Oil prices edged higher on Friday but remained on course for a weekly loss of about 7-8% after news of potential increases to OPEC+ supply. Brent crude futures gained 43 cents, or 0.67%, to $64.54 a barrel by 0826 GMT. U.S. West Texas Intermediate crude was up 46 cents, or 0.76%, at $60.94. For the week, Brent was trading 8% down and WTI was on course for a 7.3% decline. "We are in a wait-and-see mode for what the OPEC+ Group of Eight will decide over the weekend," said UBS analyst Giovanni Staunovo, adding that Friday's modest price recovery is likely to be attributable to positive risk...
Gold prices held steady on Friday (October 3), poised for a seventh consecutive weekly gain, driven by expectations of further US interest rate cuts and concerns over the economic impact of a prolonged government shutdown. Spot gold rose 0.03% to $3,857.25 an ounce at 09:21 GMT, after hitting a record high of $3,896.49 on Thursday. Bullion has gained 2.6% so far this week. US gold futures for December delivery rose 0.32% to $3,880.50 an ounce. The prolonged US government shutdown, now in its third day since Friday, has delayed key economic data, including the non-farm payrolls report...
The dollar headed for its worst week since late July on Friday (October 3rd) as the US government shutdown heightened uncertainty, while the yen weakened from this week's high as traders considered the Bank of Japan's next move ahead of this weekend's ruling party leadership election. The dollar index, which measures the greenback against a basket of major currencies, was flat at 97.77. The euro rose 0.2% to $1.1736. The pound sterling strengthened 0.1% to $1.345. "The government shutdown in the US is having an impact on market participants, meaning we're not getting the data we normally...
Oil headed for the biggest weekly loss since late June as traders positioned for a key OPEC+ decision on supply this weekend. Brent futures edged marginally higher on Friday, but were still trading below $65 a barrel and set for a weekly slump of about 8%. Prices have declined the past four days on the expectation OPEC+ will discuss fast-tracking more supply hikes. Meanwhile, efforts by the Trump administration to keep oil exports flowing from northern Iraq, as well as a US government shutdown, have added to the bearish sentiment. The OPEC+ meeting comes as...
Gold prices (XAU/USD) attracted sellers for the fifth consecutive day and dropped to the lowest level since September 19, around the $2,559-2,558 region during the Asian session on Thursday. The US Dollar (USD) continued its post-election rally and climbed to a new peak so far this year (YTD) on hopes that US President-elect Donald Trump's policies will spur growth. This, in turn, was seen as a key factor that continued to weigh on the USD-denominated commodity. Meanwhile, investors believe that the protectionist tariffs expected from the new Trump administration could increase inflation...