Oil prices were steady on Tuesday (October 7th) as investors assessed a smaller-than-expected OPEC+ production increase in November amid expectations of oversupply. Brent crude futures fell 9 cents, or 0.14%, to $65.38 a barrel at 10:07 GMT. U.S. West Texas Intermediate crude fell 10 cents, or 0.16%, to $61.59. Both contracts closed more than 1% higher in the previous session after the Organization of the Petroleum Exporting Countries (OPEC), Russia, and several smaller producers, known as OPEC+, decided to increase their collective oil output by 137,000 barrels per day, starting in...
Gold prices hit another record high on Tuesday (December 7th), driven by strong investment demand amid widespread geopolitical and economic uncertainty, with additional support from expectations of further US interest rate cuts. Spot gold held at $3,959.82 per ounce at 11:11 GMT, after hitting an all-time high of $3,977.19 earlier in the session. US gold futures for December delivery rose 0.2% to $3,983.10. "Strong ETF demand remains key, driven by 'FOMO' and eroding confidence in traditional safe-haven assets," said Ole Hansen, head of commodity strategy at Saxo Bank, adding that...
The dollar continued its strengthening for a second day, pressuring all G-10 currencies; the Japanese yen slumped for a fourth session to its weakest level since March before paring losses. The Bloomberg Dollar Spot Index rose about 0.6% in two days. USD/JPY strengthened 0.4% to 150.89. It reached its Tuesday session high of 151.03, a level last seen on March 28. Further gains in the pair would put the March high of 151.30 in sight. EUR/USD fell 0.4% to 1.167, falling for the fourth time in five days. GBP/USD fell 0.6% to 1.3407 after two days of gains. USD/CAD rose 0.1% to 1.3955. US...
Silver traded around $48.10 per ounce, retreating from the multi-year high touched on October 6th amid profit-taking as a firmer yield backdrop raised the metal's opportunity cost. The Treasury curve ticked up, making a non-yielding asset less attractive to yield-sensitive capital. Physical demand from solar and electronics remains constructive but not large enough to offset the financial unwind, and modest recoveries in mine output and recycling have eased prompt tightness in deliverable markets. That pullback follows a rally that had been powered by safe-haven buying during the US...
Gold price rallied during the North American session and reached a record high of $3,991, before settling closer to $3,982 for a 0.60% gain. Uncertainty about the US government shutdown and expectations of lower interest rates the Federal Reserve (Fed) keep the yellow metal bid. Bullion hits fresh record highs on US fiscal gridlock, geopolitical uncertainty and central bank demandThe New York Fed revealed the Survey of Consumer Expectations (SCE) showed that inflation expectations ticked higher, while the labor market continued to deteriorate. Aside from this, Fed officials crossed the...