressional leaders ended without agreement on extending government funding, the financial markets strategist...
Oil steadied after a two-day drop as OPEC+ may discuss fast-tracking its latest round of supply hikes when members gather this weekend. West Texas Intermediate traded near $62 a barrel, after falling more than 5% in the first two days of the week, while Brent closed above $66. The alliance is slated to discuss potentially lifting output in three monthly installments of 500,000 barrels a day to recoup market share, a delegate said. Still, OPEC said in a statement that it didn't have such a plan. In wider markets, traders were counting down to a possible US government...
EUR/USD holds firm on Tuesday during the North American session, although the Dollar weakens due to fears of a possible government shutdown that could disrupt the release of crucial jobs data for Fed officials. At the time of writing, the pair trades at 1.1735 up a modest 0.05%. Pair holds above 1.1730 despite mixed US data and cautious Fed rhetoricThe financial markets narrative remains focused on the US government being able to doge a shutdown that will begin in October 1. Recently, a US Democratic bill to avoid the shutdown, failed to garner sufficient votes to pass in Senate as the...
GBP/USD caught a slight lift on Tuesday, creeping into the 1.3450 region and tilting into a third straight bullish session. United Kingdom (UK) Gross Domestic Product (GDP) growth figures beat expectations, bolstering the Pound Sterling (GBP), while US Dollar (USD) flows hunkered in place as investors brace for the US government's latest funding crisis shutdown. UK GDP accelerated to 1.4% YoY in Q2, rising above the expected hold at 1.2%. GBP flows tilted bullish afterward, but FX market flows have broadly drawn down ahead of the US government shutdown, which was confirmed after Congress...
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....