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Commodities
Gold stalls below US$4,100; markets turn to US PMI data
Spot gold prices fell below the US$4,100 level on Friday, with gold remaining subdued in early trade as uncertainty around the United States Federal Reserve’s policy path kept investors cautious. By 4:10 pm AEDT (5:10 am GMT), spot gold was down 0.5% at US$4,055.75 per ounce. For the week so far, the metal is trading 0.7% lower. Market sentiment remains clouded by debate over whether the Fed will deliver a rate cut in December, particularly after the release of the delayed September U.S. employment report on Thursday. Headline U.S. nonfarm payrolls rose by 119,000 in September, following a revised 4,000 decrease in August. The figure surpassed market expectations of 50,000, while the unemployment rate edged higher to 4.4% from 4.3%. Nevertheless, markets continue to price in roughly a 40% chance of a December rate cut, even as Fed officials stay cautious about further easing. ANZ analysts noted: "Officials also remain divided over whether the slowdown in the labour market justifies another rate cut. After the jobs report, Chicago Fed President Goolsbee signalled he’s still apprehensive about delivering another cut at the central bank’s December meeting." The hawkish tone surrounding the Fed has pressured non-y
Commodities
Oil slides as peace push raises oversupply concerns
Oil prices extended their decline for a third consecutive session during Friday's Asian trade as Washington’s push for a Russia-Ukraine peace deal raised expectations of increased global supply, while lingering uncertainty over the path of United States interest rates continued to weigh on investor sentiment. By 3:30 pm AEDT (4:30 am GMT), Brent crude futures were down 89 cents, or 1.4%, at $62.49 per barrel. U.S. West Texas Intermediate crude slipped 30 cents, or 0.5%, to $59.14 per barrel. The benchmarks lost 0.2% and 0.4% respectively in the previous session, and both are on track for weekly declines of around 3% and 3.4% amid persistent oversupply concerns. Market sentiment soured this week as the U.S. intensified efforts to broker a peace plan between Russia and Ukraine to bring an end to the three-year conflict. The diplomatic push comes even as sanctions on Russian oil majors Rosneft and Lukoil are scheduled to take effect on Friday. Lukoil has until 13 December to divest its substantial international holdings. ANZ analysts commented in a note to clients: "The plan includes Russian demands for concessions that Kyiv has repeatedly said are unacceptable and that have so far hindered any breakthrough in efforts
Commodities
Washington react(or)s to AI's gargantuan energy demands
A nuclear renaissance is unfolding right before our eyes, and the sector has a boom in energy-hungry artificial intelligence to thank for it. Intrinsic to the functioning of AI, data centres consumed roughly 415 terawatt-hours globally in 2024 - about 1.5% of total electricity demand - a figure the International Energy Agency projects will more than double to 945 TWh by 2030 and roughly equivalent to Japan's entire electricity consumption. That's becausae AI queries use almost ten times more power than a standard search, and with hyperscalers racing to expand capacity, that demand isn't slowing anytime soon. Solar and wind can't deliver baseload reliability at that scale, leaving nuclear as the only carbon-free option capable of meeting the demand - and the uranium market is now caught between that surging appetite and a supply chain that hasn't kept pace. Spot prices hit US$83.18 per pound in September - the highest mark of 2025 - while the World Nuclear Association forecasts reactor requirements will climb from 68,920 metric tonnes this year to over 150,000 by 2040, a 117% surge that has utilities scrambling for long-term contracts.Uranium supply and demand forecast. Credit: Sprott“Global uranium production in 2024 c
Commodities
Gold trades below US$4,100; US jobs data ahead
Gold hovered just below the key US$4,100 threshold during Thursday's Asian deals, with traders treading cautiously ahead of the delayed United States September nonfarm payrolls (NFP) report, which is expected to provide crucial direction for monetary policy and broader market sentiment. By 4 pm AEDT (5 am GMT), spot gold was trading 0.1% lower at US$4,072.59 per ounce, easing after its latest attempt to reclaim US$4,100. The metal’s advance stalled as the U.S. dollar held near ten-day highs, with risk-on appetite - lifted by Nvidia’s strong earnings - offsetting the currency’s recent hawkish momentum. Investors are now focused on the NFP release, the first full U.S. labour-market report in more than seven weeks following the government shutdown that halted official data publication. Economists expect the U.S. economy to have added 50,000 jobs in September, compared with a 22,000 gain in August. The unemployment rate is forecast to remain steady at 4.3%, while average hourly earnings are seen rising 3.7% year-on-year, matching August’s pace. The jobs data will be closely assessed for signals around the Federal Reserve’s path for interest rates. Minutes from the Fed’s October meeting revealed that policymakers w
Commodities
Oil ticks up ahead of US sanctions deadline
