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 closed up more than $1 per barrel on Tuesday (September 23) after a deal to resume exports from Iraqi Kurdistan stalled, easing some investors' concerns that the resumption would exacerbate concerns about a global oversupply. Brent crude futures closed up $1.06, or 1.6%, to $67.63 per barrel, while U.S. West Texas Intermediate crude rose $1.13, or 1.8%, to $63.41 per barrel. Both benchmarks recouped significant losses earlier. Pipeline oil exports from Iraqi Kurdistan to Turkey had not resumed on Tuesday despite hopes of a deal to end the deadlock, as the two major producers...
Gold prices rose to a new record high on Tuesday (September 23), driven by safe-haven inflows amid geopolitical uncertainty and expectations of further Fed interest rate cuts. Spot gold prices rose 0.8% to $3,777.80 an ounce at 1:45 p.m. ET (17:45 GMT), after hitting a new record high of $3,790.82 earlier in the session. U.S. gold futures for December delivery closed 1.1% higher at $3,815.7. The benchmark 10-year Treasury yield fell 0.2%, while the U.S. dollar was largely stable. Fed Chairman Jerome Powell said the central bank faces a "challenging situation" with risks of...
Oil prices rose after the North Atlantic Treaty Organization (NATO) promised a "robust" response to Russian incursions into its airspace, adding to concerns about Russian supply flows. West Texas Intermediate (WTI) crude rose as much as 2.6% to trade near $64 per barrel, its biggest intraday gain in a week, after NATO said it would use all options, including military ones, to defend itself. U.S. Secretary of State Marco Rubio reaffirmed America's commitment to NATO, while the Russian government is evaluating a potential ban on diesel exports for some companies amid a spate of Ukrainian...
Gold hit a new record, with traders weighing China's plan to become a custodian of foreign gold reserves in an effort to strengthen its position in the global bullion market. The People's Bank of China (PBOC) is using the Shanghai Gold Exchange to persuade central banks in friendly countries to buy bullion and store it domestically, according to sources familiar with the matter. The Asian nation is the world's largest producer and consumer of the precious metal, and a larger role in the global bullion market could mean easing import restrictions, or a broader role for gold in the financial...
Oil prices edged higher on Tuesday even as investors weighed the global supply outlook after Iraq and Kurdish regional governments reached a preliminary agreement to restart an oil pipeline. Brent crude futures rose 14 cents to $66.71 a barrel by 0919 GMT, while U.S. West Texas Intermediate crude gained 21 cents at $62.49 a barrel, both recouping modest earlier losses. Brent and WTI had fallen for the previous four sessions, dropping around 3%. "Supportive elements are still low OECD oil inventories," UBS analyst Giovanni Staunovo said. "On the other hand, higher crude exports from OPEC+...
The price of Loco Gold surged to a new high of $3,791 per troy ounce, reinforcing the bullish trend in gold that has been developing since the beginning of the quarter. This increase was driven not only by global sentiment but also by domestic factors in the United States, further strengthening gold's prospects as a primary hedge. Global Factors1. Expectations of a Fed Interest Rate Cut Global investors continue to anticipate further interest rate cuts from the Federal Reserve. Lower interest rates reduce the opportunity cost of holding gold, thus increasing investor interest in the...
Gold prices steadied on Tuesday after reaching a record high, underpinned by expectations of more U.S. rate cuts and a weaker dollar, as investors awaited Federal Reserve Chair Jerome Powell's speech for further policy cues. Spot gold was up 0.2% at $3,753.25 per ounce, as of 0604 GMT, after hitting a record high of $3,759.02 earlier in the session. U.S. gold futures for December delivery rose 0.3% to $3,787.40. The U.S. dollar index (.DXY), opens new tab extended its losses from the previous session, making greenback-priced gold cheaper for overseas buyers. "I think it's predominantly a...
Silver hovered just below $44 per ounce on Tuesday, staying close to 14-year highs as traders weighed the US Federal Reserve's policy outlook. Several Fed officials urged caution on further rate cuts, citing signs of stabilizing inflation, while new Governor Stephen Miran warned the central bank was misjudging policy tightness and risking the labor market without deeper easing. Markets now await Fed Chair Jerome Powell's remarks and Friday's PCE price index, the Fed's preferred inflation gauge, for clearer direction. Support also came from strong fundamentals, with tight supply underpinning...
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....