The Gold price (XAU/USD) struggles to gain ground near $2,640 during the early Asian trading hours on Monday. The stronger US Dollar (USD) after the US ISM Manufacturing Purchasing Managers Index (PMI) weighs on the yellow metal. All eyes will be on the US labor market data for December on Friday for fresh impetus. Data released by the Institute for Supply Management (ISM) on Friday showed that the US Manufacturing PMI rose to 49.3 in December from 48.4 in November. This reading was above the market consensus of 48.4. The upbeat data has lifted the Greenback and dragged the USD-denominated...
After a solid start to the year yesterday, broad dollar gains have been checked back somewhat, leaving the Dollar Index (DXY) in consolidation mode into the weekend, Scotiabank's Chief FX Strategist Shaun Osborne notes.Some restraint in the dollar's overall advance would not be too surprising, despite its robust performance in the past couple of weeks. Fundamentals are favourable and seasonal trends suggest that strength is likely to persist through Q1. But the gains in the DXY are looking stretched relative to our fair value estimate based on rate differentials alone." "There is a Trump...
Silver prices held steady around $29.50 an ounce on Monday as investors cautiously await key US economic data that could influence the Federal Reserve's monetary policy outlook. Among the upcoming reports, the market is mainly focused on the US monthly jobs report due on Friday, which could provide insight into whether silver will recover further. The white metal is also getting support from the positive economic outlook in China, the world's largest silver consumer. Beijing recently pledged "more proactive" macroeconomic policies and lower interest rates this year to stimulate...