Gold rose toward $3,340 per ounce on Thursday, gaining for a fourth straight session to reach a near two-week high, as investors sought safe-haven assets amid growing concerns over the US fiscal outlook. Risk sentiment weakened following the release of a proposed US federal budget that could further widen the already large deficit, compounded by Moody's recent downgrade of the US credit rating due to rising debt levels and the Fed's cautious outlook on the economy. Geopolitical tensions further amplified gold's appeal, with ongoing unrest in the Middle East and President Trump appearing to...
The dollar index fell to around 99.5 on Thursday, marking its fourth straight daily decline, as fiscal concerns weighed on sentiment. Investors are increasingly uneasy over Trump's proposed budget, which includes sweeping tax cuts projected to add between $3 trillion and $5 trillion to the national debt. However, the legislation hit a political snag as several blue-state Republicans warned they would withhold support unless the bill includes a larger deduction for state and local taxes. Further pressure on the dollar came from a lackluster 20-year bond auction, which signaled weakening...
The Japanese yen strengthened toward 143 per dollar on Thursday, reaching its highest level in over two weeks, as mounting concerns over the US fiscal outlook weighed on the greenback. The yen's rally was fueled by expectations that President Donald Trump's proposed tax cuts projected to add more than $3 trillion to US debt could destabilize financial markets and undermine confidence in US assets. On the diplomatic front, Japanese Finance Minister Katsunobu Kato said he did not discuss exchange rate levels with US Treasury Secretary Scott Bessent during the G7 meetings in Canada...