Gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook. Spot gold rose 0.4% to $2,623.54 per ounce by 0246 GMT, the highest since Nov. 12. Prices rose 2% on Monday. U.S. gold futures gained 0.5% to $2,627.60. The U.S. dollar pulled back as profit-booking kicked in after last week's stellar rally. A weaker dollar makes bullion less expensive for buyers holding other currencies. The recent strong economic data has raised concerns on whether the Fed will...
Oil steadied after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets. Brent traded above $73 a barrel after surging 3.2% on Monday, while West Texas Intermediate was near $69. A gauge of the dollar headed for a third day of losses, making commodities priced in the currency less expensive for most buyers, and Asian shares followed Wall Street higher. Oil is still lower for the year as concerns around Chinese demand and plentiful global supply weigh on the outlook. The prompt spread for WTI — the difference...
Gold steadied, after jumping the most since August on Monday, with the market focused on the dollar and the Federal Reserve's interest-rate path. Bullion traded near $2,615 an ounce after surging 1.9% in the previous session, with the gains driven by a falling dollar and Treasury yields. The precious metal has been hit by the greenback rallying to a two-year high following Donald Trump's election win, as well as signs the Fed may have to slow the pace of rate cuts due to the inflationary policies the president-elect is pledging. However, Goldman Sachs reiterated its forecast for gold...
Oil steadied after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets. West Texas Intermediate traded near $69 a barrel after surging 3.2% on Monday, while Brent closed above $73. A gauge of the dollar fell for a second session, making commodities priced in the currency less expensive for most buyers, and Wall Street stocks climbed. Asian shares are poised to track higher. Oil is still lower for the year as concerns around Chinese demand and plentiful global supply weigh on the outlook. The prompt spread...