Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
Spot gold rose for a fourth consecutive session on Thursday, hitting an over one-week high as safe-haven demand soared following AI bellwether Nvidia's lackluster revenue forecast and intensifying Russia-Ukraine tensions. Spot gold was up 0.6% at $2,666.00 per ounce, while U.S. gold futures rose 0.6% to $2,668.60. "It's really one main geopolitical factor that's at play here in the gold market over the course of the last several days - the increased tensions between Ukraine and Russia is probably most notable," said David Meger, director of metals trading at High Ridge Futures. Investors...
Oil rose on signs that the Russia-Ukraine conflict is escalating further. Brent climbed toward $74 a barrel after Ukraine said Russia launched an intercontinental ballistic missile at the central city of Dnipro, following the expanded use of Western-provided long-range weapons by Kyiv's forces. The Russian strike, if confirmed, appears to be the first use of such a weapon since its development at the inception of the Cold War. There have also been some bullish signs for prices in recent days, with premiums of refined products over crude climbing to multi-month...
Bullion traded above $2,660 an ounce after Ukraine said that Russia had launched an intercontinental ballistic missile at the central Ukrainian city of Dnipro. The strike appears to be the first reported use of an ICBM, which is designed to hit targets thousands of kilometers away, since the beginning of the invasion. Heightened geopolitical tensions tend to benefit the precious metal. Bullion is clawing back losses seen in the immediate aftermath of Donald Trump's victory in the US election, which sparked a rally in the US dollar. Gold has gained almost 30% this year and there are...
Oil prices rose on Thursday as geopolitical concerns over rising tensions between Russia and Ukraine outweighed the impact of a larger-than-expected build in US crude inventories. Brent crude futures rose 60 cents, or 0.82%, to $72.81 by 0734 GMT. US West Texas Intermediate crude rose 64 cents, or 0.93%, to $69.39. Ukraine fired a series of British Storm Shadow cruise missiles at Russia on Wednesday, the latest Western weapons authorized for use on Russian targets, a day after firing US ATACMS missiles. Moscow says using Western weapons to attack Russian territory far from its borders...
Gold futures rose on safe-haven demand. Gold futures were up 0.7% at $2,670.80 an ounce. Rising geopolitical tensions between Russia and Ukraine, exacerbated by Russia's latest nuclear threats, have prompted investors to seek stable assets like gold, said Antonio Di Giacomo of XS.com. However, gold's rally has not been as sharp as some traders had hoped, capped by the strength of the dollar, he said in a note. Since both are considered safe-haven assets, the strength of the dollar reduces the relative demand for gold. Expectations of new monetary policy decisions by major banks—including...
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...