Oil prices moved higher for a third day on Friday with traders seeing solid summer demand amid falling U.S. inventories even as supply is on the rise. West Texas Intermediate crude oil for August delivery was last seen up US$0.55 to US$65.79 per barrel, while August Brent crude was up US$0.52 to US$68.25. The rise comes as the market calms after the end of the 12-day war between Israel and Iran collapsed a risk premium for the commodity, sending prices down 14% from a five-month high and returning oil to the narrow range it has stuck to for most of the past two months. However Wednesday's...
Gold futures slump on profit-taking and reduced safe-haven demand. Futures are down 1.8% at $3,287.20 a troy ounce. The precious metal is on track to finish the week nearly 3% lower on the sudden de-escalation in the Israel-Iran conflict, StoneX's Fawad Razaqzada says in a note. Investors have rotated funds out of safe-haven assets and instead into the racier tech sector, Razaqzada writes. Still, a pullback in gold prices might not be a bad thing. Gold's slide will allow technical overbought conditions on higher time frames to cool off, allowing the metal to shine again once macroeconomic...
The dollar index fell to 97.1 on Friday, its lowest level since February 2022, extending this week's drop to almost 2%, driven by mounting expectations of Fed rate cuts. Chair Powell struck a notably dovish tone during recent congressional testimony, suggesting that in the absence of inflationary pressures from tariffs, the Fed would have continued its rate-cutting cycle. Reports also suggested that President Trump may announce his pick for the next Fed Chair as early as September or October, potentially creating a "shadow" leadership structure that could guide monetary policy in a more...
Gold (XAU/USD) is on the defensive heading into the weekend, pressured by a combination of mixed US data and improving global risk sentiment. The precious metal is trading below $3,300, down nearly 2% on the day, as safe-haven flows continue to unwind. Friday's core PCE inflation print showed a modest uptick in May, reinforcing the Fed's cautious stance and creating a murkier outlook for the timing of rate cuts. Meanwhile, the University of Michigan Consumer Sentiment Index ticked higher in June, while inflation expectations softened, pointing to stable consumer outlooks.The release of the...
Gold price tumbled over 1.50% on Friday amid an improvement in risk appetite, driven by several factors. The de-escalation of the Israel–Iran conflict, the trade agreement with China, and ongoing negotiations between the United States (US) and its peers to reach commercial deals were welcomed by investors, who had previously sought refuge in Bullion's safe-haven demand. The XAU/USD trades at $3,274 after hitting a daily high of $3,328. On Thursday, the White House announced that the US and China have formally signed a trade agreement, effectively ending the ongoing "trade war." US Commerce...