Gold rose toward $3,370 per ounce on Wednesday, recouping some losses from the previous session as rising geopolitical and economic risks boosted its safe-haven appeal. On Tuesday, the OECD lowered its global growth outlook, citing mounting pressure on the US economy from escalating trade tensions. This was compounded by weak US factory orders but tempered by signs of labor market resilience. Meanwhile, President Trump's tariffs on steel and aluminum took effect Wednesday, further straining global trade relations. Tensions between Washington and Beijing also remained high after mutual...
The US dollar index eased to around 99.1 on Wednesday, giving back some of the previous session's gains as investors awaited a series of labor market reports that could shape the Federal Reserve's policy outlook. Focus now turns to the ADP private payrolls report due Wednesday, followed by weekly jobless claims on Thursday and the closely watched May jobs report on Friday. On Tuesday, JOLTs data showed job openings unexpectedly rose to 7.39 million in April, up from March's revised 7.2 million and well above the 7.1 million consensus forecast suggesting continued labor market...
The Australian Dollar (AUD) appreciates against the US Dollar (USD) on Wednesday after registering over 0.5% losses in the previous session. The AUD/USD pair remains in positive territory following the release of mixed economic data from Australia. Australian Bureau of Statistics (ABS) showed that Gross Domestic Product (GDP) grew by 0.2% quarter-over-quarter in Q1, declining from the previous 0.6% growth. Australia's economy fell short of the expected 0.4% rise. Meanwhile, the annual GDP growth rate remained consistent at 1.3%, below the expected 1.5%. Moreover, the S&P Global...