Oil prices eased on Wednesday, after rising more than 1% in the previous session, though ongoing geopolitical jitters provided a floor for the market, with traders eyeing an expected interest rate cut from the U.S. Federal Reserve later in the day. Brent crude futures were down 33 cents, or 0.5%, to $68.14 a barrel at 0810 GMT, while U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $64.20 a barrel. The benchmarks settled more than 1% higher in the last trading session due to concerns that Russian supplies may be disrupted by Ukrainian attacks. "If the drone...
Gold (XAU/USD) extends its steady intraday descent through the first half of the European session on Wednesday and slides further below the $3,665 level, hitting a fresh daily low in the last hour. The US Dollar (USD) stages a modest bounce from its lowest level since early July amid some repositioning trade ahead of the pivotal FOMC decision and exerts some pressure on the precious metal. The commodity now seems to have snapped a three-day winning streak to the all-time peak touched on Tuesday, though the downside remains cushioned. Investors now seem convinced that the US Federal Reserve...
Silver fell more than 1% to around $42 per ounce on Wednesday, pulling back from 14-year highs as investors locked in profits ahead of the Federal Reserve's policy decision. The Fed is widely expected to cut rates by 25 basis points later today, with markets pricing in about 67 basis points of easing by year-end. Those expectations have been supported by signs of a cooling labor market, even as inflation holds above the Fed's 2% target. Investors will also focus on the Fed's quarterly Summary of Economic Projections, including the "dot plot" outlook for rates. Elsewhere, central banks in...
The dollar was on the defensive, shares edged lower, and gold scaled new heights on Wednesday as global markets counted down to an anticipated rate cut by the Federal Reserve later in the day and waited on signals around the extent of future easing. The euro surged to a four-year high against the greenback in the prior session on the Fed easing bets, while oil remained firm following Ukrainian drone attacks on Russian refineries and ports. The Fed is expected to cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range at the end of its monetary policy...