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...
Silver held near a 13-year high, supported by a technical breakout that also drove platinum to the highest level since 2022, signaling growing investor appetite for precious metals used by the industrial sector. Spot silver rose as much as 4.5% on Thursday to $36.06 an ounce — the highest since February 2012 — while platinum surged 4.8% to above $1,146 an ounce. Prices on Friday held close to those peaks. The metals were aided by technical momentum across the metals complex as well as improving fundamentals, with strong appetite for physical silver in India and resurgent...
Gold edges higher in the early Asian session amid weak U.S. economic data and signs of easing U.S.-China tensions. Thursday's data, showing rising jobless claims and a sharp decline in imports, raised the prospect of slowing economic growth. Meanwhile, President Trump said his conversation with Chinese leader Xi Jinping was productive and both sides agreed to meet soon. Investors could remain cautious ahead of tonight's U.S. nonfarm payrolls report, Kudotrade's Konstantinos Chrysikos says. "A strong reading could challenge the current rate-cut narrative and weigh on gold, while any...
EUR/USD held onto earlier gains of more than 0.20% after the European Central Bank (ECB) made headlines, cutting interest rates but leaving open the possibility of a pause at its upcoming July 24 meeting. At the time of writing, the pair was trading at 1.1441 after bouncing off a daily low of 1.1404. The ECB decided to cut interest rates to 2%, as expected by market participants, although it had left open the possibility of a pause. The decision was not unanimous, with one dissenter, most likely Robert Holzmann, who, ahead of the meeting, had favored a cut after the June or July...
Oil prices rose on Thursday, recovering from the previous day's decline, on news that the US and China agreed to further trade talks after a phone call between US President Donald Trump and Chinese leader Xi Jinping. Brent crude futures were up 48 cents, or 0.7%, at $65.34 a barrel. US West Texas Intermediate crude futures were up 52 cents, or 0.8%, at $63.37 a barrel. "If we move away from the brink of a major trade war, that would raise expectations for oil demand both in the US and China," said Phil Flynn, senior analyst at Price Futures Group. The official Xinhua news agency reported...
Gold prices pared earlier gains after the latest news revealed that the phone call between US President Donald Trump and his Chinese counterpart, Xi Jinping, was positive, with the two mainly discussing trade, according to Trump. At the time of writing, XAU/USD was trading at $3,350, down 0.72%. Trump took to his social media to say that the call was positive, adding, "There should be no more questions about the complexity of the Rare Earth product." He said that the US and Chinese teams will meet at a location to be determined. The news sent bullion prices lower, as risk appetite improved...
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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