Silver hit a new record high and is on track for a second weekly gain as strong inflows into exchange-traded funds (ETFs) fueled a sharp rally. The white metal rose as much as 3.9% on Friday to a new record of $59.33 an ounce. Total additions to silver-backed ETFs in the four days through Thursday reached their highest level for any full week since July, a strong signal of investor interest despite signs that silver's rally may be overdone. "These inflows could quickly amplify the price action and trigger a short-term short squeeze," said Dilin Wu, research strategist at Pepperstone Group...
Oil prices rose as U.S. stocks continued their rally, extending a two-day rally, while investors assessed the prospects for a ceasefire in Ukraine and signs of a widening global surplus. West Texas Intermediate crude oil prices traded above $60 per barrel, signaling that a risk premium remains in place as a peace deal remains elusive. Ukrainian negotiators headed for a new round of talks in Florida, with Russia objecting to several points in the U.S.-backed plan. The Kremlin said it was awaiting analysis of the U.S.-Ukraine discussions, Interfax reported on Friday. The market is watching...
Gold (XAU/USD) strengthened slightly on Friday (December 5th) as the latest US economic data reinforced expectations of a Federal Reserve interest rate cut next week. Steady PCE inflation and easing consumer inflation expectations kept the policy outlook dovish. At the time of writing, XAU/USD was trading near $4,245, keeping the precious metal on track for a modest weekly gain. The pending US Personal Consumption Expenditures (PCE) report for September offered no surprises. Core PCE, the Fed's preferred gauge, rose 0.2% month-on-month, in line with expectations, while the annual rate fell...
Gold closed around $4,210 an ounce on Friday, near its highest level since late October, paring an earlier rally as a series of US data strengthened the case for an imminent Fed rate cut. Delayed September PCE rose 0.3% month-on-month and 2.8% year-on-year, while core PCE fell to 2.8% from 2.9%, a combination of sticky goods prices and declining services inflation suggesting weaker underlying pressures. The Michigan preliminary survey improved slightly to 53.3 as one-year inflation expectations fell to 4.1% and the five-year outlook fell to 3.2%, reinforcing the view that near-term price...
Oil prices edged up nearly 1% to a two-week high on Friday (December 5th) amid growing expectations that the US Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand, as well as geopolitical uncertainty that could limit supply from Russia and Venezuela. Brent crude futures rose 49 cents, or 0.8%, to $63.75 a barrel, while US West Texas Intermediate (WTI) crude rose 41 cents, or 0.7%, to $60.08. This was the highest close for both crude benchmarks since November 18th. For the week, Brent rose about 1% and WTI rose about 3%, marking the...