IEA Lifts 2025 Oil-Demand Forecast But Expects -2-

0911 GMT - Gold future prices retrace slightly, but remain elevated on geopolitical tensions and U.S. rate-cut optimism. Futures are down 0.2% at $2,750.90 a troy ounce, but remain up 2.7% on-week. The precious metal gained on Wednesday after the release of the latest U.S. Consumer Price Index data, which met analyst expectations. This reinforced market presumptions of a December interest-rate cut, a boon for non-interest bearing bullion. Gold has also gained on safe-haven demand amid elevating geopolitical tensions in Eastern Europe and the Middle East, as well as political and economic uncertainty ahead of incoming U.S. President Donald Trump's tariff plans and broader fiscal stance. "The yellow metal has been something of a momentum juggernaut this year, and it would appear that said momentum is back with the bulls once again," Pepperstone's Michael Brown says. ([e-mail])

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Russia's Oil-Export Revenue Dropped Month-on-Month in November -- Market Talk

0905 GMT - Russia's revenue from oil exports dropped in November compared with the previous month due to a decline in prices and volumes, according to the International Energy Agency. Revenue fell by $1.1 billion on the month, as crude prices lost around $1.20 a barrel to an average of $64.38 per barrel. Total oil exports were down 120,000 barrels a day to 7.3 million barrels a day last month, while supply stayed relatively flat at 9.25 million barrels a day. "The decline in crude exports reflected an uptick in refinery throughputs as maintenance ended at some plants, notably Tuapse in the Black Sea," the IEA said. ([e-mail])

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Gold Faces Near-Term Challenges But Remains an Attractive Hedge -- Market Talk

0748 GMT - Gold faces some near-term challenges but it is still an attractive hedge, OCBC analysts say in a research note. Upside for the precious metal may be limited as markets expect a more gradual pace of easing by the Federal Reserve in 2025 and due to the Israel-Hezbollah cease-fire, OCBC says. Still, most central banks are continuing to ease policy, which will support gold, the bank says. Gold may also offer "a safe harbor" if geopolitical tensions worsen in 2025, OCBC adds. Spot gold is 0.1% higher at $2,719/oz. ([e-mail])

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Comex Gold Futures Heading for $2,800/oz Resistance on Strong Momentum, Chart Shows -- Market Talk

0736 GMT - Comex gold futures are heading for the $2,800/oz resistance level on strong momentum, based on the daily chart, RHB Retail Research's Joseph Chai says in a research report. Wednesday's session charted a "Three White Soldier" candlestick pattern, suggesting strong bullish momentum is underway, the analyst says. The relative strength index indicator is also posting a "higher high" pattern, signaling gold bulls are firmly in control, Chai adds. This bullish technical setup is backed by upward-trending 50-day and 200-day simple moving averages, he notes. Spot gold is little changed at $2,718.60/oz. ([e-mail])

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Copper Edges Higher; Markets Cautious Ahead of Fed Meeting -- Market Talk

0246 GMT - Copper edges higher in early Asian trade, trading in a sideways range. U.S. inflation data was in line with expectations, and markets remain cautious about the Fed's meeting next week and its rate cycle next year, analysts at Galaxy Futures write in a note. Any rebound in prices appear limited as downstream purchasing sentiment looks weaker and copper will likely be in a surplus in supply this year, they add. The three-month LME copper contract is 0.3% higher at $9,216.00/ton. ([e-mail])

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Iron Ore Edges Higher Amid Positive Sentiment -- Market Talk

0230 GMT - Iron-ore prices edge higher in early Asian trade amid positive sentiment. The ferrous metal's prices remain steady as traders weigh the impact of additional stimulus from China and easing monetary policy against other structural headwinds, ANZ Research analysts say in a research note. If China weakens the yuan amid geopolitical tensions, imports will be expensive, the analysts say. However, "we see iron-ore prices getting support from recovering steel production, which will keep imports buoyant," they add. The most-traded iron-ore contract on the Dalian Commodity Exchange is up 0.1% higher at CNY812.5 a ton. ([e-mail])

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Australia Budget May Get Boost From Firm Iron-ore Price -- Market Talk

0116 GMT - A recent bounce in the iron-ore price may lend a little support to Australia's federal budget, says Commonwealth Bank of Australia analyst Vivek Dhar. If spot prices remain steady through mid-2025, iron ore revenue could be roughly US$26/metric ton higher than officials forecast in the budget outlook for this fiscal year, Dhar says. That implies a A$1.3 billion boost to tax receipts, he adds. "The main driver of persistent budget upgrades from higher than projected iron-ore prices reflect the conservative budget view that iron-ore prices will fall to low levels relatively quickly," Dhar says. Australia's budget assumes iron ore will fall to US$60/ton by the end of 1Q 2025 and then track sideways, he says. Spot iron ore fell 0.7% Wednesday to US$105.10/ton. ([e-mail]; @RhiannonHoyle)

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(END) Dow Jones Newswires

12-12-24 0748ET