The EU is working on a final draft concerning the nuclear deal with Iran as Tehran asks for further flexibility on the part of the United States. Iran is expected to provide an answer by the end of the day. The EU wants to bring back Tehran’s nuclear deal amid …
Read More »What Could Chinese Dull Economic Data Mean For Commodities?
Commodities traders are sitting on edge of their seats following the latest batch of Chinese economic data. Almost all commodity-related assets have been impacted. For example; oil prices plummeted by nearly 5% in early trading on Monday.In commodities, WTI drifts 3.5% lower to trade around $88, but at the time …
Read More »Power Prices Hit Record In Germany As Energy Crisis Deepens
Next-year electricity rates in Germany advanced as much as 3.7% to 477.50 euros ($487) a megawatt-hour on the European Energy Exchange AG. That’s almost six times as much as this time last year, with the price doubling in the past two months alone.European power prices jumped to a fresh record …
Read More »Gold Price Forecast: XAU/USD bulls struggle around 50 DMA on the road to recovery
Gold Price breaches the critical 50 DMA at $1,782 despite falling yields. China data-led triggers risk-aversion, boosts the safe-haven US dollar. The Gold Index remains exposed to testing the bullish 21 DMA on a daily closing below 50 DMA.Gold Price is deep in the red during the US session, as …
Read More »Gold Slides On NY Fed’s Manufacturing Index Reading
The gold market is not seeing much reaction to the latest economic data as it tries to hold support around $1,800 an ounce. December gold futures last traded at $1,796.30 an ounce, down 1% on the day. At the time of writing, gold price even deteriorates to $1778.71. With a …
Read More »Dollar rises after China data, yuan falls due to interest rate cut
The safe-haven US dollar rose on Monday after a fresh batch of disappointing data from China reinforced fears of a global recession. At the same time, the yuan fell after the People’s Bank of China surprisingly cut interest rates. Chinese industrial production, retail sales and fixed asset investment missed analysts’ …
Read More »Gold falls with the rise of the dollar and fears of raising US interest rates
Gold prices fell on Monday as the dollar rebounded amid expectations that the Federal Reserve will raise interest rates sharply, adding to pressure on the yellow metal. And gold fell in spot transactions 0.6 percent to $ 1791.33 an ounce by 0704 GMT, after rising by about 1.6 percent last …
Read More »Oil prices fall for the second session, and Aramco says it is ready to increase production
Oil prices fell for a second session on Monday after the CEO of Saudi Aramco, the world’s largest exporter, said the company was ready to increase production, as production resumed at several US offshore platforms in the Gulf of Mexico after a brief break last week. Brent crude futures were …
Read More »Oil price retreats 2% on US Gulf of Mexico supply news
Brent crude futures fell $1.45, or 1.5%, to settle at $98.15 a barrel, while US West Texas Intermediate (WTI) crude fell $2.25, or 2.4%, to settle at $92.09 a barrel. Both contracts gained more than 2% on Thursday.Oil prices plunged around 2% on Friday, on expectations that supply disruptions in …
Read More »Gold gains on retreating Treasury yields
Gold prices drifted higher on Friday helped by a drop in U.S. Treasury yields and setting the metal on path for a fourth straight week of gains, as investors took stock of the recent inflation data out of the United States.Gold rose 0.5% to $1,798.86 per ounce by 1800 GMT …
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