Gold prices rise in early trading as investors await U.S. private payroll data for cues on the Federal Reserve's next policy move. Futures in New York are up 0.9% to $3,991.60 a troy ounce. "Gold prices rebounded toward $4,000/oz as investors flocked to safe-haven assets after a global stock selloff sparked concerns over stretched equity valuations," says Soojin Kim from MUFG. However, the precious metal remains below the $4,000 mark, pressured by a stronger U.S. dollar and reduced expectations for further interest-rate cuts in December. The medium-term price outlook remains bullish,...
Oil prices were little changed on Wednesday (November 5) as investors digested weaker economic data from major oil-importing countries and US inventories indicating stronger fuel demand, while a stronger US dollar weighed on prices. Brent crude futures edged up 9 cents, or 0.14%, to $64.53 a barrel at 09:00 GMT, after hitting a near two-week low in the previous session. US West Texas Intermediate crude also rose 9 cents, or 0.15%, to $60.65. The weaker economic data coupled with a rally in the US dollar prevented oil from making significant gains, while prices found support from refined...
Gold prices rose more than 1% on Wednesday (November 5), with a slight weakening of the US dollar and widespread risk-off sentiment boosting demand. Spot gold rose 0.8% to $3,966.54 per ounce as of 10:44 GMT. US gold futures for December delivery rose 0.4% to $3,976.10 per ounce. Gold prices have risen about 52% this year, hitting an all-time high of $4,381.21 on October 20. "The recent shift to risk-off sentiment in financial markets due to rising concerns about equity market valuations helped gold stabilize after falling from record levels," said Julius Baer analyst Carsten...
The U.S. dollar edged up on Wednesday, extending its gains from last week on doubts about the outlook for another Fed rate cut this year and as private payrolls data assuaged worries over the state of the labor market. U.S. private payrolls rose by 42,000 jobs in October, exceeding expectations of a 28,000 gain, according to a Reuters poll of economists. While the turnaround likely does not suggest a material shift in the labor market because some industries such as professional business services shed jobs for a third straight month, it did help soothe worries about labor market...
Gold (XAU/USD) holds steady within familiar ranges on Wednesday as a mild risk-off tone across global markets underpins demand for the safe-haven metal. At the time of writing, XAU/USD is trading around $3,975, recovering modestly from Tuesday's low of $3,928. The risk-off sentiment follows a broad sell-off in global equities, led by weakness in US tech and AI-related stocks. Concerns about stretched valuations and warnings from Wall Street executives of a potential correction sparked the downturn, which rippled through Asian and European markets. Meanwhile, ongoing uncertainty surrounding...