Gold prices steadied Wednesday, remaining close to recent record highs as overnight comments from U.S. Federal Reserve Chair Jerome Powell sparked heightened caution over growth, inflation, and interest rates. At 08:45 ET (12:45 GMT), Spot gold rose 0.1% to $3,766.50 an ounce, while gold futures fell 0.4% to $3,799.75/oz. Gold and other precious metals benefited from increased haven demand, while sustained weakness in the dollar also kept metals mostly well-bid. Anticipation of more key economic readings this week also kept markets cautious, as did weak U.S. purchasing managers index...
Oil prices rose to a three-week high after futures reached a key technical level, accelerating a rally fueled by U.S. President Donald Trump's hawkish rhetoric toward Russia as traders eyed supply disruptions from the OPEC+ member. West Texas Intermediate crude rose as much as 2.3% to $64 a barrel after Trump said he believed NATO countries should shoot down Russian drones violating their airspace and struck a more sympathetic tone about Ukraine's chances of winning the war. He also reiterated the need for Europe to reduce its energy purchases from Moscow. The price rise deepened after...
Gold prices weakened on Wednesday as the U.S. dollar strengthened, retreating from a record high reached in the previous session, while investors awaited economic data due later this week for further clues on the Federal Reserve's policy direction. Spot gold fell 0.8% to $3,734.58 an ounce, as of 1:56 PM ET (5:56 PM GMT), after hitting a record high of $3,790.82 on Tuesday. U.S. gold futures for December delivery closed down 1.2% at $3,768.1. The U.S. dollar index rose about 0.6%, making dollar-priced bullion more expensive for holders of other currencies. The benchmark 10-year Treasury...
Oil prices rose about 3% to a seven-week high on Wednesday as a surprise drop in weekly US crude inventories heightened market concerns about tighter supplies amid export problems in Iraq, Venezuela, and Russia. Brent crude futures rose $1.68, or 2.5%, to $69.31 a barrel, while US West Texas Intermediate (WTI) crude futures rose $1.58, or 2.5%, to $64.99. These were the highest closes for Brent since August 1 and WTI since September 2. US crude inventories fell a surprise 607,000 barrels last week, according to the Energy Information Administration (EIA). The figure compared with analysts'...
The USD/JPY pair strengthened near 148.80 during the early Asian session on Thursday (September 25th). The US dollar (USD) strengthened near a three-week high against the Japanese yen (JPY) due to a renewed wave of risk aversion in financial markets and a cautious tone from the US central bank. Federal Reserve (Fed) Chairman Jerome Powell struck a cautious tone regarding further easing on Tuesday, supporting the greenback. Powell said the Fed needs to continue balancing the competing risks of high inflation and a weakening labor market in its upcoming interest rate decisions. He added that...