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Commodities
Gold steadies at US$4,000; down 2.7% on-week
Gold prices steadied around the key US$4,000 mark on Friday, consolidating weekly losses as investors assessed a stronger United States dollar and waning expectations for a December rate cut. By 4 pm AEDT (5 am GMT), spot gold was down 0.5% at US$4,004.98 per ounce. For the week, gold has lost 2.7%, retracing part of its earlier rally, but remains set for its third consecutive monthly gain. Markets appeared to take profits after a strong correction in gold prices, prompted by optimism over a potential U.S.-China trade deal and a more cautious tone from the Federal Reserve. The Fed on Wednesday delivered an expected 25 basis-point rate cut, though Chair Jerome Powell suggested policymakers may become “more cautious” if doing so limits their ability to assess further economic data on jobs and inflation. According to the CME Group FedWatch Tool, traders are now pricing in a 71% chance of another 25 bps rate cut in December, down from 91.1% a week ago. The shift in expectations has bolstered the U.S. dollar, which is hovering at two-month highs against major peers, weighing on gold’s near-term momentum. Gold’s recovery earlier in the week was supported by a report from the World Gold Council, which stated that “total
Commodities
Markets: Oil slips on strong dollar, ample supply
Oil prices eased during Friday's Asian trade, poised to record a third straight monthly decline, as the United States dollar strengthened and soft Chinese data weighed on sentiment. Rising output from major producers also offset the impact of Western sanctions targeting Russian exports. By 3:30 pm AEDT (4:30 am GMT), Brent crude futures slipped 38 cents, or 0.6%, to US$64.62 per barrel, while U.S. West Texas Intermediate crude was 41 cents, or 0.7%, lower at US$60.16. ANZ analysts commented in a note to clients, "In the short term, we expect imports by India and China to fall, as refiners take stock of these latest measures. This will delay the expected inventory build in the current quarter and see increasing pressure on OPEC to fill gaps." "Indian refiners have paused purchases of Russian crude following the U.S. move to sanction Russian oil companies Rosneft and Lukoil. However, there has been no indication on the Chinese side as to whether they will stop buying. "There was also hope that China would agree to purchases of U.S. oil & gas as part of a broader U.S.-China deal. "The market is now watching this weekend’s OPEC+ meeting and discussions of its output policy." The greenback strengthened overnight af
Commodities
Mission Critical: Is copper's cyclical price action over?
A powerful new bull cycle could be on its way (it might already be here) and copper's role in our energy transition, defence systems, and technological infrastructure have shifted it from a cyclical industrial metal into a strategic commodity. Today, increasingly apparent variables such as cascading supply disruptions and resilient demand are currently colliding with production cuts across major mines to strain global supply chains. That's spurred investors and analysts alike to turn bullish on the red metal, as three-month copper prices closed at $10,987/t in late October, up 3.8% week-on-week on the London Metal Exchange and just short of the record set in May 2024. Azzet’s Mission Critical is a weekly column that lays out the ebbs and flows around critical minerals supply chains - from pricing, production, refinement and mergers & acquisitions, to manufacturing and consumer products.Credit: BenchmarkSupply shocks trigger deficit2025 is tracking as the weakest year for mined copper growth since 2011, pushing the market into deficit territory despite smelter capacity coming online. Freeport-McMoRan's force majeure declaration at Indonesia's Grasberg mine drove the latest price movement. An 800,000t mud inrush shut dow
Commodities
Gold ticks up as traders eye Trump-Xi outcome
Gold prices were trading above US$3,950 per ounce during Thursday's Asian deals as traders awaited the outcome of the high-stakes meeting between United States President Donald Trump and Chinese President Xi Jinping, while volatility following the Federal Reserve’s policy decision continued to ripple through markets. By 4:25 pm AEDT (5:25 am GMT), spot gold rose 0.9% to US$3,962.65 per ounce, following three sessions of consecutive declines. Earlier in the session, the Federal Reserve cut interest rates by 25 basis points as expected, pushing gold higher in the process. However, those gains were quickly erased after Fed Chair Jerome Powell signalled a more cautious tone, suggesting that further easing in December was far from certain given the government shutdown’s potential to delay economic data releases. According to the CME Group FedWatch Tool, traders now see a 67.8% probability that the Fed will hold rates steady at its 10 December meeting, up sharply from just 9.1% before the policy announcement. Powell’s comments triggered a short-lived rally in the U.S. dollar, though the Greenback later gave up its gains as optimism surrounding U.S.-China trade negotiations returned to focus. Market sentiment remains te
Commodities
Oil slips ahead of US-China trade deal outcome
