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Commodities
Gold holds near 7wk high; Fed cut supports gains
Gold held above $4,250 during Friday's Asian deals, buoyed by a weaker United States dollar after the Federal Reserve delivered a widely anticipated 25 basis-point rate cut, placing benchmark rates at their lowest level in three years. By 3:40 pm AEDT (4:40 am GMT), spot gold was down 0.3% at US$4,267.77 per ounce, leaving it on track for a weekly rise of 1.7%. Momentum in the gold market strengthened after the Fed opted for a quarter-point reduction in a split decision on Wednesday (Thursday AEDT), lowering the federal funds rate to a 3.50%–3.75% range. The move pressured the U.S. dollar, reducing the opportunity cost of holding non-yielding assets such as gold. U.S. economic data added further support. Figures from the Department of Labor showed that new unemployment benefit applications rose by the most in nearly four and a half years last week, signalling weakening labour market conditions. Despite the rate cut, Fed officials indicated the central bank is likely to pause before making any further adjustments, stressing that inflation “remains somewhat elevated” and that labour market conditions require ongoing monitoring. The CME Group FedWatch Tool shows a 75.6% probability that the Fed will leave rates unch
Commodities
Oil up on US-Venezuela tensions; heads for weekly loss
Oil prices rose during Friday's Asian trade as the prospect of the United States intercepting additional Venezuelan oil tankers intensified supply concerns, with prices remaining on course for a weekly decline amid optimism surrounding potential Russia-Ukraine peace negotiations. By 3:30 pm AEDT (4:30 am GMT), Brent crude futures were up 40 cents, or 0.6%, at US$61.67 per barrel, while U.S. West Texas Intermediate crude gained 40 cents, or 0.7%, to US$58.00 per barrel. For the week so far, Brent has declined 3.2% and WTI is down 3.4%. Washington is preparing to intercept more ships carrying Venezuelan crude following the seizure of a tanker earlier this week, six sources familiar with the matter told Reuters. The operation has heightened worries about supply disruptions as the United States steps up pressure on Venezuelan President Nicolas Maduro. ANZ analysts noted: "The Office of Foreign Assets Control announced that the U.S. Treasury Department has sanctioned another six crude oil tankers and their related companies. It marks an escalation of tension between the two countries and threatens up to 560kb/d of crude oil exports." Meanwhile, peace negotiations between Ukraine and Russia remain in focus. A credible
Commodities
Markets: Gold stalls below US$4,250 post Fed cut
Gold remained capped below the key US$4,250 level on Thursday, pausing a two-day rally as traders reassessed the Federal Reserve’s latest policy decision and shifted their focus toward upcoming United States employment data. By 3:50 pm AEDT (4:50 am GMT), spot gold was trading 0.4% lower at $4,211.77 per ounce after retreating from early Asian-session highs of $4,247.81. The metal extended its overnight gains at the open but met renewed selling pressure as profit-taking emerged. Gold’s recent momentum was fuelled by a broadly softer U.S. dollar and falling Treasury yields, after the Fed delivered a widely expected 25 basis point cut to 3.5%–3.75%. Chair Jerome Powell adopted a measured tone at his post-meeting press conference, indicating that further reductions are unlikely until it sees more definitive evidence of a cooling labour market and inflation that “remains somewhat elevated.” Markets continued to price in two additional rate cuts next year, diverging from the Fed’s own projections for just one more. With the major risk event now past, attention turns to incoming U.S. labour indicators. Weekly jobless claims data will be closely watched for clues on employment conditions ahead of next week’s delayed non
Commodities
Crude oil steady; US tanker seizure stokes supply fears
Crude oil traded flat in Asian trade on Thursday, giving up early gains as geopolitical tensions escalated following the United States' seizure of a sanctioned Venezuelan oil tanker, a move that heightened concerns about potential supply disruptions. By 3:10 pm AEDT (4:10 am GMT), Brent crude futures edged down 4 cents, or 0.1%, to US$62.17 per barrel. U.S. West Texas Intermediate crude was little changed, easing just 1 cent to US$58.45 per barrel. U.S. President Donald Trump said on Wednesday, "we've just seized a tanker on the coast of Venezuela, large tanker, very large, largest one ever, actually, and other things are happening." Analysts at ANZ commented in a note to clients: “This marks a serious escalation of tension. China has been the biggest buyer of Venezuela’s crude in recent years, according to ship tracking data.” While U.S. officials did not identify the vessel, British maritime risk group Vanguard said the tanker Skipper was believed to have been seized off Venezuela’s coast. Separately, tensions in the Black Sea rose after Ukrainian sea drones reportedly struck and disabled a tanker involved in transporting Russian oil as it travelled through Ukraine’s exclusive economic zone. Investors are also
Commodities
Mission Critical: East beats West for IPO capital flow
