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...
Gold is steady in the early Asian trade ahead of the FOMC's two-day meeting that starts today and major U.S. economic data such as retail sales due out today. Given expectations of a Fed rate cut and continuing geopolitical tensions, gold has settled into a high-level consolidation, Pepperstone's Dilin Wu says in an email. The FOMC meeting and U.S. retail sales will likely be the key events to monitor, possibly shaping whether the precious metal can resume a directional trend, the research strategist adds. Spot gold is little changed at $3,678.38/oz. Source: Bloomberg
The Australian Dollar (AUD) strengthened slightly against the US Dollar (USD) on Monday, extending its gains as the greenback remained on the defensive. This move came amid strong confidence that the Federal Reserve (Fed) will cut interest rates by 25 basis points (bps) at its monetary policy meeting on Wednesday, a scenario the market now views as a done deal. At the time of writing, AUD/USD was trading near 0.6672, its strongest level in more than ten months. The currency pair has benefited from the broad USD weakness, as traders fully anticipate imminent Fed policy easing. Meanwhile, the...
Gold rose to an all-time high on Monday (September 15), boosted by a weaker dollar and falling U.S. Treasury yields, as investors prepared for this week's crucial Federal Reserve meeting that could set the tone for the rest of the year. Spot gold rose 1.1% to $3,680.80 an ounce at 1:44 p.m. EDT (1744 GMT), after hitting a record high of $3,685.39 earlier in the session. Bullion prices rose about 1.6% last week. U.S. gold futures for December delivery closed 0.8% higher at $3,719.00. The dollar index fell 0.3% to a one-week low, making gold more attractive to holders of other currencies,...
Oil prices rose on Monday as investors assessed the impact of Ukrainian drone attacks on Russian oil refineries and U.S. President Donald Trump's call for NATO countries to halt purchases of Russian oil. Brent crude futures closed up 45 cents, or 0.67%, at $67.44 a barrel, while U.S. West Texas Intermediate crude closed up 61 cents, or 0.97%, at $63.30 a barrel. The attack on Russian oil infrastructure and Trump's increasing pressure on buyers of Russian crude boosted oil prices on Monday, said Phil Flynn, senior analyst at Price Futures Group. "Behind the scenes, there are a lot of...
Gold rose to a new a record high as traders geared up for an anticipated easing of the US Federal Reserve's monetary policy this week and looked for clues on further rate cuts this year. Bullion traded above $3,682 an ounce on Monday, after gaining for four consecutive weeks. Investors see a quarter-point cut this week, following signs of labor market weakness. Swaps also price in at least another reduction before the end of the year, with a high probability of a third one. That expectation has driven Treasury yields to the lowest level in months and weakened the...
Oil prices rose on Monday (September 15th) as investors assessed the impact of Ukrainian drone attacks on Russian refineries and U.S. President Donald Trump's call for NATO countries to halt purchases of Russian oil. Brent crude rose 41 cents, or 0.61%, to $67.40 a barrel at 11:43 a.m. EDT (15:43 GMT), while U.S. West Texas Intermediate crude was at $63.25 a barrel, up 56 cents, or 0.89%. The attack on Russian oil infrastructure and increased pressure from Trump on buyers of Russian crude boosted oil prices on Monday, said Phil Flynn, senior analyst at Price Futures Group. "Behind the...
Gold prices (XAU/USD) started the week cautiously, continuing their sideways trend late last week after briefly touching a record high near $3,675 on Tuesday. This movement reflects a lack of strong buying confidence, as market participants held back ahead of a busy week of central bank decisions.As of this writing, gold was trading around $3,657 (up 0.37% daily) after bouncing from $3,626. The $3,650 area remains short-term resistance, so prices are likely to consolidate within a narrow range.The main focus is the Fed's decision on Wednesday. The market is pricing in a 25 bps cut, with a...
The US dollar weakened in trading on Monday (September 15th), as investors remained cautious ahead of a crucial week filled with central bank decisions, particularly from the Federal Reserve (The Fed). The Dollar Index (DXY), which measures the greenback's performance against six major currencies, fell slightly after previously strengthening. Market participants are now focusing on this week's Federal Open Market Committee (FOMC) meeting. Expectations are strong that the Fed will cut interest rates by 25 basis points, a move deemed necessary to stimulate economic growth amid signs of a...
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....