Gold prices edged higher in Asian trade on Wednesday as political turmoil in South Korea spurred safe-haven demand, although anticipation of further cues on U.S. interest rates kept traders on hold. The yellow metal has seen some relief this week as concerns over a collapse of the Israel-Hezbollah ceasefire also spurred safe-haven demand. However, gold's gains were largely capped by a surge in the dollar, as the greenback surged on uncertainty over the long-term outlook for U.S. interest rates. Spot gold rose 0.1% to $2,646.53 an ounce, while February gold futures rose 0.1% to $2,668.60 an...
Silver prices held its recent advance to around $31 per ounce on Wednesday, hovering at an over one-week high as markets anticipate that the US Federal Reserve will cut interest rates again at its December meeting. Currently, markets are pricing in a 75% probability of a 25 basis point rate cut this month. Investors are now focused on upcoming US jobs data and remarks from Fed Chair Jerome Powell later this week for more clarity on the Fed's monetary policy path. Silver and other precious metals also benefited from increased safe-haven demand following South Korea's failed martial law...
Oil prices firmed on Wednesday as market participants weighed up geopolitical tensions and the prospect of OPEC+ extending supply cuts against weaker demand. Brent crude futures rose 23 cents, or 0.3%, to $73.85 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude futures gained 19 cents, or 0.3%, to $70.13. On Tuesday, Brent posted its biggest gain in two weeks, rising 2.5%. A shaky ceasefire between Israel and Hezbollah, South Korea's curtailed declaration of martial law and a rebel offensive in Syria that threatens to draw in forces from several oil-producing countries, all...
The USD/JPY pair extended its overnight upsurge from the 148.65 area, the lowest level since October 11 and gained strong follow-through traction on Wednesday (4/12). The intraday upsurge extended into the first half of the European session and lifted the spot prices to a fresh intraday high, around the 150.55 region in the last hour. Investors now seem convinced that the Federal Reserve (Fed) will take a more cautious approach to cutting interest rates amid expectations that US President-elect Donald Trump's policies will boost inflation. This, in turn, pushed the US Treasury bond yields...
Gold fell on Wednesday as a modest recovery in the U.S. dollar outweighed safe-haven demand as markets awaited U.S. jobs data and comments from Federal Reserve Chairman Jerome Powell for clues on the U.S. central bank's policy outlook. Spot gold fell 0.1% to $2,641.79 an ounce by 0902 GMT. U.S. gold futures fell 0.2% to $2,663.70. The dollar index reflects strength that makes dollar-priced bullion more expensive for buyers using other currencies. Traders see about a 74% chance of the Fed cutting interest rates by 25 basis points, according to CME Group's FedWatch Tool. U.S. central...