Gold held steady on Wednesday ahead of a key U.S. inflation data that could help gauge the Federal Reserve's interest rate path amid trade tensions and economic slowdown fears, while attention was also on a potential ceasefire deal in Ukraine. Spot gold was flat at $2,915.65 an ounce as of 0455 GMT, while U.S. gold futures were steady at $2,921.00. Investors await U.S. Consumer Price Index (CPI) data due later in the day to analyse the Fed's interest rate stance going forward this year. If rising price pressures force the Fed to keep interest rates higher, gold may lose its allure as it...
The dollar struggled on Wednesday to recover from a five-month low against major currencies, as concerns about the U.S. economy eased, given President Donald Trump's unpredictable trade policies. The euro held near a five-month high on growing optimism that the war in Ukraine would end. The Canadian dollar steadied after a volatile session on Tuesday, when Trump vowed to double tariffs on steel and aluminum to 50%, only to reverse course hours later. The Bank of Canada decides policy on Wednesday, with traders expecting another quarter-point rate cut. "Trade uncertainty continues to...
Oil prices edged higher on Wednesday, boosted by a weaker dollar, but rising concerns about a slowing U.S. economy and the impact of tariffs on global growth capped gains. Brent crude futures were up 13 cents, or 0.2%, at $69.69 a barrel by 0730 GMT, while U.S. West Texas Intermediate crude futures were up 13 cents, or 0.2%, at $66.38 a barrel. Despite the weakening economic outlook, oil prices have held steady in a positive position, said Daniel Hynes, senior commodity strategist at ANZ. "That's a sign that near-term demand for crude oil remains strong," he said. The dollar index (.DXY)...