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 rose more than 1% on Thursday, helped by a retreat in the U.S. dollar, while the Federal Reserve cut interest rates by a quarter of a percentage point as widely expected. Spot gold was up 1.2% at $2,691.36 per ounce as of 2:22 p.m. EST (1919 GMT), after dropping to a three-week low on Wednesday. U.S. gold futures settled 1.1% higher at $2,705.80. At the end of a two-day policy meeting, the U.S. central bank lowered the benchmark overnight interest rate to the 4.50%-4.75% range, with policymakers taking note of a job market that has "generally eased". The dollar index (.DXY),...
Gold (XAU/USD) bounced back to $2,670 on Thursday after dropping 3% the previous day as President-elect Donald Trump secured victory in the US presidential election. Gold drops 3.0% as Donald Trump wins election Gold's sharp decline on Wednesday was partly a result of the strengthening US Dollar (USD) due to Trump's dollar-positive economic agenda and preference for pro-tariff protectionism. Since Gold is mostly priced and traded in USD, a stronger Dollar has a direct negative impact on its price. Source: FXStree
Gold steadied after plunging more than 3% in the previous session, with markets weighing the outlook for the US and global economy following Donald Trump's decisive White House victory. Bullion traded near $2,660 an ounce following its biggest one-day fall in five months. That decline was sparked by the dollar surging to a one-year high as Trump won back the presidency in a stunning comeback, which prompted some traders to book profits as fears over a contested result eased. A stronger dollar makes the precious metal more expensive for most buyers. "The move in the US dollar and...
EUR/USD rebounds to near 1.0770 in European trading hours on Thursday. The major currency pair bounces back after posting a more than four-month low below 1.0700 on Wednesday. The recovery comes as the US Dollar (USD) corrects ahead of the Federal Reserve's (Fed) interest rate decision, which will be published at 19:00 GMT. On Wednesday, the USD Index surged more than 1.6% – the highest single-day gain in almost four years – as United States (US) citizens chose Republican Donald Trump in the presidential elections over Democratic candidate Kamala Harris. The reasoning behind the US Dollar's...
Silver (XAG/USD) remained on the back foot through the first half of the European session on Thursday, albeit managed to hold above the $31.00 mark. However, the technical setup seems to be tilted in favor of bearish traders and suggests that the path of least resistance for the white metal remains on the downside. The overnight decline and subsequent weakness below the 50-day Simple Moving Average (SMA) confirmed a short-term rising trend-channel breakout. Further, oscillators on the daily chart have been gaining negative traction and add credence to the near-term negative outlook for...
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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