Gold rose to a new record high, as trade war concerns boosted haven demand and there were signs of continued short-term tightness in the market. Bullion rose as much as 1.2% to above $2,877 an ounce on Wednesday. Prices have been supported by concerns about the impact of trade tensions, particularly between the U.S. and China. The market is also waiting to see if there will be a ripple effect for U.S. monetary policy if tariffs rekindle inflation. There are signs of rising demand for gold as primary dealers look to shift the metal to the U.S. before any tariffs are imposed. So-called...
EUR/USD struggles to extend its upside move above 1.0430 in Wednesday's North American session. The upside move in the major currency pair appears to be stalling as the US Dollar (USD) strives to gain ground after the release of upbeat United States (US) ADP Employment Change for January. The ADP Research Institute reported that the private sector hired 183K workers in January, higher than estimates of 150K and the prior release of 176K, revised significantly higher from 122K. Upbeat private employment is expected to boost market expectations that the Federal Reserve (Fed) will keep...
Iran's President Masoud Pezeshkian has called for solidarity among OPEC members in response to potential U.S. sanctions that could target the country's oil exports. This appeal came after U.S. President Donald Trump announced intentions to renew his "maximum pressure" campaign on Iran, which could significantly impact global oil supply. At a meeting with OPEC Secretary General Haitham Al Ghais, Pezeshkian stressed the importance of unity within the organization to withstand possible U.S. sanctions. The Iranian president highlighted that collaborative efforts could prevent the U.S. from...