Gold was steady after rising almost 2% in the previous session, as traders weighed an uncertain US economic outlook that's been compounded by an absence of reliable data. Bullion was trading just below $4,200 an ounce on Thursday, consolidating four days of gains — the longest winning streak in a month. While US lawmakers are expected to end the longest government shutdown in history, the White House has warned that official jobs and inflation reports for October are unlikely to be released. The data void throughout the shutdown has caused investors to fly blind or rely on...
World oil prices continue to weaken after previously plummeting by more than 4%. West Texas Intermediate (WTI) crude is now around $58 per barrel, while Brent has fallen below $63. This decline occurred after OPEC reported that global oil supply exceeded demand in the third quarter. This condition indicates that the long-awaited oil surplus is finally starting to be felt in the market. Signs of oversupply are also evident in changes in price patterns in the oil market. The WTI prompt spread briefly moved into contango, a situation where oil prices for future delivery are higher than current...
Oil prices plunged more than $2 per barrel on Wednesday (November 12th), weighed down by an OPEC report stating that global oil supply will match demand in 2026, marking a further shift from its previous projection of a supply deficit. Brent crude futures closed at $62.71 per barrel, down $2.45, or 3.76%, after rising 1.7% on Tuesday. U.S. West Texas Intermediate crude closed at $58.49 per barrel, down $2.55, or 4.18%, after rising 1.5% in the previous session. The Organization of the Petroleum Exporting Countries (OPEC) noted that global oil supply will match demand next year due to...
Gold prices rose 2% on Wednesday (November 12) as US Treasury yields weakened ahead of the House vote on reopening the government, a move that could revive economic data releases and strengthen expectations of a Federal Reserve interest rate cut in December. Spot gold prices rose 2% to $4,208.98 an ounce, their highest level since October 21, as of 1:46 PM ET (6:46 PM GMT). US gold futures for December delivery closed 2.4% higher at $4,213.60 an ounce. The benchmark US 10-year yield fell 1% to its lowest level since November 5. "The US government is starting to reopen, and the market is...