Gold rises in early Asian trade amid hopes for Fed rate cuts that would enhance the allure of the non-interest-bearing precious metal. U.S. economic data released last Friday showed the Fed's preferred inflation gauge met expectations. August's 12-month PCE price index rose to 2.7% from 2.6%, with core steady at 2.9%. The data have painted a steady picture of inflation, Sucden Financial's Research team says in commentary. The data also have reinforced expectations for further monetary-policy easing from the Fed, the team adds. Spot gold is 0.3% higher at $3,769.37/oz. Source: Dow Jones...
Oil declined at the start of the week as expectations that OPEC+ will hike production again in November exacerbated concerns about a glut. Brent dipped below $70 a barrel on Monday after rising 5.2% last week, while West Texas Intermediate traded around $65. The alliance led by Saudi Arabia is considering increasing output by at least as much as the 137,000 barrel-a-day hike scheduled for next month, according to people familiar with the plans. The Organization of the Petroleum Exporting Countries and its allies are pursuing a strategy to reclaim market share rather than...
Oil prices rose on Friday as Ukrainian drone attacks on Russian energy infrastructure cut the country's fuel exports. Brent crude futures closed at $70.13 per barrel, up 71 cents, or 1.02%. U.S. West Texas Intermediate (WTI) crude closed at $65.72 per barrel, up 74 cents, or 1.14%. Both benchmarks are expected to post their biggest gains since mid-June. "The market continues to focus on the situation between Russia and Ukraine," said John Kilduff, a partner at Again Capital. "These drone attacks by Ukraine are starting to escalate." Russia will impose a partial ban on diesel exports until...
Gold strengthened on Friday (September 26th) after US inflation data matched expectations, bolstering speculation that the Federal Reserve will continue interest rate cuts later this year. Spot gold rose 0.8% to $3,778.62 an ounce at 1:30 p.m. EDT (17:30 GMT), after hitting a record $3,790.82 earlier in the week. The precious metal has risen about 2.5% this week. US gold futures for December delivery closed 1% higher at $3,809. "Monthly PCE data was appropriate, although personal income and spending were only a tenth above expectations. None of this data will deter the Fed from continuing...