2023-10-27 05:09

Investing.com - Gold bulls recaptured the $2,000 an ounce territory that had eluded them the past two months as investors sought shelter in safe havens amid increasing worry that Israel would indeed push through with a full ground invasion of Gaza to flush out Hamas militants from the Palestinian land. Gold’s most-active futures contract on New York’s Comex, December, settled Friday’s official trading session at $1998.50 an ounce, up just $1.10, or 0.05%. after an intraday high of $2,017.70. In post-settlement trade though, the benchmark gold futures contract was a tad higher than its Friday peak, standing at $2,017.85 at 15:35 US Eastern Time (19:35 Greenwich Mean Time), up $20.45, or 1.02%, on the day. The post-settlement rally in gold came as traders reacted to a frenzy of headlines on the latest Middle East conflict, where warring parties Israel and Hamas were no closer to a solution despite intense mediation by the United States and other global powers. An official of the militant Hamas group conditioned the release of hostages in Gaza on a ceasefire in Israel's bombardment of the Palestinian enclave, Reuters reported. Israel says it is preparing a ground invasion, but has been urged by the U.S. and Arab countries to delay an operation that would multiply the number of civilian casualties in the densely populated coastal strip and might ignite a wider conflict. “It’s a ‘mess’, in one word,” John Kilduff, a partner at New York energy hedge fund Again Capital, said in comments that could have applied to traders across markets. Kilduff said as far as he knew, no trader “knows where this thing is heading and everyone is just racing from headline to another”. “It’s a field day for vol’ traders though,” he added, using the abbreviation for volatility. The spot price of gold, more closely watched by some traders than futures, was at $2,007.13, up $22.24, or 1.1%, after a session high of $2,009.41. “With spot gold having successfully cleared the $1,998 horizontal resistance and reaching $2,009, the next major push would be towards $2,050 and $2,075,” said Sunil Kumar Dixit, chief technical strategist at SKCharting.com. “Immediate support for spot gold also shifts higher, to the $1,990-$1,980 zone.” Israeli forces carried out their biggest Gaza ground attack on Hamas overnight, with Prime Minister Benjamin Netanyahu saying Israeli troops were still preparing for a full ground invasion. While that was being held up amid intense mediation by world powers, the threat of fifth largest oil producer Iran thrusting itself into the battle seemed to intensify with passing each day of the three-week old war. Tehran, a vociferous supporter of Hamas, has constantly baited Israel ally Washington since the deadly Hamas rampage into southern Israel on Oct. 7 that triggered the worst fighting the Middle East has seen in decades. U.S military struck Iranian targets in Syria on Friday, prompting Iranian Foreign Minister Hossein Amirabdollahian to warn that the United States will "not be spared from this fire". Separately, projectiles hit two Egyptian Red Sea towns on Friday injuring several people, sources and officials said, showing the risk of regional spillover from the conflict. https://www.investing.com/news/commodities-news/gold-back-above-2000-as-investors-seek-hedge-to-gaza-invasion-fear-3211190

2023-10-27 04:24

Copyrighted Image by: Reuters Investing.com-- Most Asian currencies moved little on Friday as markets hunkered down before a series of major central bank meetings next week, while the Japanese yen strengthened slightly on strong inflation data, but remained close to a one-year low. The dollar index and dollar index futures both moved little in Asian trade, but retained most gains made this week. Treasury yields also steadied after retreating slightly in overnight trade, but remained within sight of mutli-year peaks. Data released overnight showed that the U.S. economy grew more than expected in the third quarter, helping improve some sentiment. But anticipation of a Federal Reserve meeting next week kept traders largely cautious, although the central bank is widely expected to keep rates on hold. Fed officials have flagged the possibility of at least one more rate hike this year, amid sticky inflation and a strong labor market. Strength in the U.S. economy also gives the Fed more headroom to keep rates higher for longer- a scenario that bodes poorly for most Asian currencies. Japanese yen holds above 150, BOJ awaited The yen rose 0.1% as data showed consumer inflation in Japan’s capital grew more than expected in October, heralding a similar rise in nationwide inflation. The reading could potentially set the stage for a hawkish move by the Bank of Japan, when it meets this coming Tuesday. While the central bank is widely expected to maintain its negative interest rates, it may further alter its yield curve control policy amid sticky inflation, rising bond yields and a severely weakened yen. The Japanese currency remained above the 150 level against the dollar on Friday, fueling speculation that the government could intervene in currency markets to support the yen. Finance Minister Shunichi Suzuki said the government will continue to respond to the currency market with a “strong sense of urgency,” although there appeared no signs of intervention so far. Among other Asian currencies, the South Korean won rose 0.3%, recovering a measure of losses earlier this week, while the Australian dollar added 0.3%, also recovering after steep losses. Reserve Bank of Australia Governor Michele Bullock downplayed a stronger-than-expected inflation reading this week, triggering a sharp decline in the Aussie as markets priced in a smaller chance of a rate hike later in November. The Indian rupee rose 0.2%, taking some relief from a sharp drop in oil prices this week, although the currency still remained close to record lows. The Chinese yuan was flat as data showed some improvement in China’s industrial profits through September. But concerns over more dilution in the yuan, after Beijing announced a massive bond issuance in the fourth quarter, continued to weigh on the currency. https://www.investing.com/news/forex-news/asia-fx-muted-as-rate-fears-mount-yen-holds-above-150-3211173

