Oil prices rose on Friday as U.S. buyers covered positions ahead of the three-day Memorial Day weekend amid concerns over the latest round of nuclear talks between U.S. and Iranian negotiators. Brent crude futures settled at $64.78 a barrel, up 34 cents, or 0.54%. U.S. West Texas Intermediate crude ended at $61.53, up 33 cents, or 0.54%. "I think there's some short-covering ahead of the weekend," said Phil Flynn, senior analyst at Price Futures Group. The Memorial Day weekend marks the start of the U.S. summer driving season, the peak demand period for motor fuel. U.S. and Iranian...
The Gold price (XAU/USD) attracts some sellers to near $3,335 during the early Asian session on Monday. The de-escalation of the trade war provides some support to the yellow metal. The FOMC Minute will be the highlight later on Wednesday. On Sunday, US President Donald Trump said that he agreed to an extension on the tariff deadline on the European Union (EU) until July 9, rescinding his threat of a 50% tariff from June 1. The easing fears of a global trade war drag the precious metal lower. However, traders will closely monitor the developments surrounding US-Japan trade deals and other...
Gold dropped below $3,340 per ounce on Monday as safe-haven demand eased after President Donald Trump agreed to delay the planned 50% tariff on European goods. Trump on Sunday set a July 9 deadline to buy time for negotiations with the bloc, backing away from his earlier threat to impose the tariff on June 1. However, trade concerns remain as Trump on Friday also warned Apple Inc. that it would be subject to 25% tariffs if it does not manufacture its iPhones in the US. Last week, bullion gained nearly 5%, supported by trade uncertainty and mounting concerns over the US economic and fiscal...