Oil prices rose again after OPEC+ confirmed plans to temporarily halt production increases during the first quarter. This Saudi Arabia-led decision is considered a response to seasonally weaker market conditions. Brent is now trading above $63 per barrel, while WTI is approaching $60, signaling that the market is beginning to adjust to the new supply policy. This increase comes after oil posted four consecutive monthly declines due to concerns about a supply surplus. The IEA even predicted a record supply glut in 2026, while JPMorgan forecast oil prices could fall to nearly $50 per barrel....
Gold (XAU/USD) sticks to intraday gains near a two-week top heading into the European session on Friday, with bulls awaiting a sustained move beyond the $4,200 mark before placing fresh bets. The increasing likelihood of another interest rate cut by the US Federal Reserve (Fed) in December turns out to be a key factor that continues to benefit the non-yielding yellow metal. The intraday move up could also be attributed to technical buying above the $4,170-4,175 hurdle. Meanwhile, the US Dollar (USD) looks to build on the overnight bounce from an over one-week low and acts as a headwind for...
The US dollar weakened and is heading for one of its worst weeks since mid-year as markets increasingly believe the Federal Reserve will cut interest rates in December. Expectations of this policy easing arose after a series of data showed inflation starting to tame, retail sales slowing, and consumer confidence declining. Fed interest rate futures now project a probability of a 25 bps rate cut at over 80%, much higher than a week earlier. In such a situation, US bond yields tend to fall, weakening the dollar's appeal as a yield-bearing asset. Dovish comments from several Fed officials have...
Silver (XAG/USD) remains near its highest level since mid-October, supported by a combination of expectations for global interest rate cuts and a weakening US dollar. The prospect of lower interest rates makes non-yielding assets like silver and gold relatively more attractive than bonds. At the same time, concerns about the global economy and geopolitical uncertainty are driving some investors to seek "safe haven alternatives" to gold, and silver is also benefiting from these inflows. Fundamentally, silver has a dual advantage: it is not only a precious metal that hedges against inflation...
The EUR/USD pair traded flat on Thursday, trading around 1.1596, as market liquidity thinned during the US Thanksgiving holiday. Despite the limited movement, pressure on the US dollar remained as expectations mounted that the Federal Reserve would cut interest rates soon. The combination of declining inflation, weak retail sales data, and declining consumer confidence has made the market increasingly confident that borrowing costs in the US will fall. According to the CME FedWatch Tool, the market now prices around an 85% chance of the Fed cutting interest rates by 25 basis points. This...
Global oil prices are still trending lower and are now heading for their longest monthly decline in more than two years. West Texas Intermediate (WTI) is hovering around $59 per barrel, slightly above Wednesday's close before the Thanksgiving holiday in the US, while Brent is holding above $63 per barrel. The US oil benchmark is already on track for its fourth consecutive monthly decline in November, the longest since the first quarter of 2023. This price pressure reflects market concerns about demand and future supply policies. Meanwhile, market participants' attention is also focused on...
Gold prices have been stable but remain on track to rise for the fourth consecutive month. In Friday morning trading in Asia, gold bullion was trading around $4,163 per ounce, having risen more than 2% so far this week. Positive sentiment stems from expectations that the Federal Reserve will cut interest rates next month. Comments from several Fed officials and the delayed release of economic data have made the market increasingly confident that borrowing costs will fall. Currently, swap market participants even assess a greater than 80% chance of a 0.25% interest rate cut in December. For...
Oil prices rose on Thursday (November 27) as market participants weighed the possibility of reaching a deal in negotiations to end the war in Ukraine, with trading volumes thin due to the Thanksgiving holiday in the US. Brent crude futures closed up 21 cents, or 0.2%, at $63.34 a barrel. U.S. West Texas Intermediate crude futures rose 45 cents, or 0.8%, to $59.10 a barrel at 1:46 p.m. ET (18:46 GMT). The market is torn between hope and skepticism over renewed peace efforts in Ukraine, said SEB commodities analyst Ole Hvalbye. U.S. and Ukrainian delegations will meet this week to work on a...
Gold prices weakened slightly on Thursday (November 27th), after hitting a nearly two-week high in the previous session, as investors weighed the possibility of a US interest rate cut in December. Spot gold fell 0.2% to $4,157.29 per ounce, as of 16:01 GMT. US gold futures for December delivery fell 0.2% to $4,154.30 per ounce. "We still expect the consolidation that began with the price decline in October to continue as the impact of that price decline has not yet fully subsided," said Julius Baer analyst Carsten Menke. Bullion prices have fallen 5% since hitting a record high of...
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....