Middle East Tensions Fuel 2% Surge in Oil Prices Amid Iran-Israel Standoff
Oil prices have risen by 2% following reports that Iran is preparing to launch a retaliatory strike against Israel from Iraq in the coming days. This news has overshadowed the weekly decline in oil benchmarks, with Brent crude and U.S. West Texas Intermediate crude both showing significant increases. The ongoing tensions between Iran and Israel, set against the backdrop of broader Middle East conflicts, continue to influence oil market dynamics, despite previous limited strikes having minimal impact on oil infrastructure.
Safe-Haven Demand Lifts Gold Ahead of Critical Economic Release
Gold prices have rebounded ahead of the release of crucial US employment data, as investors remain focused on the upcoming presidential election. The precious metal recovered from its largest single-day decline since July, with traders carefully monitoring the job market for insights into the Federal Reserve's future interest rate decisions. The uncertainty surrounding the closely contested US election has further bolstered gold's appeal as a safe-haven asset, contributing to its overall positive performance this year despite fluctuations in response to economic indicators and geopolitical events.
Weather and Strikes Disrupt Job Market: October Sees Minimal Growth
In October, the U.S. labor market experienced an unexpected dip, adding just 12,000 jobs compared to the previous month's 223,000. This sharp decline is primarily due to the effects of severe weather events and labor strikes, particularly at Boeing. While the job growth figure was surprisingly low, the stable 4.1% unemployment rate indicates that the overall labor market remains resilient despite these short-term disruptions.
What Are the BRICS Nations Preparing For? Economic, Military & Strategic Power Analyzed
BRICS is making waves on the global stage, and in this eye-opening video, we explore the recent BRICS Summit’s key revelations
World Gold Council: Gold Demand Hits Q3 Record as Investors Turn to Safe Havens
The World Gold Council's Gold Demand Trends report for Q3 2024 highlights a record-breaking quarter for gold demand, driven by strong investment flows and high prices. Total gold demand, including OTC investment, increased by 5% year-over-year to 1,313 tonnes, marking the highest third quarter on record. The value of demand surged by 35% to exceed $100 billion for the first time, reflecting the gold price reaching new record highs during the quarter. Key factors contributing to this growth include significant inflows into gold ETFs, continued central bank purchases, and robust OTC investment, which offset declines in jewelry consumption and bar and coin investment in some markets.