Gold prices rose today, Wednesday, December 6, with the decline of the dollar, and US jobs data, which was weaker than expected, reinforced bets on the end of the US Federal Reserve’s monetary policy tightening cycle. Gold rose in instant transactions by 0.2% to $2,023.39 per ounce. US gold futures …
Read More »Variation in oil prices as the market assesses OPEC+ cuts and Chinese demand concerns
Oil prices varied in Asian trading on Wednesday, after recording losses over four sessions, as markets evaluated the effectiveness of OPEC+ production cuts and concerns about the deteriorating demand prospects in China. By 0438 GMT, Brent crude futures rose one cent to $77.21 per barrel. US West Texas Intermediate crude …
Read More »Market Drivers – US Session, Dec. 5
On Wednesday morning during the early Asian session, the price of gold (XAU/USD) declines. The yellow metal declines due to the renewed demand for US dollars (USD). The US Dollar Index (DXY), which measures the value of the US dollar relative to a weighted basket of currencies that is used …
Read More »Gold down after diving $100 in two days on stronger US dollar
Gold’s $100 two-day decline challenges the metal’s reputation as a safe haven in the face of growing dollar appeal. The US Dollar Index rises 0.29% to 103.93, indicating a change in the way the market views the dollar. Following an unexpectedly high ISM Non-Manufacturing PMI of 52.7, the US economy …
Read More »Oil’s losses extended for fourth day amid OPEC+ uncertainty
The US Crude Oil benchmark, WTI, has extended its losses for four consecutive days due to factors such as the Greenback’s recovery and demand concerns countering supply worries. The benchmark is trading at $72.72 per barrel, down 0.41%. In the latest OPEC+ meeting, members agreed to output cuts of 2.2 …
Read More »Oil settles amid OPEC+ cut-linked doubts
Oil prices witnessed little change on Tuesday amid uncertainty over the OPEC+ alliance’s voluntary production cuts, continued tension in the Middle East, and weak economic data from the United States. By 0402 GMT, Brent oil futures fell one cent to $78.02 a barrel, while US West Texas Intermediate crude futures …
Read More »Oil retreats amid skepticism over OPEC+ potential output cuts
Oil prices fell on Monday due to traders’ wait-and-see attitude towards OPEC and its allies’ plans to cut production in the first quarter of 2024. Fears of a drop in demand also put pressure on prices. Brent crude futures settled down 85 cents or 1.08% at $78.03 a barrel, while …
Read More »Why has gold abandoned all-time high?
Gold price has reached an all-time high on Monday, driven by the US dollar’s decline and traders’ bets that the Fed will cut interest rates next year. Gold is trading at $2025.21 at the time of writing. Earlier on Monday, gold price surged up to 3% to $2135 per ounce, …
Read More »Gold retreats from all-time highs as the dollar rises
Gold prices fell after rising to all-time highs earlier on Monday, but remained above the key $2,000 level supported by growing bets that the US central bank may cut interest rates early next year. Gold in spot transactions fell 0.4 percent to $2,062.80 an ounce by 0823 GMT. US gold …
Read More »Gold prices reach all-time highs
Gold prices rose to an all-time high above $2,100 an ounce on Monday as comments from Federal Reserve Chairman Jerome Powell boosted traders’ confidence that the US central bank may cut interest rates early next year. Lower interest rates reduce the opportunity cost of holding non-interest-bearing yellow metal. By 05:30 …
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