Oil prices hold gains ahead of US-China trade talks
Oil prices held on to last week's gains early on Monday as investors waited for U.S.-China trade talks to be held in London later in the day.
ADVERTISEMENT Brent crude futures were flat at $66.47 a barrel at 0008 GMT. U.S. West Texas Intermediate crude was trading up 1 cent at $64.59.
The prospect of a U.S.-China trade deal supported prices as three of Donald Trump's top aides were set to meet with counterparts in London on Monday for the first meeting of the U.S.-China economic and trade consultation mechanism.
The announcement on Saturday followed a rare Thursday call between the two countries' top leaders, with both under pressure to dial down tensions as China's export controls on rare earths disrupt global supply chains. Oil prices posted their first weekly gain in three weeks on the news.
A U.S. jobs report showing unemployment held steady in May appeared to increase the odds of a Federal Reserve interest rate cut, further supporting last week's gains. Inflation data from China on Monday morning will give a reading of domestic demand in the world's largest crude importer.
The economic data and the prospect of a trade deal that could support economic growth and increase demand for oil outweighed worries about increased OPEC+ supply after the group announced another big output hike for July on May 31.
ADVERTISEMENT HSBC expects OPEC+ to accelerate supply hikes in August and September, which are likely to raise downside risks to the bank's $65 per barrel Brent forecast from the fourth quarter of 2025, according to a research note on Friday. Capital Economics researchers said they believe this "new faster pace of (OPEC+) production rises is here to stay".
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Time of India
22 minutes ago
- Time of India
Gold price prediction: Bullion surges toward key resistance as Iran conflict and Trump's tariff threats drive investors to gold—here's what to expect next
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Here's a simple look at the top drivers: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kein Scherz: So kosten Wärmepumpen 2025 fast nichts Wärmepumpe Vergleich Mehr erfahren Undo Middle East tensions : Reports suggest that Israel could be preparing for military action against Iran, and the U.S. is pulling diplomatic staff from Iraq. This has created major geopolitical uncertainty. Trump tariff threats : President Donald Trump has announced plans to send tariff warning letters to several major economies in the next two weeks, adding fuel to global trade fears. Flight to safety : With rising risks, investors are pulling out of stocks and shifting into safe-haven assets like gold. Weaker U.S. dollar : A falling dollar makes gold cheaper for international buyers, boosting demand. Rate cut expectations : Softer U.S. inflation data has traders betting on a Fed rate cut later this year, which tends to support gold prices. What is the gold price today? As of today, here's where gold stands in the market: Spot gold : $3,374.94 per ounce (+0.6%) Gold futures (August delivery) : $3,394.60 per ounce (+1.5%) Resistance zone : Analysts are watching the $3,380 level closely for a potential breakout. These figures show strong momentum for gold as it inches closer to breaking past key chart levels. Live Events Is this a good time to buy gold? That depends on your investment goals, but here are a few things to keep in mind: Technical indicators show strength , with gold trading just below major resistance. If global tensions escalate , gold could shoot higher as panic drives demand. However, if peace talks resume or tariffs ease , prices might pull back. For short-term traders, the next 24–48 hours could be critical. For long-term investors, today's jump reinforces gold's value during times of uncertainty. Why are rising Iran tensions boosting gold prices? 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Hindustan Times
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- Hindustan Times
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Time of India
39 minutes ago
- Time of India
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