OPEC on Tuesday raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market outlook. World oil demand will rise by 1.38 million barrels per day in 2026, the Organization of the Petroleum Exporting Countries said in a monthly report, up 100,000 bpd from the previous forecast. This year's expectation was left unchanged. Oil supply from countries outside the Declaration of Cooperation - the formal name for OPEC+ - will rise by about 630,000 barrels per...
Gold prices held steady on Wednesday as stronger U.S. jobs data countered safe-haven demand driven by simmering trade tensions between the U.S. and China. Spot gold was steady at $3,349.19 an ounce, as of 1145 GMT. U.S. gold futures were unchanged at $3,373.10. "U.S. labor data gave markets a bit of relief yesterday, causing a small dip in gold prices. However, tensions between the U.S. and China are still keeping risks high and gold prices supported," said Zain Vawda, market analyst at MarketPulse by OANDA. Job openings in the U.S. rose in April, though layoffs surged to their highest...
Silver prices (XAG/USD) correction from year-to-date highs below $35.00 has been limited at the $34.00 area, and the precious metal bounced up again to consolidate at the $34.50 area on Wednesday, with the 34.80 high at a short distance. Bears have been contained well above a previous resistance area at the $33.50-$33.70, and the 4-Hour RSI remains well above the 50 level, highlighting the pair's positive bias. The US Dollar Index seems to have lost momentum, following a moderate recovery on Tuesday. The enthusiasm from the strong job openings data seems to have faded, with investors...
The US Dollar (USD) showed resilience despite the late-session bounce in Treasury yields, supported by strong April JOLTS job openings. That said, the JOLTS data adds little to the overall jobs picture: the labour market remains tight, while declining quits suggest wage growth is easing. The dollar's rebound appears more a reflection of markets struggling to justify an already elevated risk premium without fresh negative developments on trade or Treasury fronts, ING's FX analyst Francesco Pesole notes. USD to come under renewed pressure "Markets may also be adopting a slightly more...
Oil prices slipped in Asian trade on Wednesday, weighed down by concerns of increasing OPEC+ output and tariff tension that threatens the global economic outlook, though worries about Canadian supply provided a floor. Brent crude futures dipped 17 cents, or 0.3%, to $65.46 a barrel by 0644 GMT, while U.S. West Texas Intermediate crude was down 19 cents, or 0.3%, at $63.22 a barrel. Both benchmarks climbed about 2% on Tuesday to a two-week high, driven by worries over supply disruption from Canadian wildfires and expectations that Iran would reject a U.S. nuclear deal proposal key to easing...
Gold price (XAU/USD) extends its consolidative price move around the $3,350 region through the first half of the European session on Wednesday and remains close to a nearly four-week high touched the previous day. Traders now seem reluctant and opt to wait for potential talks between US President Donald Trump and Chinese President Xi Jinping before placing fresh directional bets. In the meantime, persistent trade-related uncertainties and geopolitical risks might continue to act as a tailwind for the safe-haven precious metal. Meanwhile, expectations that the Federal Reserve (Fed) will...
U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY...
Gold moved above $2600 on Monday during the Asian trading session. Currently, Gold is still struggling to capitalize on last week's modest recovery from a one-month low and is fluctuating.
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