Oil Edges Higher In Cautious Trade As Dollar Dips

RTTNews | 7 hari yang lalu

(RTTNews) - Gold prices traded firm on Friday after rising over 1 percent in the previous session on a weaker dollar and falling bond yields.

Spot gold edged up 0.3 percent to $4,180.96 an ounce but headed for a small weekly decline due to uncertainty over the war in the Middle East and concerns over rising inflation. U.S. gold futures were up 0.8 percent at $4,202.65.

The annual inflation rate in the Eurozone accelerated for a third consecutive month to 3.8 percent in September 2026, the highest since September 2023, preliminary data from Eurostat showed earlier today.

The dollar headed for its first weekly fall in five weeks amid wobbles in AI investment and falling U.S. Treasury yields.

At the IMF-World Bank meetings in Bangkok, Fed Chair Kevin Warsh emphasized the long-term significance of AI while avoiding predictions on upcoming Federal Reserve rate decisions.

According to the CME Group's FedWatch Tool, the Fed is likely to leave rates unchanged later this month. The chance of a December rate hike currently stands at 67 percent, up from 62 percent on Wednesday.

Cleveland Fed President Beth Hammack warned on Thursday that the Fed may need to raise rates more forcefully if the public's inflation expectations were to deteriorate notably.

Oil prices traded lower today but headed for a weekly gain amid mounting supply concerns in the Middle East.

Data from a U.K. maritime agency showed 12 vessels were attacked between 5 and 11 October in and around the Strait of Hormuz.

Earlier this week, the International Energy Agency warned the recent escalation in attacks on regional energy infrastructure and tanker traffic in the Middle East is threatening to derail a recovery in oil supply.

The U.S. Central Command dismissed "Iranian claims" to control the Strait of Hormuz, asserting that commercial traffic continues despite IRGC attacks.

In a statement on X, the U.S. military command disputed Tehran's assertions regarding control of the strategic waterway, the sinking of a Singapore-flagged container ship, and alleged American military casualties in Jordan.

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EURUSD	1.1202	GBPUSD	1.3372
USDJPY	156.819	USDCAD	1.39976