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Commodities
Gold extends losses; focus on Fed minutes
Gold prices fell for a second consecutive session on Tuesday as the United States dollar ticked higher amid renewed geopolitical tensions, and investors turned their attention to the minutes from the Federal Reserve's June policy meeting. By 3:50 pm AEST (5:50 am GMT), spot gold was down 1.0% at US$4,122.67 an ounce, extending losses after failing to hold above the US$4,100 level. The U.S. dollar found support as risk aversion returned to financial markets following reported attacks on commercial vessels in the Strait of Hormuz and a sharp sell-off across Asian semiconductor stocks, reducing demand for the dollar-denominated precious metal. Late Monday, Axios, citing two U.S. officials, reported that Iran fired at least two missiles at commercial ships transiting the Strait of Hormuz. The reported attacks have raised concerns that tensions between the United States and Iran could escalate again, threatening the fragile ceasefire and weighing on broader market sentiment. Investors are now looking ahead to the minutes of the Federal Reserve's June monetary policy meeting, due on Wednesday (Thursday AEST), for further clues on the outlook for U.S. interest rates. Expectations for a near-term rate increase have eased
Commodities
Oil ticks higher as markets assess supply recovery
Oil prices edged higher during Tuesday's Asian deals, although gains were limited as traders looked beyond easing geopolitical tensions in the Middle East and shifted their focus to recovering supply and the outlook for global demand. By 2:55 pm AEST (4:55 am GMT), Brent crude futures had risen 50 cents, or 0.7%, to US$72.49 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 42 cents, or 0.6%, to US$68.97 a barrel. Both Brent and WTI settled 0.2% lower in the previous session. ANZ analysts said refined fuel markets continued to outperform crude despite prices retreating from their recent highs. "Oil product markets remain significantly tighter than crude markets. Refining margins continue to strengthen, particularly in the U.S., as robust fuel demand collides with lean inventories and constrained product supply. "Gasoline inventories are still drawing down while distillate and jet fuel stocks have only recently stabilised, creating ongoing support for crack spreads despite crude prices retreating to pre-conflict levels. "And despite the recent surge in activity in the Strait of Hormuz, the recovery in oil flows is proving slower than expected. "The initial rebound in tanker transits through the St
Commodities
Gold reverses intraday gains as US dollar lifts
Gold prices reversed earlier gains to trade lower during Monday's Asian session as renewed demand for the United States dollar offset support from ongoing geopolitical uncertainty in the Middle East. By 3:40 pm AEST (5:40 am GMT), spot gold had fallen 0.4% to US$4,157.28 an ounce after earlier touching 10-day highs of $4,202.73, its highest level in 10 days. The precious metal had rebounded from a seven-month low of $3,941.75 reached last Tuesday, but the recovery lost momentum as investors shifted back towards the U.S. dollar amid fresh uncertainty surrounding shipping through the Strait of Hormuz and negotiations between the United States and Iran. The increased uncertainty follows reports that Iran's ambassador to China, Abdolreza Rahmani Fazli, confirmed that Tehran intends to introduce new service fees for vessels transiting the Strait of Hormuz, while assuring that "friendly" nations would receive special treatment. Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Tehran would not enter negotiations with the United States on a final peace agreement until all provisions of the memorandum of understanding had been implemented, including an end to hostilities in Lebanon and the release of frozen I
Commodities
Oil slips after OPEC+ boosts output targets
Oil prices edged lower during Monday's Asian trading session after the Organization of the Petroleum Exporting Countries (OPEC+) agreed to further increase production targets from August, while a slower-than-expected recovery in exports through the Strait of Hormuz continued to temper expectations of a significant increase in global crude supplies. By 2:50 pm AEST (4:50 am GMT), Brent crude futures were down 27 cents, or 0.4%, at US$71.85 a barrel, while U.S. West Texas Intermediate crude slipped 12 cents, or 0.2%, to $68.57 a barrel. There was no settlement for WTI on Friday as U.S. markets were closed for the Independence Day holiday. Both benchmark contracts were little changed over the past week after declining in recent weeks, with investors continuing to monitor negotiations between the United States and Iran over the future of shipping through the Strait of Hormuz, while assessing the pace of recovery in Gulf oil exports. ANZ commodity strategists said the recovery in regional exports remained slower than many had anticipated. "Recovery in Middle East oil flows is proving slower than expected. The initial rebound in tanker transits through the Strait of Hormuz has stalled, with vessel crossings remaining in s
Commodities
Gold climbs as weak US jobs data pressures dollar
