Gold prices surpassed the $3,300 mark for the first time on Wednesday, as investors sought safe-haven assets after U.S. President Donald Trump ordered a probe into potential new tariffs on U.S. critical mineral imports. Spot gold was up 2.3% to $3,301.78 an ounce as of 1018 GMT, after hitting a record high of $3,317.90 earlier in the session. U.S. gold futures gained 2.4% to $3,317.70. "Trump's trade war shows no signs of easing... sparking a fresh move towards safe havens and out of stocks," said Ole Hansen, head of commodity strategy at Saxo Bank. Trump's probe, announced on Tuesday, is...
Oil prices rose 1% on Wednesday, reversing early losses as the market took a bullish view on China's stance on potential trade talks with the United States, though gains were capped by continuing fears that the trade war will curb energy demand. Brent crude futures rose 64 cents to $65.31 a barrel by 0937 GMT while U.S. West Texas Intermediate crude rose 62 cents to $61.95. Prices declined in early trading but analysts said momentum shifted after a Bloomberg report quoted an anonymous source as saying that China wants more respect from the Trump administration before it will agree to...
The dollar index fell to the 99.5 mark on Wednesday, resuming its slide this month to the lowest in three years as aggressive tariffs by President Trump pressured the outlook on US growth. The President launched a probe into placing tariffs on critical minerals, potentially escalating the trade war with China shortly after concessions on autos and electronics had halted the selloff in dollar-denominated assets. Besides potential tariffs on critical minerals, the White House also maintained tariff threats on copper, pharmaceuticals, and semiconductors. The unpredictability of trade...