Oil prices ticked higher during Asian trading on Thursday, retracing part of the previous session’s losses as investors assessed fresh United States proposals aimed at ending the war in Ukraine and monitored an impending deadline for sanctions on two of Russia’s largest oil companies. By 3:35 pm AEDT (4:35 am GMT), Brent crude futures were up 15 cents or 0.3% at $63.67 per barrel, while U.S. West Texas Intermediate crude gained 11 cents or 0.2% to $59.55 per barrel. Brent and WTI benchmarks fell 2.1% and 2.3%, respectively, on Wednesday. The move was supported by U.S. inventory data, with the Energy Information Administration (EIA) reporting that crude stockpiles fell 3.4 million barrels, much larger than an expected draw of 600,000 barrels. Prices were also buoyed by a Reuters report indicating that Washington has urged Kyiv to accept a U.S.-drafted framework to end the conflict with Russia, which would involve ceding territory and relinquishing certain weapons systems, according to two sources familiar with the discussions. As part of its broader effort to force a resolution to the conflict, the U.S. has imposed sanctions on Rosneft and Lukoil, Russia’s two largest oil producers and exporters. A key deadline to

Commodities
Gold retests US$4,100; traders await Fed minutes, NFP
Gold held its ground beneath the US$4,100 threshold during Asian trade on Wednesday, with investors pausing after a robust rebound ahead of the release of the United States Federal Reserve’s October meeting minutes and the closely watched September nonfarm payrolls report due Thursday (Friday AEDT). By 3:05 pm AEDT (4:05 am GMT), spot gold edged 0.2% higher to US$4,076.76 per ounce, extending its recovery from a three-day slide. The safe-haven metal drew renewed support overnight as a global equity sell-off revived demand for traditional defensive assets. The retreat in risk appetite earlier in the week followed mounting concerns about AI-driven overvaluation in technology stocks and a run of weaker U.S. labour indicators. Data from ADP showed private employers shed an average of 2,500 jobs per week over the four weeks to 1 November, while a back-filled release from the U.S. Labor Department on Tuesday revealed a sharp rise in continuing jobless claims between mid-September and mid-October. Adding to market caution, traders remained wary ahead of Nvidia’s quarterly earnings, scheduled for release after Wednesday’s U.S. closing bell. Attention now turns to the Federal Reserve Minutes, which are expected to undersc
Commodities
Oil dips; rising US inventories spark oversupply worries
Oil prices declined in Asian trade on Wednesday after fresh industry data showed another rise in United States crude and fuel inventories, reinforcing global supply glut concerns. By 3:50 pm AEDT (4:50 am GMT), Brent crude futures slipped 23 cents or 0.4% to $64.66 per barrel, while U.S. West Texas Intermediate fell 20 cents or 0.3% to $60.54 per barrel. Both benchmarks had gained more than 1% in the prior session. According to market sources citing American Petroleum Institute figures released late Tuesday, U.S. crude stocks increased by 4.45 million barrels in the week ending 14 November. Gasoline inventories climbed 1.55 million barrels, and distillate stocks rose 577,000 barrels. Official U.S. Energy Information Administration data, due later Wednesday, is expected to show crude inventories fell by about 600,000 barrels, based on the average estimate from eight analysts polled by Reuters. Tuesday’s price gains were driven by renewed concerns over Russian supply, as markets assessed the impact of U.S. sanctions on Russian oil exports and ongoing Ukrainian drone attacks on energy infrastructure. ANZ analysts highlighted: "A drone attack damaged an oil depot and vessel in the Black Sea port of Novorossiysk. R
Commodities
Gold defends US$4,000 as declines extend to 4th session
Gold hovered just above the US$4,000 mark during Tuesday's Asian deals, extending its four-session losing streak as a firmer United States dollar and renewed risk-off sentiment kept pressure on the precious metal ahead of Thursday’s delayed U.S. September Nonfarm Payrolls report. By 3:50 pm AEDT (4:50 am GMT), spot gold was 0.9% lower at US$4,009.22 per ounce. The metal remained close to Monday’s five-day low of US$4,006, struggling to draw support from broader risk aversion as the U.S. dollar continued its rebound. Asian equity markets tracked Wall Street lower amid resurfacing concerns over the U.S. labour market and stretched AI valuations ahead of Nvidia’s results on Wednesday (Thursday AEDT). The dollar also found support from a series of hawkish comments by Federal Reserve officials, which have pared back expectations for a December rate cut to 42.9%, according to the CME Group FedWatch Tool. Fed Vice Chairman Philip Jefferson said Monday that the central bank needed to “proceed slowly” with further rate cuts. Looking ahead, gold remains vulnerable to further declines as the U.S. dollar is expected to stay supported ahead of a batch of delayed U.S. economic releases. Markets will also closely watch speec
Commodities
Oil slides on supply glut fears; Russian sanctions loom
Crude oil prices fell in Asian trade on Tuesday, extending the previous session’s losses as mounting concerns about excess supply outweighed support from impending United States sanctions on Russian oil. By 3:30 pm AEDT (4:30 am GMT), Brent crude futures had slipped 43 cents or 0.7% to US$63.77 per barrel, while WTI crude declined 42 cents or 0.7% to US$59.49 per barrel. Market sentiment remains firmly bearish, with expectations of a supply glut later this year and into 2026 as both OPEC and non-OPEC producers continue to increase output against a backdrop of slowing global demand growth. Prices were also pressured by reports that Russia’s Novorossiysk port resumed oil loadings on Sunday after a two-day shutdown triggered by a Ukrainian attack, easing near-term supply concerns. Meanwhile, traders are keeping a close watch on U.S. sanctions targeting Russian oil majors Rosneft and Lukoil, which take effect on 21 November. The measures have already prompted major buyers, including China, India and Turkey, to halt purchases and secure alternative suppliers. The U.S. Treasury said on Monday that sanctions imposed on 22 October are already lowering Russia’s oil revenues and are likely to curtail export volumes over ti