Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after U.S. President Donald Trump's threats of tariffs on India over its Russian crude purchases. "There's still plenty of uncertainty over the U.S. imposing secondary tariffs on buyers of Russian oil ... market chatter is growing that China's purchases of Russian oil may come into focus next," ING commodity strategists said on Wednesday. "If India were to stop buying Russian oil amid tariff threats, we believe the market would be able to cope with the loss of this...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining steady after two days of slight gains and trading around 98.80 during the European hours on Wednesday. Traders will likely observe the speeches from the Federal Reserve (Fed) policymakers later in the day, including Susan Collins, Lisa Cook, and Mary Daly. The Greenback may gain ground as traders adopt caution following US President Donald Trump's announcement on Tuesday that he will appoint the Fed's Chair and Kugler's replacement by the end of the week, and confirmed his...
Gold prices slipped slightly Wednesday, consolidating after four days of gains, as investors digested weak U.S. economic data as well as President Donald Trump's potential appointment to the Fed's board. At 04:30 ET (08:30 GMT), Spot Gold ticked down 0.4% to $3,366.50 an ounce and Gold Futures for December also lost 0.4% to $3,420.72/oz. Bullion has risen in the last four consecutive sessions, with marginal gains this week after a 2% jump on Friday. Gold supported by Fed cut hopes Gold prices have been supported of late by the potential of early interest rates cuts by the Federal...