Oil prices steadied in Asian trade on Wednesday after industry data showed a slightly smaller-than-expected build in U.S. inventories, although caution over trade tariffs and a Federal Reserve meeting persisted. Crude prices were nursing some losses this week as traders fretted over weak Chinese economic data, as well as concerns that U.S. President Donald Trump's plans for trade tariffs will stymie oil demand. Oil was also pressured by Trump planning for increased energy production in the U.S., while the President also called on the Organization of Petroleum Exporting Countries to...
Gold prices traded around $2,765 per ounce on Wednesday, extending a slight recovery from the previous session as uncertainty over US tariffs spurred safe-haven demand. On Monday, President Trump announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel to boost domestic production. White House spokeswoman Karoline Leavitt also confirmed on Tuesday that Trump still plans to follow through with tariffs on Canada and Mexico starting February 1st and is considering new tariffs on China. Investors' focus is now set upon the Federal Reserve's first policy meeting...
The Silver price (XAG/USD) trades with mild gains around $30.40 during the Asian trading hours on Wednesday. The uncertainty surrounding new tariff policies under US President Donald Trump's administration could provide some support to the precious metal. Later on Wednesday, all eyes will be on the Federal Reserve (Fed) meeting. The Fed interest rate decision on Wednesday will play a pivotal role in shaping the direction of Silver price. The US central bank is expected to hold its benchmark rate steady at its January meeting at its current range of 4.25%–4.50%. In December Fed Chair Jerome...