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...
Gold held a gain at the end of a volatile week's trading, after the Federal Reserve reduced interest rates and investors assessed the implications of Donald Trump's White House victory. Bullion was little changed below $2,707 an ounce after rising almost 2% on Thursday as the Fed cut borrowing costs by 25 basis points, in line with expectations. Chair Jerome Powell said he didn't rule "out or in" a cut in December, noting recent indicators suggested the economy was still expanding solidly. Lower rates tend to benefit the metal, as it doesn't pay interest. The gain on...
Crude futures reverse course and settle higher as the market continues to debate implications for oil of a second Trump administration, from facilitating more U.S. output to settling geopolitical conflicts that have added a premium to prices, or tightening sanctions against producers such as Iran and Venezuela. While Hurricane Rafael is seen tracking well south of the U.S. Gulf coast, platform evacuations had shut in around 22% of offshore production versus 17% yesterday, according to the Bureau of Safety and Environmental Enforcement. Earth Science Associates estimates overall output...
Gold prices rose more than 1% on Thursday, helped by a retreat in the U.S. dollar, while the Federal Reserve cut interest rates by a quarter of a percentage point as widely expected. Spot gold was up 1.2% at $2,691.36 per ounce as of 2:22 p.m. EST (1919 GMT), after dropping to a three-week low on Wednesday. U.S. gold futures settled 1.1% higher at $2,705.80. At the end of a two-day policy meeting, the U.S. central bank lowered the benchmark overnight interest rate to the 4.50%-4.75% range, with policymakers taking note of a job market that has "generally eased". The dollar index (.DXY),...
Gold (XAU/USD) bounced back to $2,670 on Thursday after dropping 3% the previous day as President-elect Donald Trump secured victory in the US presidential election. Gold drops 3.0% as Donald Trump wins election Gold's sharp decline on Wednesday was partly a result of the strengthening US Dollar (USD) due to Trump's dollar-positive economic agenda and preference for pro-tariff protectionism. Since Gold is mostly priced and traded in USD, a stronger Dollar has a direct negative impact on its price. Source: FXStree
Gold steadied after plunging more than 3% in the previous session, with markets weighing the outlook for the US and global economy following Donald Trump's decisive White House victory. Bullion traded near $2,660 an ounce following its biggest one-day fall in five months. That decline was sparked by the dollar surging to a one-year high as Trump won back the presidency in a stunning comeback, which prompted some traders to book profits as fears over a contested result eased. A stronger dollar makes the precious metal more expensive for most buyers. "The move in the US dollar and...
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...