Oil prices continued their rally on Tuesday (September 9), driven by the latest smaller-than-anticipated increase in OPEC+ oil production, expectations that China will continue to hoard oil, and concerns over potential new sanctions against Russia. The eight-member Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Sunday to increase production starting in October by 137,000 barrels per day, down from the roughly 550,000 barrels per day they made in September and August. Brent crude rose 73 cents, or 1.1%, to $66.75 a barrel at 08:10 GMT, while U.S. West...
Gold hit a new record high on Tuesday (September 9), holding well above the $3,600 level reached in the previous session, as rising bets on a US interest rate cut weakened the dollar and pushed bond yields down, boosting demand for the precious metal. Spot gold rose 0.4% to $3,654.09 an ounce at 09:31 GMT, after hitting a record high of $3,659.10 earlier in the session. US gold futures for December delivery rose 0.4% to $3,693. Gold prices have risen nearly 39% this year, after surging 27% in 2024, driven by a weaker dollar, strong central bank accumulation, dovish monetary policy, and...
Oil prices continued their rally on Tuesday (September 9), driven by the latest smaller-than-anticipated increase in OPEC+ oil production, expectations that China will continue to hoard oil, and concerns over potential new sanctions against Russia. The eight-member Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Sunday to increase production starting in October by 137,000 barrels per day, down from the roughly 550,000 barrels per day they made in September and August. Brent crude rose 53 cents, or 0.8%, to $66.55 a barrel at 12:00 GMT, while U.S. West...
The dollar hit a seven-week low on Tuesday as investors braced for revised US data that could indicate the labor market is in worse shape than initially estimated, strengthening the likelihood of a deeper Fed rate cut. The dollar weakened 0.7% against the Japanese yen to 146.32, its weakest level since mid-August, while the pound rose 0.2% to $1.3558. The euro weakened to $1.1752 after touching its strongest level since July 24. A Bloomberg news report that Bank of Japan officials believe benchmark interest rates could be raised again this year also contributed to the Japanese currency's...
Gold (XAU/USD) continued its record-breaking rally on Tuesday to a new all-time high near $3,660, marking the third consecutive day of gains and entering uncharted territory. At the time of writing, XAU/USD was trading around $3,650, up nearly 0.50% on the day. A generally weaker US dollar (USD) has fueled the rally, making gold more attractive to foreign buyers. At the same time, a series of disappointing US labor market data has reinforced speculation that the Federal Reserve (Fed) will cut borrowing costs at its September 16-17 meeting. The prospect of looser monetary policy has also...