Gold retains bullish bias amid economic risks, dovish Fed, weaker USDUS President Donald Trump threatened on Tuesday to terminate trade with China in cooking oil and other products in response to the latter's decision not to purchase US soybeans. China also announced new special port fees for US ships arriving in Chinese ports and enhanced restrictions on the export of rare earths. This marks a significant escalation of the trade war between the world's two largest economies. Adding to this, geopolitical risks and concerns that the US government could affect the economic performance drive...
Oil prices plummeted on Wednesday (October 15th), holding near five-month lows for a second day, pressured by escalating US-China trade tensions and the International Energy Agency's (IEA) prediction of a supply surplus by 2026. Brent crude fell 23 cents, or 0.4%, to $62.16 a barrel at 11:11 a.m. EDT (15:11 GMT). U.S. West Texas Intermediate crude fell 14 cents, or 0.2%, to $58.56. Both benchmarks were heading for their lowest close since May 7 for the second straight day. Bank of America said Brent could fall below $50 a barrel if US-China trade tensions escalate while OPEC+ production...
Gold rose to a new record above $4,200 an ounce and silver surged, driven by escalating US-China tensions and speculation that the Federal Reserve will cut interest rates twice more this year. The price of gold bullion rose as much as 1.8% to a peak of $4,218.29 on Wednesday. Spot silver prices rose more than 3%, while the availability of the precious metal in the London market remains limited. Silver had a volatile day on Tuesday, when prices surged to an all-time high above $53.55 an ounce before falling sharply. US Treasury yields fell to their lowest level in months after Fed Chairman...