EUR/USD gains further to near 1.1250 in Tuesday's European session, following the previous day's upside move. The major currency pair remains on the frontfoot as the United States (US) Sovereign Credit downgrade by Moody's continues to batter the US Dollar (USD), with the US Dollar Index (DXY) extending its downside to near 100.00. On Friday, Moody's downgraded the US credit rating by one notch to Aa1 from Aaa. This move shifted the focus of financial market participants to the growing $36 trillion US government debt pile and fiscal imbalances, which would lead to a long-term increase in...
Gold prices eked out gains on Tuesday, buoyed by a lower dollar, while investors cautiously turned their attention to further developments in Russia-Ukraine peace talks and U.S. tariff policy. Spot gold was up 0.2% at $3,236.94 an ounce as of 1102 GMT. U.S. gold futures gained 0.2% to $3,239.40. The dollar index opens new tab was down 0.2% against its rivals, making gold less expensive for other currency holders. "Main focus of traders in the gold market today is on the optimism around the US-China trade and also on renewed hopes for progress towards peace in the Russia-Ukraine conflict,"...
Gold rose as traders assessed trade tensions and the Federal Reserve's interest rate direction, with some buying back into bearish positions they had built up earlier after bullion hit a key level. The precious metal's rise to $3,250 an ounce helped trigger some short covering, sending it up 1.7%, according to Ole Hansen, head of commodity strategy at Saxo Bank A/S. "Gold has seen an underlying bid throughout the day as the market considers whether we've passed peak optimism," Hansen said, adding that technical buyers rushed in after the $3,250 level was broken. Gold suffered its worst...