Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
Oil declined on signals that OPEC+ will hike production again in November, tempering a strong rally last week. Brent fell back below $70 a barrel after closing at the highest level since late July on Friday. The OPEC+ alliance led by Saudi Arabia is considering raising output by at least as much as the 137,000 barrel-a-day hike scheduled for next month, according to people familiar with the plans. While such an increase could add supply to a market in which there's already expected to be an excess, it would also bring further scrutiny to which of the group's members are...
Gold prices surged above $3,800 per oz for the first time on Monday, boosted by growing speculation of a US Federal Reserve interest rate cut, weakening the dollar, while concerns over a possible US government shutdown boosted demand for safe-haven assets. Spot gold prices jumped 1.5% to $3,816.79 per oz at 09:23 GMT, after reaching $3,819.59 earlier in the session. US gold futures for December delivery rose 1% to $3,846.60. The US dollar index fell 0.3%, making dollar-priced bullion cheaper for overseas buyers. US President Donald Trump will meet with Democratic and Republican leaders in...
Gold surged above the key $3,800-per-ounce level for the first time ever on Monday, supported by a weaker dollar and growing expectations that the Federal Reserve will cut interest rates further this year. Spot gold jumped 1.1% to $3,801.88 per ounce by 0435 GMT. U.S. gold futures for December delivery rose 0.6% to $3,831.90. The U.S. dollar index, opens new tab eased 0.2% against its rivals, making greenback-priced bullion less expensive for overseas buyers. The U.S. Commerce Department said on Friday its Personal Consumption Expenditures Price Index (PCE) rose 0.3% in August, versus a...
Silver price (XAG/USD) is trading around new 14-year high of $46.64, marked during the Asian hours on Monday. The non-interest-bearing Silver attracts buyers as the US August inflation report boosts the odds of the US Federal Reserve (Fed) delivering another interest rate cut in October. It is worth noting that investors could put their bets on precious metals including Silver in terms of gaining better investment returns. Markets are now pricing in nearly an 89% chance of a Fed rate cut in October and a 66% possibility of another reduction in December, according to the CME FedWatch...
The Australian Dollar (AUD) appreciates on Monday, with the AUD/USD pair extending its gains for the second consecutive session. The US Dollar (USD) weakens as traders brace for shutdown risks of the United States (US) government, beginning from October 1. The AUD also draws support from fading odds of near-term policy easing by the Reserve Bank of Australia (RBA), driven by recent data showing a hotter-than-expected consumer price index in August. Markets now price only a 6.5% chance of a 25-basis-point rate cut at September's meeting scheduled on Tuesday and 38.2% probability at its...
EUR/USD continued its rally for the second consecutive session, trading around 1.1720 during the Asian session on Monday. The pair strengthened as the US dollar (USD) weakened after the August US inflation report increased the likelihood that the Fed will cut interest rates again in October. The US Personal Consumption Expenditures (PCE) Price Index rose 2.7% year-on-year in August, compared to 2.6% previously. This figure was in line with analysts' projections. Core PCE, which excludes food and energy prices, reached 2.9% year-on-year during the same period, also in line with...
Gold rises in early Asian trade amid hopes for Fed rate cuts that would enhance the allure of the non-interest-bearing precious metal. U.S. economic data released last Friday showed the Fed's preferred inflation gauge met expectations. August's 12-month PCE price index rose to 2.7% from 2.6%, with core steady at 2.9%. The data have painted a steady picture of inflation, Sucden Financial's Research team says in commentary. The data also have reinforced expectations for further monetary-policy easing from the Fed, the team adds. Spot gold is 0.3% higher at $3,769.37/oz. Source: Dow Jones...
Oil declined at the start of the week as expectations that OPEC+ will hike production again in November exacerbated concerns about a glut. Brent dipped below $70 a barrel on Monday after rising 5.2% last week, while West Texas Intermediate traded around $65. The alliance led by Saudi Arabia is considering increasing output by at least as much as the 137,000 barrel-a-day hike scheduled for next month, according to people familiar with the plans. The Organization of the Petroleum Exporting Countries and its allies are pursuing a strategy to reclaim market share rather than...
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....