Commodities

Commodities
Gold hits new record; traders digest tariff tensions
Gold prices surged to fresh record highs during Monday's Asian deals, as escalating tensions between the United States and China drove safe-haven demand, extending last week’s sharp rebound. By 3:45 pm AEDT (4:45 am GMT), spot gold climbed $40.78, or 1%, to US$4,057.43 per ounce. The metal had already gained 1% on Friday after investors sought refuge from heightened geopolitical and trade uncertainty. The rally followed President Donald Trump’s announcement of 100% tariffs on all Chinese imports, alongside new export controls on U.S.-made critical software effective from 1 November. The measures were introduced in retaliation to Beijing’s recent tightening of export restrictions on rare earth minerals and related technologies, and its ban on Chinese nationals engaging in unauthorised mining abroad. However, the precious metal briefly pared gains after investors reacted to Trump’s more conciliatory comments late Sunday, where he hinted at the possibility of renewed dialogue with Beijing. “Don’t worry about China, it will all be fine!” Trump said. The U.S. dollar, meanwhile, was little changed as traders weighed the impact of the looming tariff standoff on global trade and inflation expectations. Looking ahead,
Commodities
Oil recovers sharp losses amid US-China trade tensions
Oil prices rose during Asian trade on Monday, recovering slightly from steep losses last week as investors bet that possible talks between United States President Donald Trump and Chinese President Xi Jinping could ease escalating trade tensions between the world’s two largest economies and biggest energy consumers. By 3:15 pm AEDT (4:15 am GMT), Brent crude futures climbed 90 cents or 1.4%, to US$63.63 per barrel, after tumbling 3.8% on Friday to their lowest level since May 7. U.S. West Texas Intermediate (WTI) also gained 87 cents or 1.5%, to $59.77 per barrel, following a 4.24% loss in the prior session, which also marked a five-month low. Trade tensions flared last week after China expanded its export controls on rare earth minerals, prompting President Trump to announce plans for 100% tariffs on Chinese exports to the U.S., alongside new export restrictions on “any and all critical software” effective from November 1. The confrontation reignited fears of a renewed trade war, adding pressure to energy markets already grappling with oversupply concerns. The renewed hostilities come ahead of a potential Trump–Xi meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum in South Korea later th
Commodities
Gold set for 8th weekly gain ahead of US sentiment data
Gold prices were steady on Friday, holding near US$3,975 per ounce as investors positioned for fresh U.S. economic data and assessed dovish comments from Federal Reserve policymakers. At 4:25 pm AEDT (5:25 am GMT), spot gold was little changed at $3,975.36 per ounce, hovering near record highs after briefly retreating from Wednesday’s all-time peak of $4,059.35. The metal is on track for its eighth consecutive weekly gain, supported by persistent demand amid global uncertainty. Bullion found renewed support near the $3,960 level as risk appetite remained subdued. The ongoing U.S. government shutdown, which is expected to stretch into next week, added to safe-haven buying as the Senate adjourned for a long weekend. A pause in the U.S. dollar’s rally also helped gold stabilise. The greenback softened as traders took profits following dovish remarks from Federal Reserve officials. New York Fed President John Williams told The New York Times on Thursday that he supports additional rate cuts this year. Investors are now awaiting the University of Michigan’s Consumer Sentiment and Inflation Expectations reports for clues on inflation and policy direction, especially after delays to other key releases. According to T
Commodities
Oil dips as Gaza ceasefire cools supply fears
Oil prices edged lower on Friday as supply fears faded following a ceasefire agreement between Israel and Hamas - the first phase of a plan backed by United States President Donald Trump to end the war in Gaza. By 3:45 pm AEDT (4:45 am GMT), Brent crude futures slipped 29 cents, or 0.4%, to US$64.93 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 24 cents, or 0.4%, to $61.27. Both benchmarks had finished the previous session 1.6% and 1.7% lower, respectively, as Israel and the Palestinian militant group Hamas signed a ceasefire agreement in the first stage of a U.S.-brokered plan to end the conflict. Under the deal, ratified by Israel’s government on Friday, fighting will halt, Israel will partially withdraw from Gaza, and Hamas will release all remaining hostages captured in its initial attacks, in exchange for hundreds of prisoners held by Israel. ANZ analysts said: “This presents a major step toward ending the two-year war that raised the risk of supply disruptions in the oil market. "This saw the focus move back to the impending oil surplus, as OPEC proceeds with the unwinding of production cuts.” On a weekly basis, both Brent and WTI were up around 0.6%.
Commodities
Gold holds US$4,000; traders await Powell remarks
Gold’s record-breaking rally paused during Thursday's Asian deals, but the precious metal held above the psychological US$4,000 mark as traders turned their attention to upcoming comments from United States Federal Reserve Chair Jerome Powell. By 4:30 pm AEDT (5:30 am GMT), spot gold dipped $3.87, or 0.1%, to US$4,038.25 per ounce, retreating from its all-time high of $4,059 reached on Wednesday. The pullback followed reports that Israel and Hamas had signed off on the first phase of a peace plan, reducing demand for safe-haven assets. However, the broader backdrop of global instability continued to support bullion. Ongoing political strains in France and Japan, alongside expectations of renewed fiscal stimulus, have kept investors wary of risk assets. Meanwhile, the CME Group FedWatch Tool shows traders fully expecting a rate reduction in October, with an 80% probability of another in December. Although minutes from the Fed’s September meeting revealed divisions among policymakers, markets interpreted the tone as leaning dovish. In the absence of major U.S. economic data, investors are awaiting remarks from Powell, who is due to deliver a pre-recorded video address at the Federal Reserve Board’s Community Bank C

