Gold prices surged sharply on Thursday (3/13) and surpassed its previous record high of $2,954 despite high US Treasury yields and a stronger US Dollar. At the time of writing, XAU/USD surpassed $2,960, and hit an all-time high of $2,971 per troy ounce. Earlier, the US Bureau of Labor Statistics (BLS) revealed that prices paid by producers maintained the "status quo." PPI in February increased by 3.2% YoY, below the 3.3% estimate and down from January's 3.7%. Core PPI increased by 3.4% YoY for the same period, below the 3.5% estimate. At the same time, Initial Jobless Claims for the week...
Oil prices slipped on Thursday as markets weighed macroeconomic concerns, including the risk that tariff wars between the U.S. and other countries could hurt global demand. Brent futures were down 54 cents, or 0.8%, at $70.41 a barrel at 11:28 a.m. EDT (1525 GMT). U.S. West Texas Intermediate crude futures fell 63 cents, or 0.9%, to $67.05 a barrel. The International Energy Agency reported that global oil supply could exceed demand by around 600,000 barrels per day this year, with U.S.-led supply growth and global demand now expected to rise by just 1.03 million bpd, off last month's...
Euro drops slightly as traders gauged the outcome of a debt in Germany around major fiscal reforms, although the currency hovered around multi-month highs against the U.S. dollar. By 10:12 ET (14:12 GMT), the euro had dropped against the greenback by 0.3% to $1.0860, but stayed near a five-month peak touched earlier this week. Sterling inched down on the dollar to $1.2946. Lawmakers in Germany are considering a proposed 500 billion euro fund for defense and infrastructure spending, as well as a loosening to the country's traditionally strict borrowing rules. The plans have been put forward...