Gold strengthened as traders weighed the imminent end of the U.S. government shutdown and the outlook for the Fed's interest rate direction. U.S. House members returned to Washington on Wednesday to vote on ending the 43-day government shutdown. The legislation, a compromise forged in the Senate and approved by President Donald Trump, would reopen the federal government and fund some agencies, but does not include an extension of the enhanced Obamacare premium tax credit. Treasury yields eased slightly and the U.S. dollar pared its gains. This helped lift bullion by up to 1.5%, as lower...
Silver prices rose about 3.5% to over $53 an ounce on Wednesday, their highest level in nearly three weeks, supported by growing expectations that the Federal Reserve will continue to cut interest rates this year. Optimism over the imminent end of the US government shutdown, which will allow for the release of new economic data, also fueled this speculation. The market currently rates the chance of a 25-bps Fed rate cut in December at about 65%, up from about 62% the day before. Meanwhile, supply pressures are expected to persist, with demand likely to increase amid the start of the Indian...
Gold prices rose 2% on Wednesday (November 12) as US Treasury yields weakened ahead of the House vote on reopening the government, a move that could revive economic data releases and strengthen expectations of a Federal Reserve interest rate cut in December. Spot gold prices rose 2% to $4,208.98 an ounce, their highest level since October 21, as of 1:46 PM ET (6:46 PM GMT). US gold futures for December delivery closed 2.4% higher at $4,213.60 an ounce. The benchmark US 10-year yield fell 1% to its lowest level since November 5. "The US government is starting to reopen, and the market is...
Oil prices plunged more than $2 per barrel on Wednesday (November 12th), weighed down by an OPEC report stating that global oil supply will match demand in 2026, marking a further shift from its previous projection of a supply deficit. Brent crude futures closed at $62.71 per barrel, down $2.45, or 3.76%, after rising 1.7% on Tuesday. U.S. West Texas Intermediate crude closed at $58.49 per barrel, down $2.55, or 4.18%, after rising 1.5% in the previous session. The Organization of the Petroleum Exporting Countries (OPEC) noted that global oil supply will match demand next year due to...
World oil prices continue to weaken after previously plummeting by more than 4%. West Texas Intermediate (WTI) crude is now around $58 per barrel, while Brent has fallen below $63. This decline occurred after OPEC reported that global oil supply exceeded demand in the third quarter. This condition indicates that the long-awaited oil surplus is finally starting to be felt in the market. Signs of oversupply are also evident in changes in price patterns in the oil market. The WTI prompt spread briefly moved into contango, a situation where oil prices for future delivery are higher than current...