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 WAR." According to Trump's post, the ceasefire will begin approximately six hours after his announcement, when both nations have "wound down and completed their in progress, final missions." The agreement stipulates a 12-hour initial ceasefire period initiated by Iran, followed by Israel joining the ceasefire at the 12th hour. Trump stated that upon the 24th hour, there will be an "Official END" to the...
Oil prices edged up in early Asia amid positive sentiment driven by overnight gains on Wall Street. However, "supply tensions should again surpass their summer seasonal strength as under the surface, several bearish factors are gearing up for the end of the third quarter," Francesco Martoccia of Citi Research said in a research report. These factors include global refinery production set to fall by more than 1.5 million barrels per day between August and September, the analyst said. Front-month WTI crude futures were up 0.2% at $65.37/bbl; front-month Brent crude futures were up 0.2% at...
Gold fell slightly in early Asian trade, weighed by stronger-than-expected US data that could dampen hopes for a Fed rate cut. The number of people filing for unemployment benefits fell to a five-week low last week and durable goods orders posted their biggest increase in 11 years. The focus will likely be on the PCE inflation report due later in the day. Market participants are now looking to upcoming data for further direction, Exness' Krisada Yoonaisil said in an email. Meanwhile, concerns over the Fed's independence could fuel safe-haven demand, the financial market strategist added....
Gold price retreats on Thursday during the North American session, failing to gain traction amid a session characterized by a weak US Dollar, which is testing levels last seen in February 2022. The XAU/USD trades at $3,331 and prints modest losses of 0.05%. The yellow metal is struggling to rally despite the Greenback being near three-and-a-half-year lows and US Treasury yields plunging. Solid economic data in the United States (US) kept bullion from advancing, even though market participants got slightly ahead of themselves, pricing in two rate cuts toward the end of 2025. US jobs data...
Oil prices edged higher on Thursday with investors focused on market fundamentals as crude and fuel inventories fell in the U.S. and the dollar sank to a multi-year low, while the market remained cautious about the Iran-Israel ceasefire. Brent crude futures were up 32 cents, or 0.47%, to $68 a barrel at 2:01 p.m. EDT (1801 GMT). U.S. West Texas Intermediate crude was up 55 cents, or 0.85%, to $65.47 a barrel. Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient U.S. demand. Brent futures were trading below their close of...
Gold is retreating on Thursday despite persistent US Dollar (USD) weakness as traders continue to favour risk assets. With XAU/USD trading near $3,330 in the American session at the time of writing, the yellow metal continues to display signs of resiliency despite a minor pullback. The risk-on tone being adopted by global markets has continued to ripple through markets as US equity indices continue their ascent to fresh, record highs. This has limited Gold's ability to extend gains, despite a weaker Greenback. With the timing of Fed rate cuts still in question, recent data and US...
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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