US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Gold prices edged lower on Friday (12/27) as the US dollar index held steady, despite continued demand for safe-haven assets amid global geopolitical tensions. Gold futures for February delivery fell 0.11%, or $3, to settle at $2,650.90 an ounce by 10:36 a.m. KSA time and was on track for a weekly loss of around 0.10%. Spot gold was steady at $2,636.08 an ounce, while silver futures for March delivery were unchanged at $30,415 an ounce. Spot platinum fell 0.14% to settle at $938.48 an ounce. The dollar index, which measures the greenback against a basket of six major currencies, was...
Silver (XAG/USD) prices fell near $29.60 in thin trading after the Christmas and Boxing Day holidays on Friday (12/27). The white metal came under pressure despite heightened tensions in the Middle East between Israel and Iran. On Thursday, Israel launched missiles at the Iran-backed Houthi military and bombed Yemini airport. Following the airstrike, Israeli Prime Minister Benjamin Netanyahu said in an interview with Israel's Houthi TV station, "We have just started with them." Israel retaliated against last week's airstrike by Iran. Historically, rising geopolitical tensions increase...
EUR/USD traded in a narrow range around 1.0400 during the European session on Friday (12/27) amid thin trading as market participants stayed away due to the Christmas holiday. The currency pair struggled to find direction while the US Dollar (USD) strengthened on strong expectations that the Federal Reserve (Fed) will follow a gradual policy easing path as inflation has recovered slightly in the past three months. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, remained above the key support of 108.00. The USD's performance has remained...
The GBP/USD pair posted modest gains near 1.2520 during the early European session on Friday. However, the major currency pair's gains seem limited amid subdued trading activity and growing expectations that the US Federal Reserve (Fed) will deliver fewer interest rate cuts next year. According to the daily chart, the GBP/USD bearish outlook remains valid with the price holding the key 100-day Exponential Moving Average (EMA). The downside momentum is reinforced by the 14-day Relative Strength Index (RSI), which is located below the midline around 38.35, suggesting that further declines...
Gold prices moved lower amid a quiet post-Christmas holiday trade, trading near $2,630 during the Asian session on Friday (12/27). However, the safe-haven asset could find upside support as markets anticipate signals from the US economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025. Gold, a non-yielding asset, gained traction as modest US PCE inflation data challenged expectations of limited Fed rate cuts next year, hinting at the possibility of more cuts. The safe-haven appeal was supported by rising geopolitical risks stemming from...