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...
Silver weakened early in the Asian session, hovering near $48.45 after briefly touching a 14-year high. The strengthening US dollar—along with rising US bond yields—made USD-denominated commodities more expensive for overseas buyers, pressuring silver prices. However, global uncertainty and hopes for a Fed interest rate cut have the potential to limit further declines. "Safe haven" sentiment remains strong as the US government shutdown enters its seventh day, with the Senate failing to pass a budget bill, delaying key economic data such as the September employment report. US President...
Gold strengthened early in the Asian session. This rise aligns with the upward trend in commodities, driven by macroeconomic uncertainty, a weakening dollar, and continued strong demand for hard assets. According to City Index and FOREX.com analyst Fawad Razaqzada, the breakout of the "round number" has rekindled buying momentum as there has been no significant selling. After surpassing $3,900/oz, gold has the potential to test the next psychological level at $4,000/oz. ICE data shows spot gold rose 0.3% to $3,969.75/oz, after hitting a new intraday record of $3,976.18/oz. At the time of...
Brent oil prices are currently trading around $65 per barrel, driven by expectations that global energy demand will increase as economic prospects improve in several key countries. Investors also view OPEC+'s decision to hold production increases for the coming months as a positive signal for the market, as this move could help balance supply amid concerns about oversupply. Price gains are also supported by a weakening US dollar, which makes oil cheaper for holders of other currencies, and increased industrial activity in Asia. However, the short-term outlook remains clouded by concerns...
Gold surged past $3,900 per ounce for the first time on Monday (October 6th). This surge occurred as investors sought a safe haven amid the weakening Japanese yen and the US government shutdown. The uncertain situation has made gold once again sought as a hedge, especially as the market is increasingly confident that the Fed will cut interest rates in the near future. Early in the session, gold even hit a new record at $3,944.63 per ounce before gradually stabilizing. As of 06:31 GMT, the spot price was still up around 1% at $3,925.91 per ounce. In the derivatives market, US gold futures...
Silver reached $48,202 per ounce this morning, indicating positive sentiment in the precious metals market. This price increase was driven by the ongoing global economy and the impact of delayed US employment data due to the government shutdown, prompting investors to increasingly seek safe-haven assets such as silver and gold. Furthermore, central banks' expected moves to cut interest rates also increased the appeal of this non-interest-bearing precious metal.However, despite silver's significant rise, analysts caution investors to remain cautious as the potential for a short-term...