Gold hovered around $3,410 per ounce on Friday, near its highest level in over a month, and is on track for a second consecutive weekly gain, sustained by a softer US dollar and safe-haven demand. The metal continued to draw support as investors sought refuge amid uncertainty over US monetary policy. Concerns that political pressure on the Federal Reserve could accelerate interest rate cuts have bolstered prices, with markets largely pricing in a 25 bps reduction in September. Fed Governor Christopher Waller also signaled support for starting rate cuts next month, saying he "fully expects"...
EUR/USD loses ground after three days of losses, trading around 1.1660 during the Asian hours on Friday. Traders await July Retail Sales and August preliminary Consumer Price Index (CPI) data from Germany later in the day. Focus will shift toward the July US Personal Consumption Expenditures (PCE) Price Index data due in the North American session. The EUR/USD pair depreciates as the US Dollar (USD) recovers ground, as the United States (US) economy grew in the second quarter. US Gross Domestic Product (GDP) Annualized climbed 3.3% in Q2, a faster pace than the initially estimated 3.1%...
Oil edged lower to head for a monthly loss, with trading dominated by concerns about a looming glut and geopolitical tensions, including US-led efforts to end the war in Ukraine. Brent for November delivery traded near $68 a barrel, with the global benchmark about 5% lower this month. West Texas Intermediate fell toward $64. Oil has lost ground in August on worries that global supplies will run ahead of demand in the coming quarters, boosting stockpiles. Investors are also focused on Ukraine, and potential shifts in crude flows from Russia. US President Donald Trump...