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 plummeted on Tuesday (September 30th) ahead of an anticipated production increase by OPEC+ and as the resumption of oil exports from Iraq's Kurdistan Region via Turkey reinforced market expectations of a supply surplus. Brent crude for November delivery, which expires on Tuesday, fell 84 cents, or 1.2%, to $67.13 a barrel at 08:09 GMT. U.S. West Texas Intermediate crude traded at $62.68 a barrel, down 77 cents, or 1.2%. This decline extended Monday's decline, when Brent and WTI closed more than 3% lower after their sharpest daily declines since August 1st. Selling pressure...
Silver traded around $47 per ounce on Tuesday and was set to advance almost 20% in September as safe-haven demand strengthened amid the risk of a US government shutdown. The standoff comes as President Donald Trump has made little progress in reaching a temporary spending deal with opponents, heightening market uncertainty. The US Labor Department also warned it would suspend economic data releases, including this week's key monthly jobs report, if a partial shutdown occurs. At the same time, markets are betting on another quarter-point Federal Reserve rate cut in October and roughly 42...
The U.S. dollar was on the back foot on Tuesday in cautious trading as investors braced for a possible U.S. government shutdown that would halt economic data releases including the crucial jobs report later this week. Government funding will expire at midnight on Tuesday unless Republicans and Democrats agree to a last-minute temporary spending deal, with President Donald Trump and his opponents making little progress at a White House meeting. The payrolls report, crucial for decision-making by policymakers at the Federal Reserve, is scheduled for Friday, and a delay could leave the...
Gold edges lower in early Asian trade on a likely technical correction. Front-month Comex gold for October settled 1.2% higher at a fresh record high on Monday. However, gold's decline may be limited after overnight talks at the White House failed to make any breakthrough to avoid a government shutdown, which may support safe-haven demand for the precious metal. Political uncertainty in Washington adds to gold's appeal, XTB MENA's Hani Abuagla says in an email. Persistent inflows and steady central bank buying have reinforced the precious metal's recent rally, the senior market analyst...
Oil pushed lower for a second session as the market weighed a looming glut and the possibility for an end to hostilities in Gaza, which could siphon some of the war premium out of prices. West Texas Intermediate slipped toward $63 a barrel after tumbling 3.5% on Monday, the biggest drop since late June. Brent closed near $68. The OPEC+ alliance meets on Sunday and is likely to agree to raise output in November, though at a modest rate similar to that for October. The US and Israel, meanwhile, agreed to a 20-point plan to end the war in Gaza, but the prospects for...
EUR/USD registers gains of over 0.20% on Monday amid worries of a possible government shutdown in the US, while data in the Eurozone, showed that sentiment improved but failed to propel the shared currency higher. At the time of writing, the pair trades at 1.1726 after hitting a daily low of 1.1701. Shared currency gains modestly as political gridlock in Washington undermines sentimentThe Greenback is on the backfoot against most G10 FX currencies as US President Donald Trump met with the two leaders of the Democrats of the House of Representatives and the Senate. US Senate Democrat...
Gold price advances close to 2% on Monday and trades near record highs of $3,833 as market participants seeking safety bought the yellow metal amid fears of a government shutdown in the United States. XAU/USD trades at $3,827 at the time of writing. Precious metal rallies to fresh record highs as Treasury yields plungeThe precious metal refreshed the all-time high of $3,791 hit on September 23, as the Greenback and US Treasury bond yields dive. Pessimism over an extension of government funding could trigger a federal shutdown and delay US economic reports like Friday's Nonfarm Payrolls...
Oil prices fell by nearly 3.5% on Monday as OPEC+ plans for another increase to oil output in November and the resumption of oil exports by Iraq's Kurdistan region via Turkey raised the global supply outlook. Brent crude futures dropped $2.42, or 3.5%, to $67.71 a barrel by 11:33 a.m. ET (1533 GMT) after settling at their highest since July 31 on Friday. U.S. West Texas Intermediate crude was down $2.42, or 3.7%, at $63.32. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, is likely to approve another increase to crude oil production at its...
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....