Oil prices rose slightly in trading on Tuesday (January 20) after better-than-expected Chinese economic data boosted demand optimism. Brent crude rose 19 cents (0.3%) to $64.13/barrel, while February WTI which expires today rose 25 cents (0.4%) to $59.69/barrel. The more active March WTI contract also edged higher to around $59.42/barrel. This strengthening was driven by news from China, the world's largest oil importer. The Chinese economy reportedly grew 5.0% through 2025, meeting the government's target. Refinery activity also increased, with refinery throughput rising 4.1% and crude oil...
Gold bullion prices pared earlier gains as "JOLTS data confirmed our expectations for a rebound in the jobs market, alleviating concerns of a significant slowdown in the labor market ahead of Friday's nonfarm payrolls report," said Daniel Ghali, commodity strategist at TD Securities. A strong jobs report could prompt the Fed to take a cautious stance on cutting interest rates. Investors' focus shifts to the ADP jobs report and Fed Chair Jerome Powell's speech on Wednesday, ahead of Friday's payrolls report.
Gold (XAU/USD) held steady around $2,640 on Tuesday after the release of US labor market data reinforced the view that the US economy is in a good position. The US Dollar (USD) strengthened after the release, which put pressure on Gold, which is mostly priced and traded in USD. US JOLTS Job Openings rose to 7.744 million in October, beating the consensus estimate of 7.480 million and a downwardly revised 7.372 million in September, according to data from the US Bureau of Labor Statistics (BLS). The data caused Gold to pare earlier gains made after comments from a Federal Reserve (Fed)...
Silver prices rose on Tuesday, supported by optimism over a potential U.S. Federal Reserve rate cut in December and a weakening dollar. The metal traded above a key pivot at $31, which sparked buying interest and short covering. However, the rally faces resistance levels that could limit gains in the near term. The market is increasingly pricing in a 73% probability of a 25-basis-point rate cut at the Federal Reserve's December meeting, up from 66% on Monday. This sentiment followed comments from Fed Governor Christopher Waller, who expressed support for easing monetary policy due to...
Gold prices held steady in the $2647 area entering the European trading session today.Traders currently appear reluctant and prefer to wait for further cues on the Federal Reserve's (Fed) interest rate cut signal before positioning themselves for the next move in directional movement. Therefore, the focus remains on this week's important US macro releases, including the closely watched Nonfarm Payrolls (NFP) report on Friday. Source: NewsMaker 23
Silver prices (XAG/USD) fell on Monday (2/12). Silver is trading at around $30 per troy ounce, down 1.1% today. This was driven by the US dollar's rebound due to optimism about the US economic outlook. Meanwhile, investors are now focused on a key political meeting in China this month for potential policy announcements, which could help assess the outlook for the world's top metal consuming nation. Silver price at the time of this news release -1.1% which is at the level of $ 30,277. Source: Newsmaker