Global oil prices remain strong as market participants await US President Donald Trump's next move on Venezuela. West Texas Intermediate (WTI) held steady above $59 per barrel after previously rising 1.3%, while Brent hovered near $63 per barrel. Market sensitivity grew after Trump held a meeting on Venezuela on Monday night, as US troops reportedly massed in the region and pressure on Nicolas Maduro's government intensified. This escalating situation has made the market cautious and added a risk premium to oil prices. These geopolitical concerns partly overshadow other concerns about the...
Silver prices are currently stable and remain about a dollar away from their record high. The white metal is trading around $57.90 per ounce, after surging more than 8% in just the last two sessions. This surge occurred amid trader speculation that silver supplies would tighten, thus driving demand and keeping prices high. In October, a large influx of silver flowed into London to relieve market pressure, but this actually put pressure on other trading centers. Silver inventories linked to warehouses at the Shanghai Futures Exchange even fell to their lowest level in a decade. This...
Gold prices weakened slightly in early Asian trading. Spot gold fell around 0.2% to around $4,223.40 per troy ounce. This movement follows a previous rally, and the market is now more cautious while awaiting signals on the direction of interest rate policy from the US central bank, the Federal Reserve (The Fed). In a note, Sucden Financial assessed that gold and silver movements will remain highly sensitive to indications of whether the Fed will cut interest rates. If interest rate cuts do indeed proceed, this is usually a supportive factor for precious metals because yields on...
Oil prices were steady in Asian trading on Tuesday, holding on to gains from the previous session as OPEC+ reaffirmed it will pause production increases in the first quarter, while traders continued to assess supply risks stemming from geopolitical tensions. As of 21:18 ET (02:18 GMT), Brent Oil Futures expiring in February edged up 0.1% to $63.23 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.2% to $59.42 per barrel. Both contracts jumped over 1% on Monday after OPEC+ ministers on Sunday confirmed the group would hold output steady through the first quarter of 2026...
Silver retreated from a record high, with a key technical indicator showing that a six-day rally has taken it into overbought territory. Gold also edged down. The white metal fell as much as 2.4% to around two dollars below the all-time peak reached in the previous session. Traders have been betting on continued supply tightness and expectations for another interest-rate cut in the US, a tailwind for non-yielding precious metals. The 14-day relative strength index, however, showed that this recent speculative fervor may have gone too far, too fast. A reading of above 70 shows that the...