Gold rallied – after a five-day rally that reached a new record – as the US government shutdown deepened and traders increased bets on a Federal Reserve interest rate cut following weak private payroll data. Gold traded near $3,880 an ounce, about $15 below its high reached on Wednesday, with the suspension of federal operations threatening to delay crucial economic data needed by the Fed to make interest rate decisions. This has left economists, traders, and policymakers more reliant on non-government data, such as Wednesday's ADP Research report, which showed a sharp decline in private...
Oil prices weakened on Thursday (October 2), extending their decline into a fourth day on concerns about oversupply in the market. Brent crude futures fell 37 cents, or 0.6%, to $64.98 a barrel at 11:27 GMT. Earlier in the session, prices hit their lowest level since June. U.S. West Texas Intermediate crude fell 36 cents, or 0.6%, to $61.42 a barrel. The U.S. government shutdown raised uncertainty about the global economic outlook, while expectations of increased production by OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, weighed on sentiment,...
Gold held steady near a record high on Thursday (October 2nd), as rising expectations of further US interest rate cuts this year and political uncertainty stemming from the controversial US government shutdown boosted demand for the metal. Spot gold rose 0.2% to $3,865.73 an ounce at 08:10 GMT, down from Wednesday's all-time high of $3,895.09. US gold futures for December delivery fell 0.2% to $3,890.80. The US dollar index weakened slightly, nearing a one-week low reached on Wednesday. Data showed on Wednesday that US private sector jobs fell by 32,000 in September after a downwardly...
Oil prices edged higher on Thursday following losses in the previous three sessions as concerns about more disruption to Russian crude exports lent some support, though concerns about oversupply in the market capped gains. Brent crude futures gained 14 cents, or 0.2%, to $65.49 a barrel at 0749 GMT. U.S. West Texas Intermediate crude climbed by 14 cents, or 0.2%, to $61.92 a barrel. "There is some concern in the market again that Russian oil could get disrupted," said Giovanni Staunovo, commodity analyst at UBS. "But as long as there aren't disruptions yet, the moves are small." The Group...