Gold rose to a new record high, with spot prices hitting an intraday high of $4,242/oz this morning, driven by escalating US-China tensions and expectations of two more Fed rate cuts this year. Gold and silver were the two best-performing commodities. Silver prices also rose more than 3% to close above $53/oz yesterday amid tight supplies in London. US Treasury yields fell to their lowest level in months after Fed Chairman Powell hinted at the possibility of a quarter-point interest rate cut this month. Regarding the latest China tariffs, President Trump issued new trade threats against...
The U.S. dollar drifted lower Thursday on growing expectations of further interest rate cuts by the Federal Reserve this year, while signs of French political accord helped the euro. At 04:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower to 98.342, headed for a weekly decline of 0.3%. More Fed cuts ahead?Market participants are becoming increasingly convinced that the U.S. central bank will follow last month's interest rate cut with more monetary easing as data points to growth slowing in the world's largest...
Oil prices held steady near a five-month low amid mixed signals regarding US President Donald Trump's push to halt India's purchases of Russian crude. West Texas Intermediate was little changed and traded near $58 per barrel after earlier rising as much as 1.4%. Indian refiners said they expect to reduce—not halt—purchases of Russian crude, a move that could strain global supplies, following Trump's statement that the South Asian nation would halt all purchases. However, the market is still awaiting clarification from the New Delhi government, which has neither officially confirmed nor...