Gold (XAU/USD) began attracting buyers on Tuesday after a sharp two-day fall that briefly touched the $4,400 area its lowest level since January 6. This recovery was aided by a slight weakening of the US dollar, moving away from its more than one-week peak reached on Monday. However, the dollar's strength is likely to persist. Donald Trump's appointment of Kevin Warsh as the next Federal Reserve Chair coupled with solid US manufacturing data is seen as encouraging the Fed to remain cautious about lowering interest rates. This combination tends to act as a drag on gold's momentum. On the...
Oil prices rose for the second consecutive day after US-Iran tensions resurfaced. The trigger: the US reportedly shot down an Iranian drone near an American aircraft carrier in the Arabian Sea an event that immediately put the market on alert. The West Texas Intermediate contract moved closer to $64 per barrel, after surging 1.7% on Tuesday. Meanwhile, Brent Crude closed above $67, indicating market sentiment is shifting toward a risk-on scenario. Despite the initial "shock" to the market, the tensions have not yet escalated into a major escalation. Donald Trump emphasized that diplomacy...
Gold is maintaining its strength after a sharp fall from its record high. After "buy the dip" buyers stepped in during the price drop, selling pressure began to ease and gold's movement stabilized. In early trading, gold bullion was around $4,950 per ounce after surging more than 6% in the previous session. The boost came from a return to risk on market sentiment and a weakening US dollar. Silver also tended to be subdued. Despite this, gold remains about 12% below its record high set on January 29, but is still up nearly 15% year to date. This signals that the rally may have been...