Silver (XAG/USD) prices extended their gains for the third straight session, hitting a fresh 13-year high of $36.42 per troy ounce on Monday (09/06). The grey metal gained on rising demand for safe-haven assets amid concerns over global economic and trade uncertainties. Non-yielding assets, including Silver, may have found support after Citigroup released its forecasts on Monday, which predicted the Fed would cut interest rates by 25 basis points each in September, October, and December. The firm also predicted the central bank would cut rates by 25 basis points each in January and March...
Gold prices rose on Monday, supported by a weaker U.S. dollar ahead of U.S.-China trade talks aimed at easing tensions, while platinum extended gains for a sixth straight session to hit a four-year peak. Spot gold was up 0.4% at $3,323.71 an ounce, by 0806 GMT, after dropping earlier in the session to $3,293.29, its lowest since June 2. U.S. gold futures were steady at $3,344.70. The dollar (.DXY), down 0.3% against a basket of major currencies, made bullion cheaper for holders of other currencies. Investors are realizing that gold's key drivers, such as trade and geopolitical tensions,...
EUR/USD started the week on a fairly positive note on Monday (09/06), following a significant decline on Friday. The currency pair is currently trading at 1.1415, having bottomed at 1.1370 on Friday, supported by a weaker US dollar (USD) and aggressive comments from European Central Bank member Peter Kazimir. The Eurozone economy still faces downside risks, Kazimir said, but inflationary pressures are rising, which according to the ECB official, suggests that the bank is done with monetary easing, "if not at the end of the cycle." In the absence of relevant releases, these comments have...