- Crude Oil
WTI crude oil futures rose to around $67.6 per barrel on Monday, extending gains from the previous session, after top oil importer China promised new measures to boost consumption, and the U.S. ordered attacks on Yemen’s Houthis.
Beijing on Sunday unveiled plan on special initiatives to revive consumption, including raising people’s incomes and establishing a childcare subsidy scheme.
Additionally, investors are worried about potential supply disruptions after the U.S. vowed to keep hitting Houthis until shipping attacks in the Red Sea stop.
Also supporting prices were diminishing prospects of a swift end to the Ukraine war that could bring back more Russian energy supplies to Western markets.
U.S. President Trump and Russian President Putin are expected to speak this week as the U.S. tries to broker a ceasefire in the ongoing conflict.
Elsewhere, investors remain focused on the escalating trade tensions between the U.S. and its key trading partners.
- Gold
Gold moved slightly by 0.04% today and is currently trading at 2,990. From a technical standpoint, the metal is exhibiting price acceptance around the resistance of the upward trending channel that can be witnessed on the weekly chart. Additionally, strong RSI positivity can also be observed, thereby supporting a bullish bias. On the 4-hour chart, the metal is well above the 9 and 21-period EMAs at 2,983 and 2,965, with strong support at 2,980, while the first resistance is at 3,000, followed by 3,018.
From a fundamental standpoint, the ongoing tariff uncertainties have set off the demand for the safe-haven asset, and looking ahead, the same is expected to continue. This week also beholds the Fed’s FOMC, in which the comments of Fed Chair Powell will be of focus as market participants try to gauge the interest rate outlook sentiment. With regards to the interest rate decision, according to CME’s Fed watch tool, there is a 99% probability that the interest rates will remain at current levels. Looking ahead into the day, the Retail Sales data is expected to be the focus of the day, with the expectations at 0.6%, up from the previous -0.9%.
Gold prices in the UAE today are as follows:
24 Carat – AED 359.50
22 Carat – AED 334.50
21 Carat – AED 320.75
18 Carat – AED 274.75
- Cryptocurrency
Last week Bitcoin hit a low of $76,600, raising concerns across the crypto community about its future trajectory. This decline briefly pushed the asset below its 200-day moving average, marking a significant shift from its record-breaking rally to an all-time high of $109,200.
While short-term factors such as stronger-than-expected CPI data, increased job availability in the US, and other macroeconomic developments have led to temporary relief rallies, Bitcoin has yet to regain its bullish momentum. Currently stabilizing near the $84,000 level.
Historically, heightened tariffs have led to inflationary pressures and economic slowdowns, increasing demand for alternative stores of value. If trade tensions persist, investors—both retail and institutional may seek refuge in assets like gold and Bitcoin, reinforcing crypto’s role as a hedge against economic uncertainty. A prolonged trade war could further accelerate Bitcoin’s adoption as a non-sovereign asset, potentially strengthening its position in global financial markets.
