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...
EUR/USD recovers above 1.0300 in Monday's European session after a weak opening around 1.0280. The major currency opened on a weak note as investors rushed to the safe-haven fleet on renewed United States (US) President Donald Trump's tariff fears. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, gives up majority of its intraday gains and wobbles around 108.20. However, the outlook of the USD Index remains firm on renewed fears of a global trade war. Over the weekend, President Trump threatened to raise 25% tariffs on imports of steel and...
Gold price (XAU/USD) retains its bullish bias through the first half of the European session on Monday and touches a fresh all-time high, around the $2,896-$2,897 region in the last hour. Concerns about the potential economic fallout from US President Donald Trump's tariffs and escalating US-China trade tensions continue to boost demand for the safe-haven bullion. Moreover, concerns that Trump's protectionist policies would reignite inflation in the US turn out to be another factor that benefits the precious metal's status as a hedge against rising prices. Meanwhile, the US Dollar (USD)...
Silver climbed back above $32 per ounce on Monday, recovering some losses from the previous session as tariff warnings from US President Donald Trump triggered increased safe-haven demand for the metal. Trump announced a blanket 25% tariff on all steel and aluminum imports, effective later today, with additional tariffs to be revealed on Tuesday or Wednesday. This announcement coincided with China's retaliatory tariffs on select US exports, set to take effect today. Meanwhile, German Chancellor Olaf Scholz stated that the EU is ready to respond "within an hour" if the US imposes tariffs on...
The USD/CHF pair gathers strength to around 0.9110 during the early European session on Monday. The US Federal Reserve (Fed) is expected to keep interest rates hold this year after the US January employment data, supporting the Greenback. Fed's Chair Powell testifies will be the highlight on Tuesday. Later on Wednesday, US Consumer Price Index (CPI) inflation data will be in focus. The US Dollar Index (DXY), which measures the USD against six other units, currently trades near 108.20, gaining 0.14% on the day. The US economy created 143K new jobs in January, missing economists' estimates of...
Gold price (XAU/USD) advances to the $2,880 region during the Asian session on Monday in reaction to US President Donald Trump's plans to impose new 25% tariffs on all steel and aluminum imports into the US. The announcement sparks concerns about a global trade war and benefits the safe-haven precious metal. Moreover, expectations that Trump's protectionist policies would reignite inflation turn out to be another factor that underpins the commodity's status as a hedge against rising prices. Meanwhile, the upbeat US employment details released on Friday and inflationary concerns could limit...
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...