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...
The US Dollar Index (DXY) whipsawed on Wednesday after the Federal Reserve's (Fed) Federal Open Market Committee (FOMC) kept interest rates unchanged, as investors had broadly expected. The Greenback continues to churn in a long-tailed midrange near the 98.60 region as traders await Fed Chair Jerome Powell's upcoming press conference and follow-up Q&A session. The Fed still sees an average of 50 basis points in interest rate cuts by the end of the year, following closely with what is priced in according to the CME's FedWatch Tool. However, ongoing trade policy uncertainty has pushed...
Gold was steady as traders watched for signs the conflict in the Middle East could widen to include the US, while also awaiting an interest-rate decision by the Federal Reserve later in the day. President Donald Trump declined on Wednesday to say whether the US plans to join Israel's military offensive on Iran. He met with his national security team on Tuesday, fueling speculation that the US may join Israel's attack. Ahead of the Fed's rate decision, the latest US data showed jobless claims ticked down last week, stabilizing near the highest levels in...
The Australian Dollar is paring some of Tuesday's losses, favoured by a mildly weaker US Dollar on Wednesday. The pair, however, remains unable to consolidate above 0.6500 with investors cautious amid geopolitical tensions ahead of the US Fed monetary policy decision. The Israel-Iran war reaches its sixth day with Tel Aviv pounding the Islamic Republic tirelessly and the US threatening to get involved after President Trump demanded the unconditional surrender of Tehran´s authorities. Concerns about a widespread regional war and its potential impact on commodity prices and on global...
Oil prices fell on Wednesday, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement. Brent crude futures fell 93 cents, or 1.2%, to $75.52 a barrel by 0918 GMT. U.S. West Texas Intermediate crude futures fell 88 cents, also 1.2%, to $73.96 per barrel. U.S. President Trump warned on social media on Tuesday that U.S. patience was wearing thin, and called for an "unconditional surrender" from Iran. While he said there was no intention to kill Iran's leader Ayatollah Ali...
Gold prices are likely to be supported by central bank purchases, Julius Baer's Carsten Menke says in a research note. Central banks have doubled their average annual purchases to 1,000 tons from 500 tons since the start of the Ukraine war, Menke says. He adds that the main motivations are gold's status as a crisis asset, a portfolio diversifier and a store of value. "While de-dollarization is not a motivation, most central banks still believe that the share of U.S. dollars in their reserves is set to shrink," he says. Spot gold is down 0.15% at $3,384.54/oz. Source : Dow Jones...
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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