Gold price (XAU/USD) struggles to break above $3,400.00 after testing this key level early Thursday. The precious metal hesitates to extend upside even as Federal Reserve (Fed) officials have shown support for interest rate cuts in the remainder of the year.
On Wednesday, Minneapolis Fed President Neel Kashkari, San Francisco Fed President Mary Daly and Fed Governor Lisa Cook argued in favor of reducing interest rates amid growing labor market concerns. "The economy is slowing and the Fed needs to respond to the slowing economy," Kashkari said in an interview with CNBC. Kashkari added, "It may still be relevant in the near term to begin adjusting the policy rate, and two rate cuts this year still seem appropriate."
The CME FedWatch tool showed that traders have almost fully priced in a 25 basis points (bps) interest rate reduction in the September policy meeting.
Theoretically, lower interest rates by the Fed bode well for non-yielding assets, such as Gold.
Meanwhile, resurfacing United States (US) President Donald Trump's tariff fears are expected to improve the demand for safe-haven assets, such as Gold. On Wednesday, Trump stated that he could impose a penalty on China in the form of tariffs for buying Oil from Russia. The same day, Trump increased import duties on India by 25% for buying Russian Oil.
Source: Fxstreet
Gold prices breached $4,200 per ounce for the first time on Wednesday, extending a record rally as rising interest rate cut bets and geopolitical jitters send investors flocking to the safe-haven meta...
Gold rose to a new record above $4,200 an ounce and silver surged, driven by escalating US-China tensions and speculation that the Federal Reserve will cut interest rates twice more this year. The pr...
Gold retains bullish bias amid economic risks, dovish Fed, weaker USDUS President Donald Trump threatened on Tuesday to terminate trade with China in cooking oil and other products in response to the ...
Gold is moving toward a record high, supported by two factors: expectations that the Fed will cut interest rates again this year and the escalation of US-China relations. Spot prices briefly reached a...
Gold hit a new record high above $4,100 on Tuesday (October 14), boosted by expectations of an interest rate cut this month by the US Federal Reserve and investors fleeing for safety amid escalating t...
US stocks closed higher on Wednesday, despite ongoing US-China trade tensions and the ongoing government shutdown. The S&P 500 rose 0.4%, boosted by strong earnings reports from Morgan Stanley and Bank of America, which supported the financial...
Oil prices fell on Wednesday to a five-month low due to escalating US-China trade tensions and the International Energy Agency's (IEA) prediction of a supply surplus in 2026. Brent crude fell 48 cents, or 0.8%, to $61.91 per barrel. US West Texas...
Gold prices breached $4,200 per ounce for the first time on Wednesday, extending a record rally as rising interest rate cut bets and geopolitical jitters send investors flocking to the safe-haven metal. Spot gold rose 1.3% to $4,195.35 per ounce...
Asia-Pacific markets traded mixed Tuesday, breaking ranks with Wall Street that soared after U.S. President Donald Trump softened his stance on...
European stocks started the week in positive territory, with the STOXX 50 rising 0.9% and the STOXX 600 adding 0.6%, as traders geared up for the...
President Donald Trump arrived in the Egyptian resort of Sharm El-Sheikh on Monday for a summit with several other world leaders aimed at ensuring...
President Donald Trump's administration on Sunday signaled openness to a trade deal with China, even as tensions escalated over Beijing's new export...