Oil prices rose on Wednesday, reversing earlier losses, as investors believe Russia-Ukraine peace talks are unlikely to lead to the removal of sanctions on Russian crude, though gains were limited by concerns about an overall supply surplus. Brent crude gained 26 cents, or 0.4%, to $62.71 at 0816 GMT, while U.S. West Texas Intermediate rose 29 cents, or 0.53%, to $58.95. Both contracts fell more than 1% in the previous session. "Oil markets and prediction markets do not appear to price a large probability of a near-term peace agreement and removal of the sanctions on Russia oil," Goldman...
Gold (XAU/USD) hangs near the lower end of the daily range during the first half of the European session on Wednesday, though it manages to hold above the $4,200 mark amid mixed cues. A generally positive tone around the equity markets is seen as a key factor acting as a headwind for the safe-haven precious metal. Furthermore, bulls opt to wait for important US macro releases for more cues about the Federal Reserve's (Fed) rate-cut path and placing fresh bets around the non-yielding yellow metal. In the meantime, firming expectations that the US central bank will lower borrowing costs at...
Gold (XAU/USD) firms as traders react to the latest ADP Employment Change report. At the time of writing, XAU/USD is trading around $4,220, with attention now shifting to the ISM Services Purchasing Managers Index due later in the day. ADP came in noticeably weaker than expected, showing a 32K decline in November. Markets had expected a 5K increase, while October recorded a 47K gain. The private employment data underscored weakening labour conditions in the US. The report also holds significance as October's Nonfarm Payrolls (NFP) will be published together with the November report on...
Silver traded near a record high after US payrolls data reinforced speculation that the Federal Reserve will cut interest rates at its final policy meeting in 2025. Gold continued to rally. US companies cut payrolls in November, the most since early 2023, according to ADP Research data released Wednesday, adding to concerns about a more pronounced weakening in the labor market. Bond yields and the dollar weakened, helping silver recover from a 1.6% decline. Swap traders continue to expect a quarter-point rate cut at the Fed's December 9-10 meeting. Precious metals, including silver and...
Gold (XAU/USD) strengthened as traders reacted to the release of the latest US economic data. At the time of writing, XAU/USD was trading around $4,225, slightly higher after briefly dipping below the psychological $4,200 level the previous day. Recent US data showed a mixed picture of underlying economic momentum. The ISM Services PMI edged up to 52.6 in November from 52.4, beating expectations of 52.1 and signaling steady expansion. Meanwhile, the ADP Employment Change report showed private sector payrolls fell by 32,000 in November, well below the 5,000 increase expected. October's...