Gold price (XAU/USD) attracts some sellers following an uptick to the $3,370-3,371 area during the Asian session on Friday and reverses a part of the previous day's positive move. Hopes for a potential de-escalation of trade war between the US and China remain supportive of a positive risk tone, which, in turn, is seen undermining the safe-haven precious metal. Apart from this, the emergence of some US Dollar (USD) buying turns out to be another factor exerting downward pressure on the commodity.
Meanwhile, Federal Reserve (Fed) officials showed willingness for potential interest rate cuts, which might cap the USD upside and act as a tailwind for the non-yielding Gold price. Furthermore, persistent geopolitical uncertainties might further contribute to limiting the downside for the XAU/USD pair. Hence, it will be prudent to wait for strong follow-through selling before positioning for the resumption of this week's corrective pullback from the $3,500 psychological mark, or the all-time peak.
Investors remain hopeful over the potential de-escalation of the US-China trade war, which acts as a headwind for the safe-haven Gold price during the Asian session on Friday. In fact, US President Donald Trump said on Thursday that trade talks between the US and China are underway.
Moreover, China is reportedly mulling to suspend its 125% tariff on some US imports. This further points to signs of easing trade tensions between the world's two largest economies and boosts investors' confidence, contributing to driving flows away from the precious metal.
The US Dollar draws some support from mostly upbeat US macro data released on Thursday. In fact, the US Department of Labor reported that Initial Jobless Claims increased modestly to 222,000 for the week ending 19 April and pointed to continued labor market resilience.
The US Census Bureau reported that Durable Goods Orders surged 9.2% in March, beating the 2% forecast and marking a third consecutive rise. Transportation equipment also rose for a third month, surging 27%.
Source: fxstreet
Gold (XAU/USD) steadies on Tuesday after slipping to a fresh one-week low. At the time of writing, the precious metal is trading near $3,350 during American hours, recovering modestly after marking an...
Gold futures are down 0.2% following the release of the July CPI, with the data causing traders to pare the downward move seen heading into this morning. The year-over-year move in consumer prices was...
Gold futures fall ahead of key U.S. economic data. Futures are down 0.3% at $3,394.40 a troy ounce. If Tuesday's Consumer Price Index data comes in soft, pressure will mount on the Federal Reserve to ...
Gold prices edged higher on Tuesday, after a sharp selloff in the previous session, as investors focused on U.S. inflation data that could shape the Federal Reserve's rate-cut timeline. Spot gold was...
Gold prices (XAU/USD) strengthened in the Asian session, recovering from a previous sharp decline and returning to $3,341, surpassing a one-week low. This strengthening occurred as the US dollar strug...
The Swiss Franc (CHF) strengthens against the US Dollar (USD) on Tuesday, with USD/CHF drifting lower as mixed US inflation data reinforced expectations of a Federal Reserve (Fed) rate cut in September. Sentiment toward the Greenback was further...
Gold (XAU/USD) steadies on Tuesday after slipping to a fresh one-week low. At the time of writing, the precious metal is trading near $3,350 during American hours, recovering modestly after marking an intraday low of $3,331, pressured by rising US...
Oil prices remained largely unchanged after the US and China extended a tariff ceasefire until November 10, easing fears of a trade war that could depress energy demand. Brent fell to $66.27 and WTI to $63.51 per barrel. The market now awaits the...
US President Donald Trump, in his speech on Monday night (August 11th), expressed his determination to "liberate" Washington, D.C., from crime,...
On April 6, the Sunday after Donald Trump announced the "Liberation Day" tariffs, Treasury Secretary Scott Bessent joined the president on his...
U.S. President Donald Trump on Monday said he hopes China will "quickly quadruple" its soybean orders from American farmers, framing the move as a...
From McDonald's and Coca-Cola to Amazon and Apple, U.S.-based multinationals are facing calls for a boycott in India as business executives and...