The U.S. dollar steadied Thursday, but remains weak after recent lackluster economic data largely cemented the case for a rate cut from the Federal Reserve next week. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely unchanged at 98.805, near a five-week low and almost 9% lower so far this year. Fed meeting looms largeWeak U.S. economic data has bolstered expectations for a Fed rate cut next week, weighing heavily on the U.S. currency. "After yesterday's 32k drop in ADP payrolls, a Fed cut next week looks even closer to a certainty,"...
Oil prices firmed on Thursday after Ukrainian attacks on Russia's oil infrastructure signalled potential supply constraints, and stalled peace talks tempered expectations of a deal restoring Russian oil flows to global markets, though weak fundamentals kept gains limited. Brent crude rose 41 cents, or 0.65%, to $63.08 at 0659 GMT, while U.S. West Texas Intermediate rose 45 cents, or 0.76%, to $59.40. Ukraine hit the Druzhba oil pipeline in Russia's central Tambov region, a Ukrainian military intelligence source said on Wednesday, the fifth attack on the pipeline that sends Russian oil to...
Silver prices corrected after hitting a new record high. In Asian trading (Singapore), silver fell as much as 2.4% to around $57.09 per ounce, before settling around $57.43. Despite the correction, the price remains less than $2 from its previous record of $58.97. This correction occurred due to profit-taking by traders following the sharp rally in recent days, as well as a slight strengthening of the US dollar index of around 0.1%, making the precious metal slightly more expensive for non-dollar buyers. In terms of the broader trend, silver is actually still in a very strong upward phase....
Gold prices fell suddenly during the Asian trading session on Thursday (December 4), after previously holding firm above the $4,200 per troy ounce area. This movement reflected a brief correction rather than a major trend change, as gold was still trading within that upper range. Market participants took advantage of the sharp rally in recent days to secure short-term profits. The main selling pressure came from profit-taking after gold approached new highs around $4,240–$4,250 and failed to break through. Amid relatively thin liquidity during the Asian session, this modest selling was...