Gold price (XAU/USD) climbs to a one-week high, beyond the $3,350 level during the early European session on Monday and seems poised to climb further amid a combination of supporting factors. The Personal Consumption Expenditures (PCE) Price Index released on Friday further pointed to signs easing inflationary pressures in the US and bolstered the case for more rate cuts by the Federal Reserve (Fed). This, in turn, prompts fresh US Dollar (USD) selling and acts as a tailwind for the non-yielding yellow metal. Meanwhile, concerns about the worsening US fiscal situation, geopolitical risks...
Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed $1.46, or 2.33%, to $64.24 a barrel by 0626 GMT after settling 0.9% lower on Friday. U.S. West Texas Intermediate crude was at $62.45 a barrel, up $1.66, or 2.73%, following a 0.3% decline in the previous session. Both contracts were down more than 1% last week. The Organization of the Petroleum Exporting Countries and their...
Silver prices rose over 1% to around $33.40 per ounce on Monday, approaching two-month highs as escalating global trade tensions boosted demand for safe-haven assets. The move came after US President Donald Trump announced plans late Friday to double tariffs on steel and aluminum imports to 50%, effective June 4. China also rejected Trump's claims that it breached a trade agreement reached in Geneva last month—casting further doubt on the prospect of a call between Trump and Chinese President Xi Jinping. The tariff announcement also comes amid an ongoing legal battle over the legality of...