Gold price (XAU/USD) retains its negative bias below the $3,300 mark through the early European session on Friday, though it lacks follow-through selling. The US Dollar (USD) attracts some dip-buyers amid some repositioning trade ahead of the crucial US inflation report, which, in turn, is seen as a key factor undermining the commodity. However, concerns about the worsening US fiscal condition, along with bets that the Federal Reserve (Fed) will lower borrowing costs further in 2025, might cap the upside for the USD and offer support to the non-yielding yellow metal. A federal appeals...
The US Dollar (USD) recovers on Friday after a sharp sell-off the previous day, with investors remaining uncertain over the existence of majority of tariffs imposed by United States (US) President Donald Trump on all of his trading partners since his return to the White House this year. During European trading hours, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, rises to near 99.50. Investors start doubting the sustainability of reciprocal, fentanyl, and border negligence-related-tariffs as the US Court of International Trade strike them down...
Oil was on track for a marginal weekly decline ahead of an OPEC+ meeting on output policy that's expected to lead to another supply hike. Still, West Texas Intermediate futures edged above $61 a barrel on Friday, paring some of that weekly loss. A sub-group led by Saudi Arabia is set to meet on Saturday to decide on July production levels, following preliminary talks last week on a third consecutive supply increase. "The real story now is tomorrow's OPEC+ meeting among the eight producers that conducted voluntary cuts," said Arne Lohmann Rasmussen, chief...