Oil prices edged higher on Tuesday after an API report indicated US crude inventories fell by 3 million barrels, the first decline in four weeks. Brent for December delivery rose about 0.3% to $61.49/barrel, while WTI rose 0.3% to $57.42/barrel. The market awaits confirmation from official US government data (EIA) due Wednesday to determine the…
Silver prices experienced a significant decline on Tuesday, with spot prices falling around 7% to $48.49 per ounce, hitting their lowest level in months. This was the largest single-day decline since February 2021, following a sharp decline in gold, reflecting profit-taking after a long rally that took silver prices to recent record highs. Several factors…
Gold and silver retreated from record highs. Gold fell 2.9% to $4,004.26/oz the previous day after dropping 6.3% intraday, its biggest drop in over 12 years. Silver also fell more than 2% to around $47.6/oz after a 7.1% drop in the previous session. In Asia, stocks traded mixed after Wall Street ran out of steam,…
Japan’s Nikkei Stock Index fell 0.7% (October 22) to 48,988.23, dragged down by chip and metal stocks, as profit-taking followed the recent surge in these stocks. SoftBank Group fell 8.3%, Advantest fell 2.8%, while Sumitomo Metal Mining fell 5.3% and JX Advanced Metals fell 4.5%. Meanwhile, automotive stocks rose thanks to a weaker yen and…
Goldman Sachs warns that the world faces serious risks to the rare earth supply chain, primarily due to China’s overwhelming dominance in mining and refining. Minerals such as samarium, lutetium, and terbium are crucial for high-tech applications, from batteries and chips to artificial intelligence and defense equipment. However, China is now expanding export restrictions, tightening…
Gold prices experienced a slight decline in trading on Tuesday ahead of the European session. At the time of writing, gold prices were trading at $4,324 in line with the limited strengthening of the US dollar. Some market participants took profits after gold briefly approached a record high. The strengthening of the dollar in recent…
