Gold surged above $4,000 an ounce for the first time on Wednesday (October 8th) as investors flocked to the safe haven asset's historic rally to protect themselves from global economic and geopolitical uncertainty, while also betting on a US interest rate cut. Spot gold rose 1.3% to $4,034.59 an ounce at 09:31 GMT. US gold futures for December delivery rose 1.3% to $4,056.80. Silver also followed gold's rally, rising 2.2% to $48.85 an ounce, just above its all-time high of $49.51. The rally was driven by a combination of factors, including expectations of interest rate cuts, continued...
Oil prices rose more than 1% on Wednesday (October 8th), boosted by a smaller-than-expected production increase from the OPEC+ producer group next month, although concerns about oversupply limited further gains. Brent crude futures rose 82 cents, or 1.3%, to $66.27 a barrel at 09:45 GMT. U.S. West Texas Intermediate crude rose 85 cents, or 1.4%, to $62.58. Benchmark crude prices were relatively stagnant in the previous session as investors weighed signs of oversupply against a smaller-than-expected November production increase from the Organization of the Petroleum Exporting Countries...
The dollar extended its gains for a third day on Wednesday, its longest winning streak since September 19. Most G-10 currencies weakened on the day, with the Canadian dollar outperforming the rest. The Bloomberg Dollar Spot Index rose less than 0.1%, up nearly 0.8% in three days. USD/JPY jumped 0.4% to 152.56, rising for the fifth straight day and posting its longest winning streak since December. EUR/USD fell for a third day to 1.1634, its lowest level in a month. GBP/USD fell for a second day to 1.3409. USD/CAD retreated to 1.3945, falling for the third time in four days. US data on...
Gold (XAU/USD) marks another milestone on Wednesday, smashing through the $4,000 level for the first time as investors flock to the precious metal amid global economic and political uncertainty, coupled with a dovish Federal Reserve (Fed) outlook. At the time of writing, XAU/USD is trading around $4,039, hovering below record territory after hitting an all-time high of $4,049 earlier in the day, with prices up more than 4% so far this week. The latest leg higher comes despite a stronger US Dollar (USD) as political turmoil in France and Japan fuels safe haven demand, driving flows into...
Oil prices edged up about 1% to a one-week high on Wednesday as traders expected a lack of progress on a Ukraine peace deal to keep sanctions in place against Moscow, while a weekly report showed growing U.S. oil consumption. Brent crude futures rose 80 cents, or 1.2%, to settle at $66.25 a barrel. U.S. West Texas Intermediate (WTI) crude rose 82 cents, or 1.3%, to settle at $62.55. That was the highest close for Brent since September 30 and for WTI since September 29. A top Russian diplomat said the impetus to reach a peace deal with Ukraine was largely exhausted. Analysts have said a...