Oil prices hit multi-week highs on Monday, buoyed by a weaker U.S. dollar, while investors awaited news from U.S.-China trade talks in London in hopes a deal could boost the global economic outlook and subsequently fuel demand. Brent crude futures settled 57 cents higher, or 0.9%, to $67.04 a barrel. During the session, the benchmark rose to $67.19 a barrel, the highest since April 28. U.S. West Texas Intermediate crude rose 71 cents, or 1.1%, to $65.29. The contract reached $65.38 a barrel during the session, the highest since April 4. A weaker U.S. dollar gave some support to oil...
The Japanese yen weakened to around 145 per dollar on Tuesday, reaching a near two-week low as optimism surrounding US-China trade talks dampened demand for safe-haven assets. Officials from both nations met in London on Monday to discuss rare earth shipments and the potential easing of export restrictions, with further negotiations expected to continue on Tuesday. On the domestic front, revised data showed Japan's economy was flat in the first quarter, improving from an initial estimate of a 0.2% contraction. Still, the result marks a notable slowdown from the 0.6% expansion recorded in...
Gold price (XAU/USD) attracts fresh sellers during the Asian session on Tuesday and drops to the $3,300 neighborhood in the last hour, closer to a one-week low touched the previous day. The optimism over US-China trade talks undermines safe-haven assets, which, along with a goodish pickup in the US Dollar (USD) demand, turn out to be key factors exerting downward pressure on the bullion. However, the growing acceptance that the Federal Reserve (Fed) will lower borrowing costs further in 2025 might keep a lid on any meaningful USD appreciation. Furthermore, persistent geopolitical risks...