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CNBC
2 days ago
- CNBC
Oil set for steepest weekly losses since June as tariffs cloud demand outlook
Oil prices were little changed in early Asian hours on Friday, but were headed for their steepest weekly losses since late-June, as investors expressed concern over the impact to the global economy from tariffs that kicked into effect on Thursday. Brent crude futures were down three cents to $66.40 a barrel at 0050 GMT, on track to decline more than 4% week-over-week. U.S. West Texas Intermediate crude futures CLc1 were down six cents, or 0.1%, to $63.82 a barrel, set to fall more than 5% on a weekly basis. Higher U.S. tariffs against a host of trade partners went into effect on Thursday. The tariffs raised concerns of weaker economic activity, which would hit demand for crude oil, ANZ Bank analysts said in a note. Oil prices were already reeling from the OPEC+ group's decision last weekend to fully unwind its largest tranche of output cuts in September, months ahead of target. At Thursday's close, WTI futures had dropped for six consecutive sessions, matching a declining streak last recorded in December 2023. If prices settle lower on Friday, it will be the longest streak since August 2021. Adding more pressure on the oil market, the Kremlin on Thursday confirmed Russian President Vladimir Putin would meet U.S. President Donald Trump in the coming days, raising expectations of a diplomatic end to the war in Ukraine. Additional U.S. tariffs against India for buying Russian crude oil helped limit the decline in oil prices to some extent. The move, however, is unlikely to reduce the flow of Russian oil to outside markets in a material way, StoneX analysts wrote to clients on Thursday. Trump on Wednesday also said China, the largest buyer of Russian crude oil, could be hit with tariffs similar to those being levied against Indian imports.
CNBC
2 days ago
- CNBC
Gold futures hit record high after report of US tariffs on gold bars
Gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes. Spot gold was down 0.3% at $3,386.30 per ounce, as of 0305 GMT, after hitting its highest since July 23 earlier in the session. Bullion is up 0.7% so far this week. U.S. gold futures for December delivery were up 0.9% at $3,484.10, after hitting an all-time high of $3,534.10. The price spread between New York futures and spot prices widened by more than $100 after the Financial Times reported on Thursday that the United States had imposed tariffs on imports of 1-kg gold bars, citing a letter from Customs and Border Protection. The letter, dated July 31, said 1-kg and 100-ounce gold bars should be classified under a customs code subject to higher tariffs, a move that could impact Switzerland, the world's largest gold refining hub. The tariffs on gold bars "will create a dislocation or rather some issues in terms of settlement by big banks" and this was reflected in liquidity prices this morning, with prices jumping everywhere, said Brian Lan, managing director at GoldSilver Central, Singapore. U.S. President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. Gold is often used as a safe store of value during times of political and financial uncertainty. Additionally, weaker U.S. payroll data last week bolstered expectations for a Federal Reserve interest rate cut, with CME Group's FedWatch Tool indicating a 91% probability of a 25-basis-point reduction next month. Elsewhere, spot silver fell 0.6% to $38.09 per ounce, platinum rose 0.7% to $1,343.61 and palladium dropped 0.8% to $1,142.
Yahoo
3 days ago
- Yahoo
DOT Gains as Much as 4% in Strong Bullish Breakout
Polkadot's DOT rose as much as 4% in the last 24 hours, climbing from $3.65 to $3.80 on institutional buying, according to CoinDesk Research's technical analysis model. The model showed that the breakout accelerated between 10:00-11:00 GMT as price rose from $3.68 to $3.79. Volume spiked to 5.29 million units, nearly 3x the daily average of 1.83 million, confirming strong accumulation at $3.68 support, according to the model. Resistance caps gains at $3.80 as profit-taking emerges on elevated volume. The staking rate on Polkadot has slipped to 49.17% over the last week. The rally in Polkadot came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 3.7%. In recent trading, DOT was 3% higher over 24 hours, trading around $3.76. Institutional distribution at higher levels confirms breakdown of previous bullish structure from 24-hour surge. Strong high-volume support established at $3.68 level with exceptional volume confirmation. Key resistance emerges at $3.80 where price reverses on elevated volume. Sustained upward momentum with consistently higher lows signals continued bullish sentiment. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
