Silver surged on expectations of interest rate cuts Silver surged more than 5% to around $51 per ounce so far this week, supported by expectations of a near-term Federal Reserve rate cut amid signs of US economic weakness. US data last week pointed job losses in October, particularly in government and retail sectors, while consumer sentiment fell to a 3½-year low in early November. Traders are pricing in roughly a 64% chance of a 25-basis-point Fed cut in December, with Fed Governor Stephen Miran advocating a larger half-point reduction amid falling inflation and rising...
Brent crude oil futures fluctuated between small gains and losses at around $64 per barrel on Monday, as traders awaited fresh reports on a possible global oil surplus. OPEC will release its monthly outlook Wednesday, alongside the IEA's annual forecast, which already projects a record glut for 2026. A monthly update from the IEA follows on Thursday. Crude has struggled this year, weighed down by expectations of oversupply as OPEC+ loosens production cuts while non-member producers keep adding barrels. Earlier this month, the alliance approved a 137,000 bpd increase for December, matching...
Tonight, the greenback weakened amid global optimism and hopes for an end to the US government shutdown. The US dollar (USD) came under pressure again in Tuesday evening's Asian trading, as market confidence grew that the Federal Reserve (The Fed) would cut interest rates sooner than expected. Positive sentiment regarding the prospect of an end to the US government shutdown also prompted investors to shift to riskier assets. The dollar index (DXY) fell to around 99.5, near a three-month low. This weakening occurred after a series of statements by Fed officials emphasized that the next...
Crude oil prices rose as signs of a weakening crude market were offset by soaring premiums for fuels like gasoline and diesel. West Texas Intermediate crude rose as much as 1.5% to $61 a barrel, posting a third straight day of gains. In addition to rising fuel premiums, technical traders known as commodity trading advisors could potentially spur additional buying in the coming days, according to consultancy Energy Aspects. "A larger CTA buying trigger above $64.50 tilts the balance of risks to the upside," said James Taylor, head of quantitative services at Energy Aspects. However,...
Gold shed gains as traders weighed the prospect of an end to the US government shutdown and weak jobs data. The record-breaking 42-day government shutdown is set to end soon after the Senate passed a stopgap funding measure supported by eight centrist Democrats. The reopening of the government now hinges on the Republican-controlled House of Representatives, which plans to return to Washington on Wednesday. Meanwhile, US companies lost an average of 11,250 jobs per week in the four weeks ending October 25, according to data released Tuesday by ADP Research. The figures suggest the labor...