Oil prices slipped during Asian trading on Thursday as investors awaited the outcome of crucial United States-China trade talks, hoping for signs that tensions weighing on global growth might ease. By 4 pm AEDT (5 am GMT), Brent crude futures were down 27 cents, or 0.4%, at US$64.65 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 31 cents, or 0.6%, to US$60.15 per barrel. U.S. President Donald Trump and Chinese leader Xi Jinping met for nearly two hours at a South Korean air base in Busan. The outcome of the meeting was not immediately clear, though Trump said earlier this week he expects to reduce U.S. tariffs on Chinese imports in exchange for Beijing’s commitment to restrict exports of precursor chemicals used to produce fentanyl. The talks come amid a backdrop of heightened market uncertainty, with investors weighing both the potential for a trade breakthrough and the broader outlook for global demand. Adding some support to sentiment, the U.S. Federal Reserve lowered interest rates on Wednesday as widely expected, though Chair Jerome Powell signalled that it could be the final cut of the year given the ongoing government shutdown and its potential impact on economic data. Oil’s recent gains w

Commodities
Gold steadies near US$3,960 ahead of Fed rate decision
Gold prices inched higher during Asian trade on Wednesday, attempting to recover from recent sharp losses as investors looked to the Federal Reserve’s policy decision for fresh direction. By 4:10 pm AEDT (5:10 am GMT), spot gold was up 0.2% at US$3,958.06 per ounce, following a steep correction from record highs of US$4,382. The move comes as traders engaged in light buying after three consecutive sessions of declines, with markets adopting a cautious stance before the Fed’s announcement. Gold has shed around 3.5% this week, pressured by a stronger United States dollar and improving risk sentiment across global equity markets. The metal’s short-term recovery remains fragile, with gains capped by easing U.S.-China trade concerns and the ongoing rally in risk assets. Investors are closely monitoring the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea. Trump said he expects to lower tariffs on China linked to fentanyl exports, adding, “I think we are going to have a great meeting with Xi.” The Fed’s interest rate decision remains the main focus for precious metals traders. Markets are widely expecting a 25 basis point cut, following the central bank’s “risk man
Commodities
Oil prices slip; US inventories fall, OPEC+ talks loom
Crude oil prices edged lower in Asian trading on Wednesday, extending a three-day losing streak, as traders balanced falling U.S. stockpiles against renewed sanctions on Russia and the possibility of a fresh OPEC+ output boost. By 3:50 pm AEDT (4:50 am GMT), Brent crude futures were down 6 cents, or 0.1%, at $64.34 per barrel, while U.S. West Texas Intermediate (WTI) slipped 7 cents, or 0.1%, to $60.08 per barrel. Data from the American Petroleum Institute (API) showed that U.S. crude, gasoline, and distillate inventories declined last week, with crude stocks falling by 4 million barrels in the week ending October 24, surpassing market expectations for a 2.9 million-barrel draw. Last week, both Brent and WTI posted their biggest weekly gains since June, following U.S. President Donald Trump’s decision to impose Ukraine-related sanctions on Russian oil majors Lukoil and Rosneft. Despite the move, investors doubted whether sanctions alone would offset persistent oversupply, and both benchmarks dropped about 1.9% in the previous session. On Tuesday, the Kremlin reiterated that Russia offered “top-quality energy at a good price” and that partner nations could decide independently whether to continue purchases following
Commodities
Uranium rallies on US$80bn nuclear deal with Cameco
Uranium stocks have rallied as news circulated that the United States government has struck a strategic partnership with Westinghouse Electric, Cameco and Brookfield Asset Management to build at least US$80 billion (A$122.1 billion) in large nuclear reactors nationwide. During a visit to Tokyo, Trump announced that Japan will provide up to $332 billion to support U.S. energy infrastructure, including the deployment of plants and small modular reactors. Under the deal, the federal government will arrange financing and help secure permits for the plants that will use Westinghouse AP1000 reactors. In return, Washington would be granted a participation interest, allowing it to receive 20% of any cash distributions in excess of $17.5 billion made by Westinghouse. Each two-unit Westinghouse AP1000 project creates or sustains 45,000 manufacturing and engineering jobs in 43 states, while a national rollout will generate more than 100,000 construction positions. The agreement represents the first major commercial implementation of President Trump's four nuclear energy executive orders signed on 23 May 2025, which set ambitious targets to quadruple U.S. atomic capacity to 400 gigawatts by 2050. The collaboration comes as a
Commodities
Gold slips below US$4,000 ahead of Fed decision
Gold prices remained subdued during Asian deals on Tuesday, hovering near multi-week lows as investors turned cautious ahead of the United States Federal Reserve’s two-day monetary policy meeting. By 4:15 pm AEDT (5:15 am GMT), spot gold was down 0.2% at US$3,974.17 per ounce, recovering slightly after a steep selloff earlier in the week. Meanwhile, the U.S. dollar index (DXY) slipped to weekly lows, weighed down by dovish Federal Reserve expectations and optimism surrounding a potential U.S.-China trade deal. The softer greenback provided limited support for gold prices, helping the metal stabilise after two consecutive sessions of sharp declines. Gold had tumbled more than 3% on Monday as investors favoured risk assets over traditional havens, buoyed by optimism that U.S. President Donald Trump and Chinese President Xi Jinping will finalise a trade deal during their upcoming meeting in South Korea on Thursday. All attention now turns to the Federal Reserve’s policy decision and the accompanying remarks from Chair Jerome Powell, as traders seek clarity on the future path of interest rates. Markets are fully pricing in at least two rate cuts this year, with a 25 basis point reduction widely expected on Wednesday.