Gold price rallies over than 1.50% on Thursday after the Federal Reserve (Fed) reduced rates as expected despite Chair Jerome Powell's hawkish comments at the press conference. Falling US Treasury yields and geopolitics boosted the yellow metal, which trades at $3,995 at the time of writing. Bullion rebounds above $3,990 amid softer yields and geopolitical jitters. On Wednesday, the Fed reduced borrowing costs by 25 basis points to 3.75%-4% on a 10-2 split vote. The two dissenters were Fed Governor Stephen Miran, voting for a 50-bps cut, and Kansas City Fed President Jeffrey Schmid, who...
Oil headed for a third monthly drop on concerns about a global glut, with OPEC+ expected to back another supply hike this weekend. West Texas Intermediate fell toward $60 a barrel, on track for a monthly loss of more than 3%, while Brent settled at $65. The producers' group will hold discussions on Sunday, and members are expected to agree to revive another slice of halted capacity in a push to reclaim market share. Traders were also taking stock of the impact of Western sanctions on Russia, including US curbs on the nation's leading producers, Rosneft PJSC and...
Gold consolidated gains from a day earlier, holding above $4,000 an ounce as traders weighed a US-China trade truce that failed to quash concerns about long-term competition between the world's two largest economies. Bullion edged higher on Friday, after climbing 2.4% in the previous session to halt a four-day losing streak. While talks between Presidents Donald Trump and Xi Jinping appeared to resolve – for now – months of brinkmanship, a one-year pause is likely only to stabilize relations while buying each side time to reduce strategic dependence. The détente...