The US dollar weakened on Friday after a surge in jobless claims and a moderate rise in inflation made markets increasingly confident that the Fed would cut interest rates next week—and possibly further thereafter. The dollar index stood at 97.585, heading for a second straight weekly decline after snapping a two-day rally on Thursday.Thursday's data showed the largest weekly increase in jobless claims in four years, overshadowing the August CPI release, which rose the fastest in seven months but remained moderate and in line with expectations. Some market participants called the current...
Gold prices rose on Friday and were set for a fourth consecutive weekly gain, as mounting concerns over a weakening U.S. labour market eclipsed inflation worries ahead of a widely expected Federal Reserve rate cut next week. Spot gold was up 0.6% at $3,654.37 per ounce, as of 0211 GMT. The contract hovered near a record high of $3,673.95 touched on Tuesday. Bullion has gained 1.9% so far this week. U.S. gold futures for December delivery were up 0.5% at $3,692.80. "Now the market is looking for a high chance of at least three interest rate cuts before 2025 ends, which is much more than...
Silver price (XAG/USD) extends its winning streak for the third successive session, marking a fresh 14-year high at $42.17 during the Asian hours on Friday. The precious Silver attracts buyers as market expectations for three Federal Reserve (Fed) rate cuts this year increase after US Weekly Initial Jobless Claims climbed to their highest since October 2021. The increased jobless claims, along with last week's weak Nonfarm Payrolls report, overshadow a hotter-than-expected consumer inflation reading. It's worth noting that when interest rates are low, investors often turn to non-yielding...
Gold (XAU/USD) trims a part of its intraday gains, though it sticks to positive bias through the first half of the European session on Friday and remains close to the record high touched earlier this week. Softer labor market data overshadowed a higher-than-expected US consumer inflation reading on Thursday and lifted bets for a more aggressive policy easing by the Federal Reserve (Fed). This, in turn, keeps the US Dollar (USD) depressed near its lowest level since July 24 and continues to benefit the non-yielding yellow metal. Apart from this, political turmoil in France and Japan, along...
Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. Brent crude futures rose 11 cents, or 0.2%, to $66.49 a barrel at 08:54 GMT, and U.S. West Texas Intermediate crude rose 4 cents to $62.41. Brent and WTI benchmarks fell 1.7% and 2%, respectively, on Thursday. The International Energy Agency's monthly report on Thursday stated that global oil supply will rise faster than expected this year due to planned production increases by the OPEC+ group,...