Gold hit a new record high above $4,100 on Tuesday (October 14), boosted by expectations of an interest rate cut this month by the US Federal Reserve and investors fleeing for safety amid escalating trade tensions between Washington and Beijing. Spot gold rose 0.9% to $4,145.85 per oz at 1:50 PM ET (17:50 GMT), after hitting a record high of $4,179.48 earlier in the session. US gold futures for December delivery rose 0.7% to close at $4,163.40. The precious metal has surged about 57% this year, breaking through $4,100 for the first time on Monday. The rally has been driven by a combination...
Oil prices fell on Tuesday (October 14th), closing 1.5% lower as the International Energy Agency (IEA) warned of a large oversupply by 2026, and due to ongoing trade tensions between the US and China, the world's two largest economies. Brent crude futures fell 93 cents, or 1.5%, to $62.39 a barrel. US West Texas Intermediate crude fell 1.3%, or 79 cents, to $58.70. Both contracts are at their lowest levels in five months. In the previous session, Brent closed 0.9% higher, and US WTI closed up 1%. The global oil market faces a larger surplus next year, as OPEC+ producers and their...
Gold is moving toward a record high, supported by two factors: expectations that the Fed will cut interest rates again this year and the escalation of US-China relations. Spot prices briefly reached a new peak of $4,179.70/oz and were last trading around $4,165/oz, after closing up 0.8% the previous session. US Treasury yields fell to their lowest level in weeks after Fed Chairman Jerome Powell signaled a quarter-point rate cut this month. Lower yields make non-coupon gold relatively more attractive. Silver also experienced a wild ride: it briefly broke a record above $53.54/oz before...
Oil prices stabilized after hitting a 5-month low. WTI hovered near $59/barrel and Brent around $62, indicating the market remains hesitant after the previous sharp decline. The IEA predicts an unprecedented oversupply: by 2026, global supply could exceed demand by ~4 million barrels per day. This glut outlook weighed on sentiment, and some Wall Street banks see a return to the $50s. On the geopolitical front, US–China tensions have flared again: Beijing imposed sanctions on the US unit of a Korean shipping giant, sparking fears of retaliation. However, USTR Jamieson Greer believes export...
The Australian dollar strengthened against the US dollar on Wednesday, recouping the previous session's losses. This boost came from comments by RBA Assistant Governor Sarah Hunter: recent data appeared slightly stronger than expected, Q3 inflation is likely higher, the labor market and economic conditions could be tighter than assumed, and the board is prepared to adjust policy accordingly—although she acknowledged consumer momentum could weaken in Q3. The AUD's movement was also influenced by China's inflation release: September CPI -0.3% YoY (expected -0.1%; August -0.4%) with monthly...