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Gold slips below $4,000 as US–China trade hopes lift risk appetite
Gold price drops 0.63% on Tuesday during the North American session with the yellow metal suffering from its safe-haven appeal as hopes of a de-escalation of the US-China trade war keep ebbs and flows going toward riskier assets like US equities.
Fxstreet
Tue, Oct 28
WTI Oil declines on OPEC+ production hike, Russia sanctions offer partial support
West Texas Intermediate (WTI) US Oil drops 2.55% on Tuesday, trading around $59.80 at the time of writing. Crude Oil prices come under pressure after reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) plan to increase production starting in December.
Gold extends losses as US-China trade optimism fuels risk-on sentiment
Gold (XAU/USD) extends losses on Tuesday as investors rotate out of safe-haven assets amid renewed risk-on sentiment. At the time of writing, XAU/USD is trading around $3,925, down nearly 1.3% on the day, after briefly slipping below the $3,900 level, marking its lowest level in three weeks.Fxstreet
Tue, Oct 28
Gold Price Forecasts: XAU/USD hits lows sub-$3,900 weighed by risk-on markets
Gold trades lower for the third consecutive day on Tuesday, depreciating beyond 4% so far this week, as new trade agreements between the US and Asian countries underpin investors' appetite for risk, weighing safe-havens like Gold.Fxstreet
Tue, Oct 28
European Gas market starts heating season relaxed despite lower filling levels – Commerzbank
The filling level of European Gas storage facilities has barely risen at the start of the official heating period: at 83%, it is 10 percentage points lower than the average for the last five years, Commerzbank's commodity analyst Barbara Lambrecht notes.Fxstreet
Tue, Oct 28
Another moderate increase in OPEC+ production likely – Commerzbank
The eight OPEC+ countries with voluntary production cuts are likely to agree on a further moderate increase in production in December at their virtual meeting next Sunday, Commerzbank's commodity analyst Carsten Fritsch notes.Fxstreet
Tue, Oct 28
Gold: Gold price rises to a new record high – Commerzbank
At the beginning of last week, the Gold price reached a new record high of $4,381 per troy ounce. Since last Tuesday, the price has fallen significantly again, but is still trading 50% higher than at the beginning of the year.Fxstreet
Tue, Oct 28
Copper nears May 2024 record amid US-China trade optimism – ING
Copper prices are approaching their May 2024 record of $11,104.50/t, supported by easing US-China trade tensions, ongoing supply disruptions, and expectations of another Federal Reserve rate cut following softer-than-expected US inflation data, ING's commodity experts Ewa Manthey and Warren Patterso
Fxstreet
Tue, Oct 28
Steady crude, stronger middle distillates – ING
The initial positive sentiment around US-China trade talks faded as the Oil market progressed through yesterday's trading session, with ICE Brent settling almost 0.5% lower. Meanwhile, the market continues to digest the impact of US sanctions on Russian Oil flows on Rosneft and LukOil.Fxstreet
Tue, Oct 28
Crude Oil price today: WTI price bearish at European opening
West Texas Intermediate (WTI) Oil price falls on Tuesday, early in the European session. WTI trades at $60.89 per barrel, down from Monday’s close at $61.37.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $64.68 after its previous daily close at $65.16.WTI declines to near $61.00 as OPEC+ to raise production at next meeting
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.15 during the Asian trading hours on Tuesday. The WTI drifts lower as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to increase oil output once again for December.Featured Tools
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