November was a month of a relocation from East to West for electrification capital markets, as China's pull as the beating heart of the world's energy transition continues to build momentum. Azzet’s Mission Critical is a weekly column that lays out the ebbs and flows around the critical minerals supply chains - from markets, pricing, production, refinement and mergers & acquisitions, to manufacturing and consumer products. According to the latest data from Benchmark Mineral Intelligence (BMI), Hong Kong has solidified its position as the key route for electric vehicle (EV), battery and critical mineral players looking to raise equity funds. While North American markets remain treacherous for new entrants, the Hong Kong Stock Exchange (HKEX) saw a flurry of activity last month, hosting initial public offerings (IPO) for autonomous driving firms WeRide and Pony AI, alongside battery material heavyweight CNGR.Credit: Benchmark IntelligenceHowever, this IPO shift eastward is not without its turbulence, as BMI analysts note that an oversupply of new listings is beginning to weigh heavily on performance. Of the major debuts in Hong Kong this month, only CNGR managed to post positive returns immediately post-IPO, while the a

Commodities
Gold defends US$4,200; 'hawkish' Fed cut expected
Gold held its footing above the US$4,200 mark during Asian deals on Wednesday, extending Tuesday’s rebound as traders turned their attention to the Federal Reserve’s interest rate decision and Chair Jerome Powell’s remarks. By 4 pm AEDT (5 am GMT) spot gold prices were trading flat at US$4,206.98 per ounce. The precious metal has been buoyed partly by the record-breaking rally in silver, with investors widely expecting the Fed to deliver a 25 basis point cut at the close of its two-day policy meeting later on Wednesday. The CME Group FedWatch Tool indicates an 86.7% probability of such a move, with traders keen to learn how many cuts Federal Open Market Committee (FOMC) policymakers anticipate for 2026. Market pricing also suggests a 20% chance of an additional rate cut in January, following Tuesday’s stronger-than-expected U.S. job opening and labour turnover survey (JOLTS) figures for September and October. Powell’s tone will be a central focus for markets. Investors are eager to determine whether the December cut is intended as a risk-management step or the beginning of a deeper easing cycle. The vote split between hawkish and dovish committee members is also expected to shape the central bank’s guidance for t
Commodities
Oil prices steady as supply worries linger
Oil prices were mostly steady in Asian trading on Wednesday, recovering slightly after a roughly 1% decline in the previous session. Ongoing concerns that global supply may continue to outpace demand kept gains muted, while traders also monitored developments in high-level diplomatic efforts to advance peace talks between Russia and Ukraine. By 3:30 pm AEDT (4:30 am GMT), Brent crude futures were up 10 cents, or 0.2%, to US$62.04 per barrel. U.S. West Texas Intermediate crude mirrored the move, rising 10 cents, or 0.2%, to US$58.35 per barrel. The geopolitical backdrop remained a key driver of sentiment. Ukrainian President Volodymyr Zelenskyy said Kyiv and its European partners will soon present the United States with “refined documents” outlining a peace plan aimed at ending the conflict with Russia. His comments followed several days of intense diplomatic exchanges. Analysts at ANZ commented in a note to clients: “President Trump said Russia is in the stronger position in its war on Ukraine and chided European leaders for what he called excessive talk that’s produced scant results. "This raised concerns that restrictions on Russian oil supplies could be eased, as Trump pushes for Ukraine to accept a peace deal
Commodities
Silver smashes through US$60, now outrunning gold
Silver has just blasted past US$60 an ounce for the first time in history, leaving investors scrambling to fathom why the metal long overshadowed by gold is suddenly stealing the spotlight. After months of building momentum, the silver market has erupted, with spot prices jumping to around US$60.82 per ounce and futures briefly touching US$61.06. The latest rounds off a remarkable year in which silver has more than doubled, leaving even gold struggling to keep pace. So, what’s driving this incredible run? A rare mixture of tight supply, expectations of interest-rate cuts, and an increasingly shaky U.S dollar — plus some extraordinary market disruptions — has created the perfect calm. A major catalyst behind silver’s latest spike is the growing market expectation that the U.S. Federal Reserve (The Fed) is about to cut interest rates. Traders are now pricing in roughly 87% odds of a quarter-point cut, which would bring rates down to the 3.5%–3.75% range. Lower interest rates generally weaken the dollar, and this year the U.S dollar index has already fallen 8.5%, making precious metals more attractive. While silver has benefited hugely from that trend - more so than gold - the real story isn’t just rate ex
Commodities
Gold trades steady; Fed, JOLTs job data in focus
Gold held its footing around the US$4,200 level during Tuesday's Asian deals, as traders remained cautious ahead of the United States Federal Reserve’s two-day policy meeting, which begins later in the session. The metal has spent recent days confined to a narrowing range, reflecting the broader sense of uncertainty as investors brace for crucial guidance on the central bank’s rate outlook. By 4 pm AEDT (5 am GMT), spot gold was trading 0.1% lower at $4,187.71 per ounce. The precious metal attracted tentative buying for a third straight day, gaining modest support from renewed weakness in the U.S. dollar. The pullback in the greenback comes as President Donald Trump’s latest tariff threats added a layer of geopolitical unease, encouraging some defensive interest in bullion. However, traders remain reluctant to take on larger positions ahead of the Fed’s meeting. Markets widely expect a 25 bps rate cut, bringing the target range to 3.5%–3.75%, but the greater focus rests on the tone of the central bank’s accompanying message. Expectations of a more hawkish signal have helped push U.S. Treasury yields higher in recent sessions, with the benchmark 10-year yield holding above the psychologically important 4% mark.