Gold prices edged lower in Asian trade on Thursday, pulling back marginally after a strong performance this week as markets grew more confident that the U.S. Federal Reserve will cut interest rates in December. Speculation over a potentially dovish successor to Fed Chair Jerome Powell also boosted expectations of lower U.S. interest rates in the long term, as did a swathe of weak economic readings from the country. The dollar retreated on this notion, benefiting broader metal prices this week. Silver was a standout performer, coming back in sight of record highs, while platinum...
This week's US Dollar (USD) pullback reflects Fed-driven rate expectations rather than geopolitical shifts, while thinner Thanksgiving liquidity may set the stage for potential USD/JPY intervention, ING's FX analyst Francesco Pesole notes. Yen outperforms high-beta peers"As discussed yesterday, we believe this week's dollar correction has more to do with a convergence towards lower rates following the dovish Fed's repricing, rather than any geopolitically driven rotation away from safe havens. The outperformance of the yen relative to a high-beta European currency like SEK is a clear...
Oil prices were broadly stable on Thursday, with trading volumes anticipated to be relatively thin because of the Thanksgiving holiday in the United States. Get the latest updates and insights on the biggest market-moving stories by upgrading to InvestingPro - get 60% off today. Brent Oil Futures expiring in January were higher by 0.1% at $62.64 per barrel, while West Texas Intermediate (WTI) crude futures edged up 0.3% to $58.81 per barrel. Investors were taking stock of the potential of a Washington-backed framework to end the war in Ukraine. U.S. envoy Steve Witkoff is scheduled to...
Gold prices weakened slightly on Thursday (November 27th), after hitting a nearly two-week high in the previous session, as investors weighed the possibility of a US interest rate cut in December. Spot gold fell 0.1% to $4,159.31 per ounce, as of 14:23 GMT. US gold futures for December delivery fell 0.3% to $4,156.30 per ounce. "We still expect the consolidation that began with the price decline in October to continue as the impact of that price decline has not yet fully subsided," said Julius Baer analyst Carsten Menke. Bullion prices have fallen 5% since hitting a record high of...
Oil prices were steady on Thursday (November 27) as market participants weighed negotiations to end the war in Ukraine against the impact of Western sanctions on Russian supplies, although trading was expected to remain quiet due to the Thanksgiving holiday in the US. Brent crude futures rose 5 cents, or 0.1%, to $63.18 a barrel at 14:12 GMT, while US West Texas Intermediate crude futures rose 18 cents, or 0.3%, to $58.83 a barrel. Russian President Vladimir Putin said on Thursday that the outline of a draft peace plan discussed by the United States and Ukraine could form the basis of a...