Gold (XAU/USD) extends gains on Friday, pushing past the recent $3,760-$3,720 range. At the time of writing, XAU/USD is trading around $3,780, hovering just below the all-time high of $3,791 set earlier this week, as the US Dollar (USD) corrects lower in the wake of the latest US economic data. The core PCE Price Index, the Federal Reserve's (Fed) preferred gauge of underlying inflation, rose 0.2% MoM, matching forecasts and down from July's originally reported 0.3%, which was revised lower to 0.2%. On an annual basis, the core measure held steady at 2.9%, underscoring that inflation is...
The British Pound (GBP) gains traction against the US Dollar (USD) on Friday, with GBP/USD snapping a two-day losing streak. At the time of writing, the pair is hovering near 1.3393, staging a modest recovery after dropping to its weakest level in about seven weeks on Thursday. Fresh momentum in Sterling came after the release of the August US Personal Consumption Expenditures (PCE) Price Index, which broadly met market forecasts and offered no new hawkish cues for the Federal Reserve (Fed). The data kept the Greenback on the defensive, with the US Dollar Index (DXY), which gauges the...
Oil prices rose on Friday (September 26), on track for a weekly gain of more than 4%, as Ukraine's attack on Russian energy infrastructure prompted Moscow to restrict fuel exports. Brent crude futures rose 89 cents, or 1.28%, to $70.31 a barrel at 9:46 a.m. CDT (14:46 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.16, or 1.79%, to $66.14 a barrel. "The market continues to focus on the situation between Russia and Ukraine," said John Kilduff, a partner at Again Capital. "These drone attacks by Ukraine are starting to have an impact." Both benchmark oil prices are expected to post...
Gold strengthened on Friday (September 26th) after US inflation data matched expectations, bolstering speculation that the Federal Reserve will continue interest rate cuts later this year. Spot gold rose 0.8% to $3,778.62 an ounce at 1:30 p.m. EDT (17:30 GMT), after hitting a record $3,790.82 earlier in the week. The precious metal has risen about 2.5% this week. US gold futures for December delivery closed 1% higher at $3,809. "Monthly PCE data was appropriate, although personal income and spending were only a tenth above expectations. None of this data will deter the Fed from continuing...
Oil prices rose on Friday as Ukrainian drone attacks on Russian energy infrastructure cut the country's fuel exports. Brent crude futures closed at $70.13 per barrel, up 71 cents, or 1.02%. U.S. West Texas Intermediate (WTI) crude closed at $65.72 per barrel, up 74 cents, or 1.14%. Both benchmarks are expected to post their biggest gains since mid-June. "The market continues to focus on the situation between Russia and Ukraine," said John Kilduff, a partner at Again Capital. "These drone attacks by Ukraine are starting to escalate." Russia will impose a partial ban on diesel exports until...