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 price (XAU/USD) extends its steady intraday retracement slide from a nearly two-week high touched earlier this Thursday and slides to the lower end of its daily range during the first half of the European session. The pullback lacks any fundamental catalyst and is more likely to remain limited amid a combination of supporting factors. Investors now seem convinced that the Federal Reserve (Fed) will lower borrowing costs further in 2025, which might continue to act as a tailwind for the non-yielding yellow metal. Apart from dovish Fed expectations, growing worries about rising US...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, holds gains after registering losses in the previous three successive sessions. During the early European hours on Thursday, the DXY is holding its position around 99.70, slightly above two-week lows. Furthermore, traders await S&P Global US Purchasing Managers Index (PMI) data due on Thursday. The overall business activity is expected to expand at a steady pace in May, which could provide some support for the Greenback. The House Rules Committee approved US President Donald Trump's...
Silver prices surged above $33.50 per ounce on Thursday, advancing for a fourth consecutive session as mounting concerns over the US fiscal outlook weighed on the dollar and boosted demand for safe-haven assets. Investor sentiment deteriorated after President Donald Trump's proposed tax bill was projected to add over $3 trillion to the already substantial US debt load, raising fears of financial instability. A weak 20-year Treasury bond auction further fueled expectations that investors are rotating out of US assets, adding momentum to precious metals. In addition to safe-haven buying,...
Gold price (XAU/USD) retreats from a nearly two-week high, around the $3,345-3,346 area touched this Thursday, and trades with a mild positive bias during the early European session. A modest US Dollar (USD) uptick is seen as a key factor behind the commodity's intraday pullback, though any meaningful downside seems elusive. The growing acceptance that the Federal Reserve (Fed) will lower borrowing costs further in 2025 and worries about rising US deficit should cap the USD, which should act as a tailwind for the non-yielding yellow metal. Meanwhile, US fiscal concerns, along with a...
Oil prices were little changed on Thursday as investors stayed cautious, focusing on renewed Iran-U.S. nuclear talks, though unexpected builds in U.S. crude and fuel inventories raised concerns about demand from the world's largest oil consumer. Brent futures inched up 4 cents to $64.95 a barrel by 0456 GMT, while U.S. West Texas Intermediate crude gained 10 cents to $61.67. Both benchmarks fell earlier in the session after U.S. crude and fuel inventories posted surprise stock builds last week, the Energy Information Administration said on Wednesday, as crude imports hit a six-week high...
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.
In...