WTI crude prices settled above $73 a barrel on Thursday, paring earlier losses as investors weighed a sharp rise in U.S. fuel inventories against concerns about tighter supplies. The latest EIA report showed a nearly 1 million-barrel drop in U.S. crude inventories last week, the seventh straight decline, but also a significant increase of 6.3 million barrels in gasoline and 6.1 million in distillates. Meanwhile, OPEC production fell in December after two months of growth, as UAE field maintenance offset gains, including an increase in Nigerian output. Russian oil production also fell...
Gold (XAU/USD) attracted some dip buyers near $2,655 levels on Thursday and re-emerged near four-week highs touched the previous day. Cautious market sentiment, geopolitical risks, and concerns over US President-elect Donald Trump's tariff plans turned out to be key factors supporting the safe-haven commodity. Further, the flight to safety triggered a modest pullback in the US Treasury bond yields and drove some flows towards the precious metal for the third straight day. Meanwhile, the Federal Reserve's (Fed) hawkish signal that it will slow the pace of interest rate cuts in 2025 helped...
Silver (XAG/USD) price continues its uptrend, extending the winning streak that began on January 1. The grey metal was trading around $30.20 per troy ounce during European hours on Thursday (9/1). A closer look at the daily chart shows a developing bullish bias, with the XAG/USD pair pushing higher along the nine- and 14-day Exponential Moving Averages (EMAs), indicating strong near-term price momentum. The 14-day Relative Strength Index (RSI) has also risen above the 50 level, strengthening the bullish sentiment. Further upside in Silver price could indicate developing bullish momentum....
EUR/USD moved lower below 1.0300 but remained within Wednesday's trading range in the European session on Thursday. The major currency pair faced pressure as the US Dollar (USD) moved higher, with the US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, aiming to revisit a two-year high of 109.53. The US Dollar strengthened as the Federal Open Market Committee (FOMC) minutes for its December policy meeting suggested that policymakers were cautious about further policy easing as progress in the disinflationary trend has stalled. Source: FXStreet
Gold's price (XAU/USD) turns higher again and enters into a third straight day of gains, after breaking and closing above the 55-day Simple Moving Average (SMA) at $2,654 the previous day. The move comes as yields across the globe start to surge due to inflation concerns. Traders are getting worried that inflation could peak again with all the stimulus plans, fiscal reforms, and tariff levies that President-elect Donald Trump has announced in the past few days and weeks. On the economic data front, this Thursday, all eyes are on the Federal Reserve (Fed), which has a slew of policymakers...