Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts. Spot gold rose 0.7% to $2,688.70 per ounce as of 0306 GMT. Bullion was up nearly 5% for the week so far, its best week since early October 2023. U.S. gold futures gained 0.6% to $2,691.00. Meanwhile, the Chicago Federal Reserve President on Thursday reiterated his support for further U.S. interest rate cuts and his openness to slowing them down. Markets are pricing in a 55.9%...
Oil prices edged higher on Friday, on track for a weekly gain of more than 4%, as the Ukraine war escalated, with Russian President Vladimir Putin warning of a global conflict. Brent crude futures rose 17 cents, or 0.2%, to $74.40 a barrel by 0722 GMT. U.S. West Texas Intermediate crude rose 20 cents, or 0.3%, to $70.30 a barrel. Both contracts jumped 2% on Thursday and were set to close the week up more than 4%, their strongest performance since late September, as Moscow escalated its attacks on Ukraine after Britain and the United States allowed Kyiv to attack Russia with their...
Gold is headed for its biggest weekly gain since October last year as the escalating Russia-Ukraine conflict boosts its safe-haven appeal, with traders also weighing the prospect of further easing by the Federal Reserve. Bullion rose 1.4% to $2,706.73 an ounce at 9:43 a.m. in London after Ukraine said Russia launched a "new" type of ballistic missile toward the city of Dnipro in a worrying signal to Kyiv's Western backers. Rising geopolitical tensions tend to drive investors into safe-haven assets, such as bullion. "The counter-escalation between Russia and Ukraine has raised the...
The euro headed for its seventh weekly decline in eight as PMI data out of the euro area's two largest economies increased the chances of a big interest-rate cut by the European Central Bank next month. EUR/USD dives by 1.3% to 1.0335, lowest since Nov. 2022, before paring losses; huge stop entries went through on the breaks of 1.0440, 1.0400 and 1.0350 as digital options exposure kicks in, Europe-based traders say. Euro heads for its worst three-day decline since Sept. 2022; there's no strong technical support until Fibonacci level of $1.0201. Euro-area business...
Gold futures rise, on track for one of its strongest weekly gains in years. Futures are up 1.1% at $2,704.20 a troy ounce, and are up 5.2% on-week. The precious metal has recovered more than half its losses since a fresh record at the end of October was swiftly followed by a sharp sell-off. Given the threat of an escalation in the war in Ukraine, its gains reflect safe-haven demand, Commerzbank analysts say in a note. This has been demonstrated by significant inflows into gold ETFs in recent days, they say. According to the latest Swiss gold exports for October, demand for the precious...