Gold prices surged to a record high on Wednesday (September 18) after the Federal Reserve cut interest rates by 25 basis points and signaled steady easing through the end of the year. Spot gold fell 0.2% to $3,681.39 an ounce, as of 2:31 PM EDT (18:31 GMT), after hitting a record high of $3,707.40 earlier in the session. U.S. gold futures for December delivery closed 0.2% lower at $3,717.80. The U.S. dollar continued its decline, making dollar-priced gold more attractive to holders of other currencies. "Gold's recent record highs continue to be a result of expectations for lower interest...
Oil prices weakened on Wednesday after data showing rising US diesel stockpiles fueled demand concerns and the US Federal Reserve cut interest rates as expected. Brent crude futures closed 52 cents, or 0.76%, lower at $68.22 a barrel, while US West Texas Intermediate crude fell 47 cents, or 0.73%, to $64.05. US crude inventories fell sharply last week, driven by a surge in exports and a sharp decline in imports, according to the Energy Information Administration (EIA) on Wednesday. However, rising distillate stockpiles fueled demand concerns and kept prices in check, analysts said. "It...
The USD/JPY pair recovered from a dip around 146.80 during the early Asian session on Thursday (September 18th). The US dollar (USD) rebounded from a six-week low near 146.00 after the Federal Reserve (The Fed) cut interest rates by a quarter of a percentage point. The Fed decided to cut its benchmark interest rate at its September meeting on Wednesday, the first time since December, and hinted at the possibility of further cuts this year. Fed Chairman Jerome Powell highlighted growing signs of weakness in the labor market to explain why officials decided it was time to cut interest rates...
Oil held a decline as traders weighed the impact of the Federal Reserve's interest-rate cut, alongside warnings of mounting US labor market weakness. West Texas Intermediate held steady at $64.13 a barrel, after falling 0.7% the previous day. Brent closed 0.8% lower on Wednesday, as traders had mostly priced in the 25 basis-point cut ahead of the Fed's decision and unwound hedges against a larger reduction. The decline cooled a three-session rally following concerns over oil flows amid Ukraine's attacks on Russian refineries, while oil markets are expected to face oversupply...
Gold rises in the early Asian session amid prospects of further Fed rate cuts that would bolster the appeal of the non-interest-bearing precious metal. The Fed approved a 25bps rate reduction on Wednesday, with a narrow majority of officials penciling in at least two more cuts this year. "Investors cheered the beginning of the rate cut cycle," ANZ Research analysts say in a research report. However, gold price's gains have been curbed by Fed Chair Powell's remarks that were perceived as less dovish than the market had been expecting, the analysts add. Spot gold is 0.3% higher at...