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 fell on Friday after bullion hit a more than five-week high in the previous session and as the U.S. dollar gained, but prices were on track for a weekly rise on expectations of a Federal Reserve rate cut next week. Spot gold was down 0.8% at $2,658.89 per ounce, as the U.S. dollar hovered near its highest in more than two weeks. Bullion hit its highest since Nov. 6 on Thursday, and has risen nearly 1% so far for the week. U.S. gold futures fell 1.1% to $2,678.50. Underpinned by easing monetary policies, robust central bank buying, and safe-haven demand, gold has shattered...
Gold (XAU/USD) has given away earlier gains and is trading lower for the second consecutive day during Friday's European session. The US Dollar (USD) maintains its bullish tone, supported by rising US Treasury yields, which keeps the precious metal under pressure. Recent US data is showing a resilient US economy with inflation picking up. Donald Trump's high tariffs for imports and restricted immigration are expected to lift consumer prices, forcing the Federal Reserve (Fed) to approach cautiously with monetary easing next year. Most of the major central banks, in contrast, are expected to...
Oil prices nudged upwards on Friday, heading for their first weekly rise since the end of November, as additional sanctions on Iran and Russia ratcheted up supply worries, while a surplus outlook weighed on markets. Brent crude futures edged up 5 cents to $73.46 a barrel by 0716 GMT, while U.S. West Texas Intermediate crude was up 8 cents at $70.1 a barrel. Both contracts are on track for a weekly gain of more than 3% as concerns about supply disruption from tighter sanctions on Russia and Iran, and hopes that Chinese stimulus measures could lift demand in the world's No. 2 oil consumer...
Silver (XAG/USD) prices extended its decline for the second session, trading around $30.90 per troy ounce during Asian hours on Friday (12/13). The daily chart analysis shows a shift in momentum to bearish from bullish bias as the pair has broken below an ascending channel pattern. The XAG/USD pair is moving below the nine- and 14-day Exponential Moving Averages (EMAs), indicating a continued bearish outlook and signaling weakening near-term price momentum. This suggests increasing selling interest and increases the likelihood of further price depreciation. Additionally, the 14-day...
Gold rose above $2,680 on Friday, recovering slightly from a more than 1% drop in the previous session, as investors continued to assess the latest economic data. U.S. factory-rate prices rose more than expected in November, fueling concerns that inflation may remain above the Federal Reserve's target into next year. However, initial jobless claims unexpectedly jumped to a nearly two-month high, far surpassing forecasts, underscoring the risk of a weakening labor market. Markets still largely expect a 25bps hike by the Fed next week and are pricing in further rate cuts next year, although...