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 fell on Wednesday as optimism over potential US-China trade talks dampened demand for safe-haven assets, while investors prepared for a Federal Reserve policy meeting later in the day. Spot gold fell 1.2% to $3,388.67 an ounce by 0225 GMT. The metal had gained nearly 3% in the previous session. US gold futures fell 0.7% to $3,397.70. "Gold appears to be pulling back amid the broad risk-on movement across the market ... this is a pro-cyclical configuration that may echo optimism amid hints that the US and China have begun real trade negotiations," said Ilya Spivak, global head...
The AUD/USD pair extended its upward momentum for the fourth straight session, holding around the 0.6510 mark during Asian trading hours on Wednesday (07/05). The Australian dollar (AUD) found support from the release of mid-tier domestic economic data and improving global trade sentiment. In April, the AiG Industrial Index rose by 5.1 points to -15 on a seasonally adjusted basis, signaling a moderate improvement despite persistent headwinds in the industrial sector. Headwinds such as global trade uncertainty, currency volatility, and the upcoming federal election continued to weigh on...
Oil prices rose after rising more than 3% in the previous session as the U.S. and China agreed to start trade talks, raising optimism that tensions between the world's two largest economies could ease. West Texas Intermediate crude rose near $60 a barrel after rising the most in nearly three weeks on Tuesday. Brent crude settled above $62. U.S. Treasury and Commerce officials are due to travel to Switzerland this week for talks with Chinese officials, the first such discussions since President Donald Trump imposed sweeping tariffs. Crude is facing increasing pressure from escalating trade...
Gold fell in early Asia on a possible technical correction after front-month Comex gold futures closed up 3% at a fresh record high of $3,411.40/oz on Tuesday. Gold prices may be weighed down by positioning ahead of the outcome of today's two-day FOMC meeting. While the FOMC is widely expected to hold rates, Fed Chair Powell's press conference will be scrutinized for any change in tone, Konstantinos Chrysikos of Kudotrade said in an email. "A hawkish stance would likely benefit Treasury yields and limit gold's upside," the head of Client Relationship Management added. Spot gold was down 1.2%...
The AUD/USD pair corrects sharply to near 0.6450 in Tuesday's European session from the five-month high of 0.6500 posted on Monday. The Aussie pair retraces as the Australian Dollar (AUD) underperforms across the board due to a slowdown in business activity in China.Signs of moderate growth in economic activities in China weigh heavily on the Aussie Dollar, given Australia's significant reliance on its exports to Beijing. Caixin Manufacturing and Services Purchasing Managers' Index (PMI) data for April have demonstrated that businesses are facing pressure due to the fallout of higher...
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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