Gold prices weakened in early December, dragged down by investor caution ahead of the Federal Reserve's looming interest rate decision. Amid speculation that the Fed was ready to cut rates again this month, market participants opted to hold back, keeping gold's movements limited. Pressure from the mixed US dollar also prevented gold from posting significant gains. Despite showing some strength in the previous month, gold is now moving defensively due to ongoing global uncertainty. US economic data released in the next few days—including inflation, consumer spending, and signs of a weakening...
The U.S. dollar edged higher Wednesday, with this safe haven helped by the fragile nature of global confidence, although gains are limited ahead of the release of the much-anticipated delayed U.S. jobs report. At 04:15 ET (09:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher to 99.552, close to a one-week high. Dollar helped by risk-off stanceGlobal equity markets have been hit hard this week amid concerns about valuations of artificial intelligence-linked stocks, and this has seen demand for U.S. Treasury bonds and thus the...
Silver edged higher above $52, nearing a record high, as investors sought safe-haven assets ahead of today's Federal Reserve meeting minutes and Thursday's pending U.S. employment report, both closely watched for clues on the future direction of interest rates. The Fed minutes are expected to reveal disagreements among policymakers over the need for further policy easing, while the jobs report is expected to show the U.S. economy added about 50,000 jobs in September, following earlier data showing unemployment benefits reached a two-month high in October. Expectations for a rate cut next...
Oil prices fell slightly on Wednesday (November 19th) as an industry report showed rising crude inventories in the United States, reinforcing concerns about oversupply, although the decline was limited by tightening fuel markets following attacks on Russian oil infrastructure. Brent crude futures fell 44 cents, or 0.68%, to $64.45 a barrel at 09:23 GMT, after rising 1.1% in the previous session. U.S. West Texas Intermediate crude fell 46 cents, or 0.76%, to $60.28 a barrel, after rising 1.4% on Tuesday. Prices rose on Tuesday due to tighter diesel markets due to falling Russian exports,...
Gold rose on Wednesday (November 19) as investors sought safe-haven assets, with attention focused on the Federal Reserve's minutes from its last meeting and the pending US employment report for clues on future interest rate moves. Spot gold rose 0.5% to $4,088.03 an ounce, as of 09:15 GMT. US gold futures for December delivery rose 0.5% to $4,087.90 an ounce. "After rebounding from the psychological $4,000 level in the previous session, gold is showing some sparkle this morning amid cautious sentiment," said Lukman Otunuga, senior research analyst at FXTM. Investors are eyeing the Federal...
The price of silver (XAG/USD) is now hovering around $50.80 per ounce after previously slipping below the psychological $50.00 level and hitting its lowest level in more than a week. This recovery comes amidst a global market situation that remains uncertain: global stock markets are under pressure, particularly the technology sector, which is considered "overpriced," while market participants are beginning to reduce expectations of aggressive interest rate cuts by the Fed. Fundamentally, silver benefits from two factors. As a precious metal, it is often viewed as a safe haven when risk...
The EUR/USD pair traded slightly around 1.1580 during Wednesday's Asian session, after three consecutive days of weakness. The main pressure came from the strengthening US dollar, as markets began to reduce expectations that the Federal Reserve would cut interest rates at its December meeting. Currently, the CME FedWatch tool estimates the chance of a rate cut at only around 49%, down from 67% a week ago. The market is also awaiting the release of September's Nonfarm Payrolls (NFP) data, due on Thursday, which could trigger the next major move. On the data front, initial jobless claims in...
Gold steadied as investors weighed a decline in global equities, unease over lofty tech valuations and fading expectations of an interest-rate cut in the US. Bullion was trading around $4,070 an ounce, having ended the previous session up 0.6%. A high-stakes earnings report from Nvidia Corp. due Wednesday will test investors' nerves over stocks linked to artificial-intelligence developments. While gold often performs well when investors seek refuge from market turmoil, it can also suffer in the short term as traders are forced to unwind leveraged positions. Comments by several...
Oil steadied as traders weighed a report showing rising US stockpiles against concerns about the fallout from sanctions on Russia. West Texas Intermediate traded below $61 a barrel, after gaining more than 1% on Tuesday, when Brent closed near $65. The industry-funded American Petroleum Institute reported a 4.4 million barrel increase in US crude inventories, as well as builds in products. That would take oil inventories to the highest in more than five months, if confirmed by official data. US sanctions against Russian producers Rosneft PJSC and Lukoil PJSC are set to kick...
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....