Gold prices rose more than 2% on Monday (October 20th), boosted by expectations of further US interest rate cuts and continued demand for safe-haven assets, as investors awaited US-China trade talks and US inflation data this week. Spot gold rose 2.3% to $4,346.39 an ounce, as of 1:47 PM ET (17:46 GMT). US gold futures for December delivery closed 3.5% higher at $4,359.40 an ounce. Gold hit a record high of $4,378.69 on Friday, but closed 1.8% lower—its sharpest decline since mid-May—after comments from US President Donald Trump eased some concerns about US-China trade tensions. Political...
Oil prices settled at their lowest level since early May on Monday as investors weighed the potential for a global oversupply, with U.S.-China trade tensions adding to concerns about an economic slowdown and weakening energy demand. Brent crude futures closed down 28 cents, or 0.46%, at $61.01 a barrel. U.S. West Texas Intermediate crude futures closed down 2 cents, or 0.03%, at $57.52. Both benchmarks fell more than $1 earlier in the session, and both closed at their weakest levels since early May. Oil traders' concerns have shifted from undersupply to oversupply, as indicated by the...
Oil held steady as the market weighed signs of a widening surplus ahead of this week's US-China trade talks. West Texas Intermediate was near $57 per barrel, while Brent was around $60 on Tuesday. Vortexa data showed the amount of oil on seaborne tankers hit a record as producers continued to increase supply while demand growth slowed. Price pressures remain. Oil is headed for a third monthly decline due to expectations of a widening surplus. Some projections even see Brent at risk of falling to around $50 per barrel next year. In the derivatives market, the timeframe for both benchmarks...
Gold is approaching a record high again after dip buying emerged following a sharp decline over the weekend. Prices are hovering around $4,365 per ounce, nearing the peak reached the previous day. Despite easing trade tensions and the prospect of the US government reopening soon, interest in safe-haven assets remains high. US Treasury yields fell on Monday as evidence of an oil surplus eased inflation concerns ahead of Friday's consumer price index release. Since early October, some official data has been delayed due to the government shutdown, forcing the market to rely more on alternative...
The euro continued to decline against the US dollar for the third consecutive day, driven by a strengthening dollar amid hopes that the US government shutdown would soon end. Furthermore, market expectations of a possible trade deal between the US and China also boosted demand for the dollar as a safe haven asset. Meanwhile, investors in Europe are still awaiting guidance from European Central Bank President Christine Lagarde regarding the direction of future interest rate policy. The market is also monitoring the impact of the Russian gas import ban on inflation in the eurozone. Although...