Gold rose as expectations for a US interest rate cut grew, while Deutsche Bank AG joined Goldman Sachs Group Inc. in raising its price forecasts for next year. Dovish comments from policymakers since last week have revived bets on a December rate cut. The latest US jobless claims data—which showed applications for unemployment benefits unexpectedly fell last week to their lowest level since mid-April—is not expected to deter the Federal Reserve from cutting interest rates next month. Enhancing the prospect of lower interest rates, a top economic adviser to Donald Trump has emerged as a...
Silver (XAG/USD) rallied sharply on Wednesday, trading around $52.45 at the time of writing, up 2.00% on the day. The precious metal continued its bullish momentum, supported by the continued decline in US yields and investors shifting to non-interest-bearing assets, amid an increasingly accommodative outlook from the Federal Reserve (Fed). Market conditions remain driven by continued downward pressure on US interest rates, as Fed expectations turn more dovish. Recent comments from New York Fed President John Williams, emphasizing the need for further monetary adjustments, have reinforced...
Oil prices stabilized on Wednesday (November 26th) after closing at a one-month low amid White House optimism about a peace deal between Russia and Ukraine, a development that could ease Moscow's oil restrictions in an already oversupplied market. West Texas Intermediate crude oil prices hovered around $58 a barrel, with volumes likely to decline ahead of Thursday's Thanksgiving holiday in the US. Steve Witkoff, US President Donald Trump's envoy, will lead a delegation for talks in Russia next week aimed at ending the nearly four-year war, a Kremlin official said. The Ukrainian leader's...
Gold rose to around $4,160 per ounce on Wednesday (November 26), nearing a two-week high as expectations of US policy easing weakened the dollar and reduced the opportunity cost of holding bullion. Futures and currency markets now place the odds of a 25 basis point (bps) Fed rate cut in December above 80%, and reports that Kevin Hassett is the leading candidate for Fed chair reinforced expectations of further policy easing. The mix of economic data has been uneven but consistent with policy easing, with initial jobless claims surprisingly lower and durable goods orders strengthening despite...
Oil prices edged higher on Wednesday (November 26th) ahead of the US Thanksgiving holiday, as US investors assessed the prospect of a supply glut and negotiations on a Russia-Ukraine peace deal. Brent crude futures rose 42 cents, or 0.67%, to $62.9 a barrel at 2:10 PM ET (7:10 PM GMT). US West Texas Intermediate crude futures rose 50 cents, or 0.86%, to $58.45. US crude inventories rose 2.8 million barrels to 426.9 million barrels last week due to a surge in imports, according to the Energy Information Administration (EIA) on Wednesday. Analysts had expected a rise of 55,000...