Gold prices fell on Friday after bullion hit a more than five-week high in the previous session and as the U.S. dollar gained, but prices were on track for a weekly rise on expectations of a Federal Reserve rate cut next week. Spot gold was down 0.8% at $2,658.89 per ounce, as the U.S. dollar hovered near its highest in more than two weeks. Bullion hit its highest since Nov. 6 on Thursday, and has risen nearly 1% so far for the week. U.S. gold futures fell 1.1% to $2,678.50. Underpinned by easing monetary policies, robust central bank buying, and safe-haven demand, gold has shattered...
Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the U.S. could boost fuel demand. Brent futures rose $1.08, or 1.5%, to settle at $74.49 a barrel. U.S. West Texas Intermediate crude rose $1.27, or 1.8%, to settle at $71.29. That was Brent's highest close since Nov. 22 and put the contract up 5% for the week. WTI posted a 6% gain for the week and closed at its highest since Nov. 7. Source: Reuters
Gold edged up in early Asian trade on Monday (12/16). Investors are focused on this week's Federal Reserve meeting, Pepperstone's Quasar Elizundia wrote in an email. While markets are expecting a 25 bps rate cut, the Fed's economic projections and the ‘dot plot' could provide more clarity on the outlook for monetary policy in 2025, Elizundia said. Gold faces a challenging medium-term outlook with its price action closely tied to expectations for monetary policy and its impact on bond yields. The ability of central banks to manage inflation will be critical in shaping gold's future...
Oil prices were steady on Monday after a weekly gain as the U.S. signaled tighter sanctions on Russian crude and Chinese authorities vowed to shore up the country's economy. Brent crude traded above $74 a barrel after rising nearly 5% last week, while West Texas Intermediate crude neared $71. The U.S. and its allies could consider lowering the price cap on Russian crude to further limit Moscow's ability to fund its war in Ukraine, Treasury Secretary Janet Yellen said in an interview with Reuters. Crude has been stuck in a tight range since mid-October, with geopolitical concerns tempered...
Gold prices (XAU/USD) traded flat around $2,650 during the early Asian session on Monday (12/16). However, strong central bank purchases and ongoing geopolitical tensions in the Middle East could support the precious metal in the near term. Investors await the December US Purchasing Managers' Index (PMI) for fresh impetus, due on Monday. Significant demand from central banks lifted the yellow metal. Central banks have been net buyers of gold for nearly 15 years, underscoring its value as a crisis hedge and reliable reserve asset. According to the World Gold Council, the precious metal is...