Gold held steady as investors prepared for the Federal Reserve's policy decision, a series of key economic data, and the outcome of US trade negotiations. Gold bullion prices traded in a narrow range on Tuesday after weakening in the previous session amid a rally in the dollar. Although the deal announced Monday between the US and the European Union initially eased fears of a trade war, the asymmetric nature of the agreement has dampened expectations for economic growth outside the US. With President Donald Trump's August 1 tariff deadline approaching, several other trading partners,...
Oil prices edged higher on Tuesday (July 29th) amid optimism that the trade war between the United States and its major trading partners is easing and as President Donald Trump increases pressure on Russia over its war in Ukraine. Brent crude futures rose 22 cents, or 0.3%, to $70.26 a barrel at 12:18 GMT, after touching their highest level since July 18th, while U.S. West Texas Intermediate crude was at $66.98, up 27 cents, or 0.4%. Both contracts closed more than 2% higher in the previous session. The trade agreement between the United States and the European Union, despite imposing 15%...
The US dollar (USD) held firm on Tuesday (July 29th) after posting its strongest daily gain since May, gaining 1.0% on Monday. This rally came after the United States (US) and the European Union (EU) announced the framework for a major trade deal on Sunday. The market welcomed the news, viewing the agreement as highly beneficial to Washington. Investors are betting that the deal will give the US greater economic and strategic power, boosting confidence in the greenback. The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, consolidated Monday's...