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) faced challenges as the dollar-denominated precious metals struggled due to a stronger US Dollar (USD) following the victory of former President Donald Trump in the US election. Gold prices are under pressure as safe-haven flows decline amid market optimism and "Trump trades." This shift is driven by the clarity of a presidential victory, while the market had previously been anticipating a contested outcome. US Federal Reserve's (Fed) policy decision will be eyed on Thursday. Markets expect a modest 25 basis point rate cut this week. This could provide support for Gold...
The Australian Dollar (AUD) strengthened following the release of China's Trade Balance data on Thursday. However, the AUD came under downward pressure against the US Dollar (USD) following the earlier Australian Trade Balance data during Asian hours. Downside risks for the AUD/USD pair seem likely as the US Dollar (USD) may strengthen further on market optimism following former President Donald Trump's victory in the US election. China's trade volume expanded in October, reaching $95.27 billion year-on-year, beating the estimate of $75.1 billion and the previous $81.71 billion. Exports...
Gold (XAU/USD) prices extended its decline for the second straight session on Thursday. The dollar-denominated precious metal faced downside pressure from a stronger US Dollar (USD) following former President Donald Trump's victory in the US elections. Gold prices came under pressure as safe-haven flows declined amid market optimism and the "Trump trade." The shift was driven by the apparent presidential victory, while markets had previously anticipated a disputed outcome. The US Federal Reserve's (Fed) policy decision will be eyed on Thursday. Markets are expecting a 25 basis point...
Oil prices rose on Thursday following a sell-off triggered by the U.S. presidential election, as risks to oil supply from a Trump presidency and a hurricane building in the Gulf Coast outweighed a stronger U.S. dollar and higher inventories. Brent crude oil futures were up 65 cents, or 0.87%, at $75.57 per barrel by 0400 GMT. U.S. West Texas Intermediate (WTI) crude gained 54 cents or 0.75% to $72.23. Concerns around a Trump presidency squeezing oil supply from Iran and Venezuela as well as an approaching storm "more than offset the post-election impact of a stronger U.S. dollar and ......
The Australian dollar strengthened above $0.66 on Thursday, nearly recovering all of the previous session's losses, supported by a hawkish outlook from the Reserve Bank of Australia and optimism over potential stimulus measures in China. On Wednesday, the Aussie had fallen as much as 1.9%, pressured by a sharp rally in the US dollar following Donald Trump's decisive victory in the US presidential election. The RBA noted that the impact of Trump's win on the Australian economy remains highly uncertain, with the central bank awaiting China's response to potential policy shifts. This week,...
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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