Gold prices rose during Friday's Asian session, holding near weekly highs and putting the precious metal on track to end a four-week losing streak as weaker-than-expected United States employment data reduced expectations of further Federal Reserve interest rate increases. By 3:45 pm AEST (5:45 am GMT), spot gold was trading 1.3% higher at US$4,175.20 an ounce. The gains came as the U.S. dollar weakened as data released on Thursday showed U.S. nonfarm payrolls increased by just 57,000 jobs in June, well below market expectations for a gain of 110,000. The labour force participation rate also fell to 61.5%, its lowest level in more than five years, reinforcing concerns that conditions in the U.S. labour market are weakening. The softer employment figures prompted investors to reduce expectations that the Federal Reserve will raise interest rates in the near term. According to the CME Group FedWatch Tool, markets are now pricing in roughly a 53.2% chance of a September rate hike, down from around 64.1% before the jobs report. Analysts at ANZ said the weaker labour market data had boosted investor demand for gold by easing concerns over tighter monetary policy. “Gold rallied as weak U.S. job numbers eased fears o

Commodities
Oil edges higher ahead of US holiday
Oil prices edged higher during Asian deals on Friday as traders covered short positions ahead of the United States Independence Day holiday, while continuing to assess improving oil flows through the Strait of Hormuz and ongoing negotiations between Washington and Tehran. By 2:55 pm AEST (4:55 am GMT), Brent crude futures were up 48 cents, or 0.7%, at US$72.28 a barrel, while West Texas Intermediate crude futures gained 39 cents, or 0.6%, to US$69.08 a barrel. Despite the gains, both benchmarks posted weekly declines, with Brent falling 0.4% and WTI ending the week 0.8% lower. Market participants attributed the modest rise largely to short-covering ahead of the long U.S. holiday weekend. Investors also continued to monitor diplomatic efforts aimed at securing a permanent peace agreement between the United States and Iran following the four-month conflict that disrupted shipping through the Strait of Hormuz. Qatar, which is acting as a mediator, said the two sides had made progress in recent discussions. The talks made "positive progress" on matters related to the memorandum that halted the war in June, a Qatar Foreign Ministry spokesperson said in a post on X. However, officials indicated there had been no sig
Commodities
Gold defends US$4,000 level as focus turns to NFP report
Gold prices held above the key US$4,000 an ounce level during Asian trade on Thursday as investors awaited the closely watched United States Nonfarm Payrolls report, with a slightly weaker U.S. dollar providing some support for the precious metal. By 3:25 pm AEST (5:25 am GMT), spot gold was up 0.7% at US$4,059.97 an ounce. The metal extended its recovery after the U.S. dollar retreated overnight, following weaker-than-expected U.S. manufacturing data and comments from Federal Reserve Chair Kevin Warsh that were viewed as less hawkish than markets had anticipated. The Institute for Supply Management's Manufacturing PMI came in at 53.3 for June, below market expectations of 54, while Warsh said he had been encouraged by the recent easing in inflation expectations and reaffirmed the central bank's commitment to price stability. Warsh also said the Federal Reserve would "chart a new course" while continuing to avoid providing forward guidance, reinforcing expectations that future policy decisions will remain dependent on incoming economic data. He reiterated that inflation above the central bank's 2% target would be disappointing and highlighted artificial intelligence as a potentially significant, although still evolv
Commodities
Oil extends multi-month lows following US-Iran talks
Oil prices extended losses for a third consecutive session during Asian trade on Thursday, falling to multi-month lows as progress in indirect talks between the United States and Iran eased concerns over potential disruptions to global crude supplies. By 2:45 pm AEST (4:45 am GMT), Brent crude futures were down 74 cents, or 1.0%, at US$70.83 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 77 cents, or 1.1%, to $67.81 a barrel. The declines followed losses in the previous session, when Brent and WTI fell 1.3% and 1.9%, respectively. Investor sentiment improved after Qatar said indirect negotiations between the U.S. and Iran had made progress on issues related to the Strait of Hormuz, through which around one-fifth of global oil supply flowed before the recent conflict. A spokesperson for Qatar's Ministry of Foreign Affairs said the discussions had produced "positive progress" on issues related to the memorandum that ended hostilities in June, although there was no indication the two sides had moved closer to a lasting peace agreement. ANZ analysts said easing geopolitical tensions had added to concerns over abundant global supply. “Crude oil extended recent losses on further signs of oversupply in th
Commodities
Gold falls below US$4,000; US dollar strengthens
Gold prices extended their losses for a third consecutive session during Asian deals on Wednesday, falling below the US$4,000 an ounce mark as a stronger United States dollar and rising Treasury yields reduced demand for the precious metal. By 3:55 pm AEST (5:55 am GMT), spot gold was down 0.8% at $3,974.50 an ounce, trading near its lowest level since November 2025. The decline came despite several recent attempts by bullion to reclaim the $4,000 level, with persistent buying of the U.S. dollar continuing to pressure the precious metal by making it more expensive for holders of other currencies. The greenback remained supported by heightened geopolitical uncertainty in the Middle East, growing expectations that the U.S. Federal Reserve will raise interest rates again, and continued strength in the U.S. dollar against the Japanese yen. Markets remain cautious after the United States and Iran exchanged military strikes over the weekend amid the ongoing dispute surrounding the Strait of Hormuz. While diplomatic efforts continue, uncertainty over the prospects for a lasting peace agreement and the durability of the fragile ceasefire has maintained demand for the U.S. dollar as a safe-haven asset. The Wall Street Jou