The U.S. dollar was on the back foot on Tuesday in cautious trading as investors braced for a possible U.S. government shutdown that would halt economic data releases including the crucial jobs report later this week. Government funding will expire at midnight on Tuesday unless Republicans and Democrats agree to a last-minute temporary spending deal, with President Donald Trump and his opponents making little progress at a White House meeting. The payrolls report, crucial for decision-making by policymakers at the Federal Reserve, is scheduled for Friday, and a delay could leave the...
Silver traded around $47 per ounce on Tuesday and was set to advance almost 20% in September as safe-haven demand strengthened amid the risk of a US government shutdown. The standoff comes as President Donald Trump has made little progress in reaching a temporary spending deal with opponents, heightening market uncertainty. The US Labor Department also warned it would suspend economic data releases, including this week's key monthly jobs report, if a partial shutdown occurs. At the same time, markets are betting on another quarter-point Federal Reserve rate cut in October and roughly 42...
Oil prices plummeted on Tuesday (September 30th) ahead of an anticipated production increase by OPEC+ and as the resumption of oil exports from Iraq's Kurdistan Region via Turkey reinforced market expectations of a supply surplus. Brent crude for November delivery, which expires on Tuesday, fell 84 cents, or 1.2%, to $67.13 a barrel at 08:09 GMT. U.S. West Texas Intermediate crude traded at $62.68 a barrel, down 77 cents, or 1.2%. This decline extended Monday's decline, when Brent and WTI closed more than 3% lower after their sharpest daily declines since August 1st. Selling pressure...
Silver prices weakened to $46 per ounce on Tuesday (September 30th) after hitting a fourteen-year high of $47.2 earlier in the trading session amid supply risks and a bullish demand outlook for both bullion and industrial silver. The Silver Institute projects the silver market will end the year in deficit for the fifth consecutive year, as global production is expected to reach 844 million ounces in 2025, 100 million ounces short of demand. Bullion assets are supported by increased demand for safe havens, recently fueled by the risk of a government shutdown in the US and fiscal risks...
Gold fell on Tuesday as investors booked profits after prices hit a record high earlier in the session, while concerns about a US government shutdown and growing speculation of a Federal Reserve interest rate cut limited losses. Spot gold fell 0.9% to $3,800.34 an ounce, as of 09:24 GMT, after rising 1% to a record high of $3,871.45 during Asian trading hours. Bullion prices have risen 10.4% so far in September and are on track for their biggest monthly percentage gain since July 2020. US gold futures for December delivery fell 0.7% to $3,827.80. Swissquote external analyst Carlo Alberto...