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 climbed on Friday to their highest point in more than a month, on track for a weekly gain, as investors sought safe-haven assets after Israel's strike on Iran heightened Middle East tensions. Spot gold was up 1.3% at $3,428.28 an ounce, as of 0134 GMT, after hitting its highest level since May 7 earlier in the session. Bullion has gained more than 3.5% so far this week. Geopolitical tensions escalated after Israel struck Iran as tensions mounted over U.S. efforts to halt Iran's production of atomic bomb materials. "This latest spike in hostilities in the Middle East has taken...
The Australian Dollar (AUD) declines against the US Dollar (USD) on Friday, with over 1% losses. The AUD/USD pair depreciates due to escalating tensions in the Middle East. Israeli Minister of Defense Israel Katz warned his country to face a missile and drone attack following Israel's preemptive attack on Iran. Katz declared a special state of emergency in the country, per Axios. Israeli military officials said that Israel attacked dozens of sites across Iran, as the Iranian nuclear program is an existential threat to Israel. Reuters reported that US President Donald Trump expanded steel...
Oil surged following reports of an Israeli airstrike in Iran, heightening tensions in the region that accounts for a third of global crude production. Brent rose as much as 5.7%, jumping above $73 a barrel, while West Texas Intermediate also rallied. The Israeli Air Force conducted a strike in Iran on Thursday, Axios reported, citing two unidentified people with knowledge of the operation. Earlier, US President Donald Trump said Israel "could very well" strike Tehran. President Donald Trump said Israel "could very well" strike Iran but that he had advised against an attack while...
Gold rose a third day on reports that Israel struck targets in Iran. Bullion jumped as much as 0.8% — after gaining 0.9% on Thursday. The Israeli Air Force conducted a strike in Iran on Thursday, Axios reported, citing two unidentified people with knowledge of the operation. Spot gold traded at $3,406.61 an ounce as of 8:12 a.m. in Singapore. The Bloomberg Dollar Spot Index was down 0.1%. Silver, platinum and palladium also advanced. Source : Bloomberg
AUD/USD is trading just below key resistance as diverging economic signals between Australia and the United States drive renewed bullish momentum in the pair, which is currently trading at 0.6529, up 0.44% on Thursday. Traders are closely monitoring Friday's release of the University of Michigan Consumer Sentiment report and accompanying inflation expectations data. The preliminary June Consumer Sentiment Index is expected to be 53.5, up from 52.2 in May. Meanwhile, inflation expectations over the 1-year and 5-year horizons were previously reported at 6.6% and 4.2%, respectively. Any...
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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