Oil prices eased in Asia on Wednesday but held near one-month highs on the back of new U.S. sanctions on a network of shipping companies and vessels, while traders looked ahead to an OPEC+ meeting over the weekend. Brent crude fell 19 cents, or 0.3%, to $68.95 a barrel by 0433 GMT. U.S. West Texas Intermediate crude dipped 16 cents, or 0.2%, at $65.43 a barrel. The benchmarks settled up more than 1% in the previous session after the U.S. imposed new sanctions on a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi...
Silver traded around $40.7 per ounce on Wednesday, lingering at its strongest level since 2011 as fiscal strains, renewed trade tensions and ongoing geopolitical risks lifted safe-haven demand. Support also came from expectations of a US Federal Reserve rate cut this month, with markets pricing a 92% chance of a 25 basis point move. Geopolitical nerves heightened after President Xi Jinping warned the world faced a choice of "peace or war" and "dialogue or confrontation" during a military parade, while US President Donald Trump alleged on social media that China was conspiring against the...
Gold's surge in recent days, to a new record high, is mostly likely due to haven demand, according to Commonwealth Bank of Australia analyst Vivek Dhar. "This is likely tied to concerns over the Fed's independence and the legality of U.S. tariffs," Dhar says in a note. Demand for the precious metal as a haven for investors is "notoriously difficult to predict in respect to timing, duration and price impact," he says. Still, CBA's forecast for gold to average $3,500/oz in 4Q is already looking too low, says Dhar. A price around $3,650/oz instead next quarter is "now a real possibility," he...
The Japanese Yen (JPY) maintains its offered tone through the Asian session on Wednesday amid heightened domestic political and trade-related uncertainties. Furthermore, the lack of hawkish signals from Bank of Japan (BoJ) Deputy Governor Ryozo Himino on Tuesday seems to encourage speculators to continue building short JPY positions. Apart from this, some follow-through US Dollar (USD) uptick lifts the USD/JPY pair back closer to a one-month top, around the 149.00 neighborhood touched the previous day. Meanwhile, expectations that Japan's tight labor market could fuel further wage gains and...