Oil rose for a third session after President Donald Trump told European Union officials he's willing to slap new tariffs on India and China in an effort to get Russia to negotiate with Ukraine. However, it came with a caveat — Trump will only impose levies if EU nations do so as well. West Texas Intermediate climbed to trade near $63 a barrel during early Asian trading, while Brent closed above $66 on Tuesday. Futures gained in the previous session after Israel conducted a strike in Doha targeting senior Hamas leadership, raising concerns about escalating...
Gold rises in the early Asian trade. Its recent surge past $3,600/oz reflects investor demand for safe-haven assets due to deepening global economic and geopolitical uncertainty, Sean Hoey, managing director of IBV International Vaults London writes in a note. There has been a sharp rise in demand for physical precious metals which are insulated from broader market volatility, Hoey adds.Spot gold is 0.3% higher at $3,633.87/oz. Source: Bloomberg
The Australian Dollar (AUD) loses ground on Wednesday for the second consecutive day. The AUD/USD pair struggles as the US Dollar (USD) extends its gains despite the United States (US) Nonfarm Payrolls Benchmark Revision, which has boosted odds that the Federal Reserve (Fed) will begin cutting interest rates as soon as next week. The AUD/USD pair holds losses following the release of China's Consumer Price Index (CPI), which declined 0.4% year-over-year in August after arriving at 0% in July. The market consensus was for a 0.2% decline in the reported period. The monthly CPI inflation came...