The U.S. dollar edged higher Wednesday, with this safe haven helped by the fragile nature of global confidence, although gains are limited ahead of the release of the much-anticipated delayed U.S. jobs report. At 04:15 ET (09:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher to 99.552, close to a one-week high. Dollar helped by risk-off stanceGlobal equity markets have been hit hard this week amid concerns about valuations of artificial intelligence-linked stocks, and this has seen demand for U.S. Treasury bonds and thus the...
Gold prices moved in two directions on Wednesday, strengthening in the Asian session and into early Europe before turning weaker entering the American session. In afternoon trading, gold briefly rose due to risk-off sentiment following the weakening stock market and investor concerns over delayed US economic data. Expectations that the Federal Reserve would still leave open the possibility of an interest rate cut in the coming months prompted market participants to return to gold as a safe haven, pushing prices up compared to the previous day's close. However, this upward momentum faded as...
Oil prices fell on Wednesday after reports indicated the United States is renewing its push to end Russia's war in Ukraine and has drafted a framework for it. Brent crude futures fell $1.63, or 2.5%, to $63.26 a barrel 12:15 p.m. ET (1715 GMT), while U.S. West Texas Intermediate crude futures were down $1.56, or 2.6%, to $59.18. The U.S. has signaled to Ukraine President Volodymyr Zelenskiy that his side must accept the U.S.-drafted framework to end the war, which proposes Kyiv giving up territory and some weapons, two sources told Reuters. An end to the war in Ukraine might pave the way...
Silver steadied around $51 as markets digested the Fed's October minutes which revealed a divided committee. Many officials still expect cuts at some point but a large group signalled that a December move is not certain, and that pullback in near term easing expectations strengthened the dollar and removed some momentum from the metals rally. At the same time lingering macro and geopolitical risks preserved safe haven demand. Physical fundamentals remained supportive with technical momentum from last month's break above $52 keeping buyers engaged and steady Asian physical purchases propping...
Oil held the biggest decline in a week after US fuel inventories rose, while investors monitor the fallout from sanctions on two major Russian producers that are scheduled to take effect on Friday. West Texas Intermediate's January contract traded above $59 a barrel after retreating more than 2% on Wednesday. Brent closed below $64. Gasoline and distillate stockpiles — a category that includes diesel — climbed for the first time in over a month last week, according to government data. US crude stockpiles declined by 3.4 million barrels, figures from the...