Gold rose near $2,870 an ounce on Friday, hitting a record high and heading for a sixth straight weekly gain. The precious metal has repeatedly set new records this week, boosted by accelerating central bank buying and rising safe-haven demand amid global trade tensions and economic uncertainty. President Trump followed through on plans to impose a 10% levy on all Chinese imports, prompting Beijing to announce retaliatory tariffs on U.S. energy goods, set to take effect next week. Adding to the uncertainty, Trump also suggested the U.S. could take over the Gaza Strip for...
The Japanese Yen (JPY) moved lower after a cautious statement from the International Monetary Fund (IMF) and helped the USD/JPY pair bounce from sub-151.00 levels, the lowest level since December 10, touched during the Asian session on Friday (February 7). However, a meaningful JPY depreciation seems elusive given the growing acceptance that the Bank of Japan (BOJ) will continue to tighten its policy. In fact, comments from a senior BOJ official on Thursday suggested that the Japanese central bank is sticking to its stance of continuing to raise borrowing costs. This would result in a...
Oil prices edged up in Asian trade on Friday but were on track for a third straight weekly decline, fueled by U.S. President Donald Trump's renewed trade war with China and threats of tariffs on other countries. Brent crude was up 32 cents at $74.61 a barrel by 0500 GMT, but is expected to drop 2.8% this week. U.S. West Texas Intermediate crude, meanwhile, was up 24 cents at $70.85 a barrel, down about 2.3% for the week. "Oil prices have stabilized this morning after a volatile session overnight, as traders react to news of U.S. sanctions on Iranian crude exports to China," said Yeap Jun...