2023-10-27 01:08

Copyrighted Image by: Reuters. Investing.com-- Oil prices rose in Asian trade on Friday, but were nursing bruising losses for the week as traders priced in a lower risk premium from the Israel-Hamas war, while rising Treasury yields and weak economic data also fueled demand concerns. Signs of a potential deescalation in the war saw traders dialing down bets that it will draw in other Middle Eastern countries and disrupt oil supplies in the crude-rich region. Several diplomatic missions to Israel were working to prevent a planned ground assault on Gaza and negotiate the return of about 200 hostages held by Hamas. Still, Israeli forces carried out an overnight raid on northern Gaza, while Prime Minister Benjamin Netanyahu reiterated his commitment to a bigger ground assault on the region. But traders struggled to gauge just how much the war would disrupt oil supplies, given that crude shipments from the Middle East were little changed in the first 20 days of the conflict. Brent oil futures rose 0.5% to $88.42 a barrel, while West Texas Intermediate crude futures rose 0.6% to $83.68 a barrel by 20:49 ET (00:49 GMT). Both contracts plummeted about $2 a barrel on Thursday, and were set to lose between 4% to 5% this week- their first weekly loss in three. Fed uncertainty, mixed economic signals keep oil markets on edge Strength in the dollar, before a Federal Reserve meeting next week, also put some pressure on oil markets. While the central bank is widely expected to keep rates on hold, Fed officials have also signaled higher-for-longer rates, which could potentially stymie crude demand in the coming year. Treasury yields soared in anticipation of the Fed meeting, also unsettling markets. Still, gross domestic product data released on Thursday showed that the U.S. economy grew far more than expected in the third quarter, pushing up hopes that oil demand in the world’s largest fuel consumer will remain steady in the coming months. But this was preceded by a string of weak economic readings from the euro zone, as slowing business activity primed the bloc for a recession this year. Weak signals on oil demand in China also weighed, as Beijing proposed a cap on domestic oil refining to curb carbon emissions. This largely offset news of more stimulus measures in the country. https://www.investing.com/news/commodities-news/oil-prices-rise-set-for-steep-weekly-loss-as-middle-east-fears-ease-3211128

2023-10-27 01:08

Copyrighted Image by: Reuters. Investing.com - Oil ended one of its most volatile weeks for the year with a 3% loss as traders raced from one headline to another on the Middle East conflict that brought warring parties Israel and Hamas no closer to a solution despite intense mediation by the United States and other global powers. An official of the militant Hamas group conditioned the release of hostages in Gaza on a ceasefire in Israel's bombardment of the Palestinian enclave, Reuters reported. Israel says it is preparing a ground invasion, but has been urged by the US and Arab countries to delay an operation that would multiply the number of civilian casualties in the densely populated coastal strip and might ignite a wider conflict. “It’s a ‘mess’, in one word,” John Kilduff, partner at New York energy hedge fund Again Capital, said, referring to the war. “No oil trader, I can tell you, knows where this thing is heading and everyone is just racing from headline to another.” “It’s a field day for vol’ traders though,” he said, using the abbreviation for volatility. New York-traded West Texas Intermediate, or WTI, crude for December delivery, settled Friday’s session at $85.54, up $2.33, or 2.8%. The US crude benchmark had been in yo-yo mode over the past four days, rising 2% or more in one session to promptly give that back in the next. For the week, WTI finished down 3.6%. As WTI settled, UK-origin Brent crude for December delivery settled at $90.48, up $2.55, or 2.9%. For the week, the global crude benchmark showed a drop of nearly 2%. Crude prices regained their upward momentum after Thursday’s tumble as Israeli forces carried out their biggest Gaza ground attack on Hamas overnight, with Prime Minister Benjamin Netanyahu saying Israeli troops were still preparing for a full ground invasion. While that was being held up amid intense mediation by world powers, the threat of fifth largest oil producer Iran thrusting itself into the battle seemed to intensify with each passing day of the three-week old war. Tehran, a vociferous supporter of Hamas, has constantly baited Israel ally Washington since the deadly Hamas rampage into southern Israel on Oct. 7 that triggered the worst fighting the Middle East has seen in decades. U.S military struck Iranian targets in Syria on Friday and Iranian Foreign Minister Hossein Amirabdollahian warned that the United States will "not be spared from this fire". Separately, projectiles hit two Egyptian Red Sea towns on Friday injuring several people, sources and officials said, showing the risk of regional spillover from the conflict. https://www.investing.com/news/commodities-news/oil-down-3-on-week-racing-from-one-war-headline-to-another-3211128