Commodities
Oil slips as Gaza ceasefire eases supply fears
Oil prices fell on Thursday as news of a ceasefire agreement between Israel and Hamas eased geopolitical risks in the Middle East, while a stronger United States dollar added further pressure on commodities. By 3:30 pm AEDT (4:30 am GMT), Brent crude futures slipped 34 cents, or 0.5%, to $65.91 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 39 cents, or 0.6%, to $62.16. Both benchmarks had risen more than 1% in the previous session. U.S. President Donald Trump said Israel and Hamas had reached the first phase of a long-awaited plan for a ceasefire and hostage release, setting the stage for an end to the two-year conflict in Gaza. Israeli Prime Minister Benjamin Netanyahu confirmed he would convene his government on Thursday to approve the agreement. The conflict in Gaza has been a key factor supporting oil prices this year, as investors weighed the risk of potential disruption to regional oil supplies should the fighting spill over into neighbouring countries. Elsewhere, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to raise output in November by a smaller amount than markets had expected, easing concerns about oversupply. Prices had briefly
Commodities
Gold tops US$4,000 as mass layoffs, Fed rate cuts loom
Spot gold prices breached the US$4,000 threshold for the first time during Asian trade on Wednesday, extending its record-breaking rally as investors poured into the precious metal amid mounting global uncertainty and expectations of United States Federal Reserve rate cuts. By 3:40 pm AEDT (4:40 am GMT), spot gold was trading $34.34 higher, or 0.9%, at US$4,018.75 per ounce. The surge marks a historic moment for the yellow metal, which has soared 53.2% year-to-date. The latest leg up in gold prices follows heightened concerns over looming mass layoffs among U.S. federal employees as the government shutdown drags into its second week. The extended shutdown, coupled with delayed economic data releases, has strengthened expectations that the Federal Reserve will deliver two rate cuts this year. Markets are now pricing in a 95.7% probability of such moves at the 28-29 October policy meeting, according to the CME Group FedWatch Tool. Safe-haven flows into both gold and the U.S. dollar have intensified, particularly amid ongoing political instability in France and Japan. Meanwhile, continued gold purchases by global central banks have added further upward momentum. Still, gold’s relentless rally could face a shor
Commodities
Oil climbs as OPEC+ curbs output hikes
Oil prices edged higher during Wednesday's Asian deals as markets began to discount oversupply concerns, following OPEC+’s decision to limit its planned November output increase. By 3:15 pm AEDT (4:15 am GMT) Brent crude futures rose 51 cents or 0.8% to US$65.96 per barrel, while U.S. West Texas Intermediate crude gained 53 cents or 0.9% to $62.26. Both benchmarks had settled largely unchanged in the previous session, as traders balanced signs of a potential supply glut against the cartel’s smaller-than-expected production increase. OPEC+ agreed to raise output by just 137,000 barrels per day - the lowest figure among several options considered at the group’s weekend meeting. “Until the physical market shows signs of softening via rising inventories, investors are likely to discount the impact of the production increases,” ANZ analysts said on Wednesday. Traders are also awaiting the latest U.S. inventory data from the Energy Information Administration later on Wednesday. Preliminary figures from the American Petroleum Institute showed U.S. crude stocks rose by 2.78 million barrels in the week ended October 3, above expectations of a 2.25 million barrel build, while gasoline and distillate inventories fell. Me
Commodities
Gold nears US$4,000 as buyers extend record rally
Gold extended its record-breaking rally during Asian deals on Tuesday, trading closer to the symbolic US$4,000 per ounce mark as investors continued to favour the safe-haven metal amid a slightly weaker United States dollar, renewed central bank demand, and ongoing political uncertainty in the United States. By 3 pm AEDT (4 am GMT), spot gold was up $12.38, or 0.3%, at US$3,972.11 per ounce, trading at fresh all-time highs. The precious metal’s momentum remains strong, even as a rebounding U.S. dollar, supported by weakness in the euro and yen, capped gains. Political turbulence in France and Japan has weighed on their respective currencies, lending temporary strength to the greenback. However, the broader environment remains favourable for gold amid a combination of dovish expectations for U.S. monetary policy and heightened political risk. The ongoing U.S. government shutdown, now in its second week, continued to cloud the economic outlook after a Democratic-backed bill to reopen federal operations failed in the Senate for a fifth time on Monday. The shutdown has delayed the release of major economic data, including the September jobs report, complicating the Federal Reserve’s policy outlook. Investors are n

Commodities

Gold hits new record; traders digest tariff tensions

Oil recovers sharp losses amid US-China trade tensions

Gold set for 8th weekly gain ahead of US sentiment data

Oil dips as Gaza ceasefire cools supply fears

Gold holds US$4,000; traders await Powell remarks

Oil slips as Gaza ceasefire eases supply fears

Gold tops US$4,000 as mass layoffs, Fed rate cuts loom

Oil climbs as OPEC+ curbs output hikes

Gold nears US$4,000 as buyers extend record rally