Gold was higher for a fifth-straight session mid-afternoon on Friday, continuing a recovery from post-election losses even as the dollar rose to the highest level in two years. Gold for February delivery was last seen up US$39.20 to US$2,738.50 per ounce. The rise comes on safe-haven demand after Ukraine made its first attack on Russia using foreign missiles and Russia retaliated by firing a newly developed hypersonic ballistic missile at the city of Dnipro amid further nuclear threats from the country. The threats prompted safe-haven buying of the precious metal as it recovers from a...
Oil prices climbed about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium. Brent futures rose 94 cents, or 1.3%, to settle at $75.17 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.14, or 1.6%, to settle at $71.24. Both crude benchmarks were up about 6% for the week, their highest settlements since Nov. 7 as Moscow stepped up its Ukraine offensive after Britain and the U.S. allowed Kyiv to strike deeper into Russia with their missiles. "The Russia-Ukraine escalation has raised geopolitical tensions...
The AUD/USD pair attracted some buyers near 0.6540 during the early Asian session on Monday (11/25). The US Dollar Index (DXY) eased slightly after hitting a fresh two-year high despite strong S&P US Purchasing Managers' Index (PMI) data. On Monday, the US Chicago Fed National Activity Index for October and the Dallas Fed Manufacturing Business Index for November will be released. Upbeat US November PMIs failed to boost the greenback. Data released by S&P Global showed on Friday that the S&P US Global Composite PMI rose to 55.3 in the flash estimate for November from 54.1 in...
Gold is steady after surging the most in 20 months last week as the escalation of the Russia-Ukraine war boosted demand for safe haven assets. Bullion was trading near $2,720 an ounce after surging 6% last week as the conflict entered a dangerous new phase. President Vladimir Putin said his forces may use new missiles again after targeting Ukraine in retaliation for Kyiv's use of American and British-made weapons on Russian territory. Former Ukrainian military chief Gen. Valery Zaluzhny said European countries are not ready for a prolonged military confrontation with Russia. The reason,...
Oil steadied after its biggest weekly gain in nearly two months as geopolitical risks in Ukraine and the Middle East kept investors on edge. Brent crude traded above $75 a barrel after surging nearly 6% last week, with West Texas Intermediate nearing $71. Russia's war in Ukraine has escalated with both sides using long-range missiles. Meanwhile, Iran said it would increase its nuclear fuel production capacity after being criticized by the U.N.'s International Atomic Energy Agency, as OPEC producers brace for potential sanctions under a second Trump administration. "The IAEA criticism and...