2023-10-26 21:35

Copyrighted Image by: Reuters. Meme-based cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a 9% surge on Thursday, reflecting a trend towards riskier crypto trades in the midst of Bitcoin's market dominance. The rally coincided with the introduction of video and audio calling features for premium users by social media platform X, previously known as Twitter, which has fueled speculation about the potential acceptance of DOGE as a payment option. Elon Musk, CEO of X, has been a notable proponent of DOGE, even featuring it in a segment on Saturday Night Live. This support was echoed by DogeDesigner (@cb_doge) who tweeted in favor of X's new feature. Following these developments, trading volumes for DOGE and SHIB soared to $1.2 billion on Thursday, up from $350 million on Monday, accompanied by a 50% uptick in futures open interest. The current bull run in the crypto market has seen a broad surge in coin values, prompted by traders betting on riskier assets like Bitcoin following its recent market dominance and extended consolidation period. Major cryptocurrencies like Bitcoin and Ethereum have been vying for supremacy in the crypto space, with Bitcoin's price increasing by 30% due to growing interest in spot Bitcoin exchange-traded funds (ETFs). This rise has also impacted Ethereum, Solana, and XRP, which collectively recorded a gain of 40%. However, DOGE and SHIB have underperformed relative to these major cryptos, achieving only a 15% increase over the same period. Despite this disparity, there is evidence to suggest that surges in DOGE's price often precede a market-wide crash. According to blockchain analyst firm Santiment, there have been eight instances where a rapid rise in DOGE's price marked Bitcoin's local top. This pattern was seen when Musk briefly changed Twitter's logo to the Dogecoin logo following his $44 billion acquisition of the platform, which triggered a 37% DOGE rally. At present, Dogecoin is priced at $0.066744 (DOGE/USD) with a market worth of $9.45 billion USD, while Shiba Inu's market value stands at $4.71 billion USD, with a live price of $0.000008 (SHIB/USD). The global crypto market valuation sits at $1.25 trillion, with Bitcoin holding a 53.17% dominance. https://www.investing.com/news/cryptocurrency-news/meme-cryptos-doge-and-shib-rally-amidst-bitcoin-dominance-and-social-media-speculation-93CH-3211048

2023-10-26 21:10

Copyrighted Image by: Reuters. A consortium led by Exxon Mobil (NYSE:XOM), which includes Hess (NYSE:HES) and Cnooc (OTCPK:CEOHF), has made a significant discovery at the Lancetfish-2 well in Guyana's Liza production license area, within the offshore Stabroek block. This discovery marks the fourth find of 2023 and brings the total number of discoveries since 2015 to 46. The new well is estimated to contain a 20-meter hydrocarbon reservoir and an additional approximately 81 meters of hydrocarbon-bearing sandstone. This follows a previous discovery at the Lancetfish-1 well, which revealed a 28-meter oil-bearing sandstone. These discoveries contribute to over 11 billion barrels of recoverable reserves. In addition to the Lancetfish wells, other notable discoveries this year include Fangtooth SE-1 in the Stabroek block and Wei-1 in the Corentyne block. These crucial energy reserves will undergo a comprehensive appraisal process, similar to the evaluation of other regional discoveries. The series of successful explorations underscore Guyana's growing prominence as a key player in the global energy sector. These findings are part of a larger trend of increased exploration activity within Guyana's offshore blocks, as multinational corporations seek to capitalize on the country's rich hydrocarbon reserves. The discoveries also highlight the continued success of Exxon Mobil and its partners in uncovering significant hydrocarbon resources in the region. https://www.investing.com/news/commodities-news/exxon-mobilled-consortium-discovers-new-hydrocarbon-reserves-in-guyana-93CH-3211025