Gold prices rallied on Friday (September 20th) and headed for a fifth straight weekly gain, with market attention focused on further cues after the US Federal Reserve's first interest rate cut of the year. Spot gold rose 0.8% to $3,672.08 an ounce at 1:36 PM EDT (17:36 GMT). Prices have risen 0.8% so far this week. US gold futures for December delivery closed up 0.7% at $3,705.80. The US central bank cut its benchmark interest rate by 25 basis points on Wednesday, but tempered the move with a warning about persistent inflation, raising doubts about the pace of future easing. Following the...
Oil prices fell on Friday (September 19th) as concerns about large supply and falling demand outweighed expectations that the first interest rate cut of the year by the US Federal Reserve would spur increased consumption. Brent crude futures closed at $66.68 per barrel, down 76 cents, or 1.1%. US West Texas Intermediate crude futures closed at $62.68, down 89 cents, or 1.4%. Both benchmarks rose for the second straight week. "Oil supplies continue to be strong, and OPEC is easing its oil production cuts," said Andrew Lipow, president of Lipow Oil Associates. "We haven't seen the impact of...
Oil was little changed after notching a modest drop last week, as traders gauge the impact of European Union moves on Russian supply and strikes by Ukraine on the OPEC+ member's energy infrastructure. Brent traded above $66 a barrel after losing 0.5% last week, while West Texas Intermediate was near $63. The EU's next round of sanctions against Russia will focus on oil industry entities in so-called third countries, affecting about a dozen Chinese and several Indian bodies as the bloc looks to intensify pressure on the Kremlin's access to petrodollars. "We are now...
Gold held a fifth weekly advance, boosted by the Federal Reserve's first rate cut of the year, with investors looking to a key inflation print due Friday for more clues about the US central bank's monetary path. Bullion was trading around $20 an ounce short of a record high set last week, after the Fed reduced rates by 25 basis points on Wednesday. Prices then retreated from the all-time high after Chair Jerome Powell indicated officials would take a "meeting-by-meeting" approach to future decisions, curbing expectations for rapid easing. Lower rates benefit non-interest bearing...
The dollar was steady on Monday as traders looked ahead to a slew of speeches from Federal Reserve officials throughout the week that could provide further clues on the U.S. rate outlook, after the central bank resumed its easing cycle last week. Currency moves in the early Asia session were more subdued after a volatile ride last week following a raft of rate decisions including that of the Fed, the Bank of England (BoE) and the Bank of Japan (BOJ). The yen was last 0.16% lower at 148.22 per dollar, paring its gains from Friday after a hawkish shift in the BOJ's rhetoric raised the...