Gold extended its recent decline to around $3,360 per ounce on Thursday, as a cautious outlook on US interest rates weighed on the appeal of the non-yielding asset. The Federal Reserve held its benchmark rate steady as expected and warned of rising risks of both inflation and unemployment, reinforcing its cautious stance on future rate changes. Fed Chair Jerome Powell also stated that the central bank is not considering a preemptive rate cut in response to potential economic fallout from tariffs. Meanwhile, uncertainty surrounding US-China trade talks helped limit further losses. President...
Oil rose on Thursday after falling more than $1 in the previous session, supported by hopes of a breakthrough in looming trade talks between the U.S. and China, the world's two largest oil consumers. Brent crude futures were up 10 cents, or 0.2%, at $61.22 a barrel, while U.S. West Texas Intermediate crude rose 13 cents, or 0.2% to $58.20 a barrel at 0632 GMT. "Optimism around the U.S. and China trade talks this weekend is a primary factor supporting the rebound in the oil market," said independent market analyst Tina Teng. "Signs of a de-escalating trade war improved market sentiment,...
The British pound briefly jumped 0.5% to $1.3356 after reports suggested that President Trump would announce a US-UK trade deal later on Thursday. The pound initially rallied on the news, which followed a social media tease from Trump hinting at a "major trade deal," later linked to the UK. The move also reflected broader dollar weakness, which has dominated currency markets since Trump's April 2 tariff wave sparked concerns over a potential US recession and persistent inflation. Meanwhile, the Sterling gave up gains to change hands at $1.327 as investors are now focused on the Bank of...