Gold prices fell about 0.48% on Thursday (5/23) and failed to hold the $3,300 mark after hitting a two-week high of $3,345 earlier. A stronger US dollar weighed on the bullion as US Treasury yields fell from intraday highs as the US House of Representatives approved Trump's budget, which will now be sent to the Senate for approval. XAU/USD was trading at $3,289, down 0.83%.
Market sentiment improved slightly but remained fragile as it was sponsored by Moody's downgrade of the US government's debt rating. The fiscal package so far approved by the US lower house is projected to add $4 trillion to the debt ceiling.
The US Dollar Index (DXY), which tracks the greenback against a basket of six currencies, has pared some of its previous weekly losses and is up 0.18% at 99.86, a drag on the dollar-denominated precious metal.
However, the outlook for bullion prices remains optimistic due to geopolitical conflicts. According to Walla, citing sources, the news agency revealed that Israel is preparing to attack Iran's nuclear facilities if talks between Iran and the US fail.
In terms of data, the S&P Global Purchasing Managers' Index (PMI) in the US improved, indicating that the economy remains solid. Earlier, the US Labor Department revealed that the number of Americans filing for unemployment benefits was slightly lower than the previous data and below expectations. (alg)
Source: FXstreet
Expectations that the Federal Reserve (The Fed) will cut interest rates have increased the appeal of gold, as yields on fixed-income assets (such as bonds) have become lower. The US dollar has weaken...
Gold rose on Friday (November 7) as expectations of further interest rate cuts from the Federal Reserve and lingering concerns over the US economic outlook amid the prolonged government shutdown boost...
Gold strengthened in the Asian session as signs of a fragile US economy emerged. US companies reported plans to cut more than 150,000 jobs last month—nearly triple the number in September—according to...
Gold (XAU/USD) edges lower on Thursday, after briefly reclaiming the key $4,000 psychological mark amid a weaker US Dollar (USD). At the time of writing, XAU/USD is trading around $3,985, easing from ...
Gold rose above the key $4,000 per oz level on Thursday (November 6th) as a weaker dollar and a prolonged US government shutdown raised concerns about the economic outlook. Spot gold prices rose 0.7%...
Crude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as U.S. President Donald Trump met Hungary's Prime Minister Viktor Orban at the White House. Brent crude futures settled at $63.63 a barrel, up 25 cents...
US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the government shutdown. The S&P 500 and the Dow Jones closed 0.3% higher, while the tech-heavy Nasdaq...
European stocks fell on Friday as investors digested more quarterly earnings, but weekly losses were inevitable, with concerns regarding overheated valuations evident. The DAX index in Germany dropped 0.8% and the CAC 40 in France declined 0.2%,...
The U.S. Supreme Court's tough questioning of President Donald Trump's global tariffs has fueled growing speculation that they will be overturned,...
European stocks fell on Friday as investors digested more quarterly earnings, but weekly losses were inevitable, with concerns regarding overheated...
Two weeks before the US Federal Reserve's final meeting, with the federal government's data taps closed, Atlanta Fed staff bolstered their economic...
Chicago Federal Reserve President Austan Goolsbee on Thursday said the lack of official data on inflation during the government shutdown...