Oil rose on Wednesday, supported by signs of strong global demand including from top consumer the United States while hopes that the Federal Reserve might start cutting rates soon also buoyed sentiment despite somewhat sticky U.S. inflation.
Oil prices rose in Tuesday trade as geopolitical tensions in the Middle East continued to spur concern, but gains were limited on bearish demand sentiment and as the market waited for monthly reports from oil agencies.
Gold prices steadied just below record highs in Asian trade on Monday, with focus turning largely to upcoming U.S. inflation data for more cues on when the Federal Reserve will begin cutting interest rates.
Gold prices surged to a record high on Thursday, poised for their seventh consecutive daily rise, led by sluggish U.S. economic data and Federal Reserve Chair Jerome Powell’s indications of potential rate cuts in the coming months should inflation alleviate.
Oil prices hovered just below the flatline in early U.S. trade on Tuesday, nursing some losses from the prior session and receiving little support from a middling 2024 economic growth forecast from top importer China.
Gold prices fell slightly in Asian trade on Monday but remained within sight of two-month highs after growing conviction over U.S. interest rate cuts this year spurred sharp gains in the yellow metal.
Oil prices rose on Friday and were set for weekly gains as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh U.S., European and Chinese economic data.
Gold prices kept to a tight range in Asian trade on Thursday, with traders remaining on the sidelines in anticipation of key U.S. inflation data that is expected to factor into the path of interest rates. The yellow metal was also pressured by overnight comments from Federal Reserve officials that the bank needed to do…
Gold prices moved in a flat-to-low range on Wednesday, extending their recent run of muted performance as anxiety over higher-for-longer U.S. interest rates persisted ahead of key economic readings.
If you believe the options market, the world’s major currencies are going nowhere fast this year. A world of rapidly re-routed trade, political standoffs, pivotal elections, sparky inflation and widening growth gaps between G7 nations – it might reasonably be seen as an ideal incubator for volatility in major currencies.
