Gold (XAU/USD) prices extended intraday gains near $2,650 in the North American open on Thursday after the New Year holiday. The precious metal gained as its appeal as a safe-haven asset increased, with investors focused on President-elect Donald Trump taking office on January 20. Trump's expected incoming policies, such as higher import tariffs and lower taxes, would be a boon for Gold. Higher import tariffs would lead to a potential global trade war and lower taxes would increase inflationary pressures in the United States (US). Gold tends to outperform amid economic uncertainty as a...
The USD/CHF pair continues to decline from its seven-month high of 0.9080, as the US Dollar Index (DXY) hovers near 108.30 after retreating from a multi-year high of 108.58 reached on Tuesday. During European trading hours on Thursday, the USD/CHF pair trades around 0.9050.Traders will likely observe the US weekly Initial Jobless Claims and S&P Global Manufacturing PMI for December, scheduled to be released later in the North American session.However, the downside of the US Dollar could be limited by growing expectations that the US Federal Reserve (Fed) will adopt a slow and cautious...
Oil headed for a second weekly gain as US crude stockpiles continued to fall and as futures breached a key technical threshold. West Texas Intermediate traded above $73 a barrel after rising 2% on Thursday to the highest level since mid-October. Brent closed near $76. US nationwide inventories dropped for a sixth straight week, and stockpiles remain well below the five-year seasonal average. Oil has broken out of a narrow range it's been trading in since the mid-October, with a move by both benchmarks above their 100-day moving average leading to algorithmic buying. The outlook...