Gold price attracts some buyers on Tuesday. The precious metal edges higher amid concerns about the US Federal Reserve's independence after the report that US President Donald Trump says he is removing Fed Governor Lisa Cook.
Spot Gold trades near its Friday peak at $3,378.91, consolidating gains yet confined to a tight intraday range at the beginning of the week. The US Dollar (USD) posted a modest intraday advance at the beginning of the day, a corrective advance that followed last week's sell-off. Still, the American currency had little scope for a steady advance following the United States (US) Federal Reserve (Fed) Chair Jerome Powell's announcement at the Jackson Hole Symposium.
Powell surprised market players by being much more dovish than usual, and pretty much hinting at upcoming rate cuts. Market players are now betting on a roughly 85% chance of a 25 basis points (bps) trim in September. Investors are also increasing bets of another 25 bps cut when the Fed meets in December.
Other than that, the week will be lighter ahead of the monthly close, with the focus on the US July Personal Consumption Expenditures (PCE) Price Index, scheduled for the upcoming Friday. The Fed's favorite inflation measure is foreseen little changed from July and holding below the 3% mark on a yearly basis.
Also, with the Fed's future action seen clearly, investors may shift their attention to the trade-war front. US President Donald Trump has been relatively quiet on the matter, more centered on the Russia-Ukraine war. About the latter, hopes for a resolution continue to fade.
source: Fxstreet
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" ...
Gold prices hit another record high, while silver held near its all-time high. This rise was driven by two major factors: the escalating Greenland crisis and turmoil in the Japanese government debt ma...
Gold prices remained near all-time highs on Tuesday, hovering around $4,670 per ounce. Demand for safe haven assets remained strong as US-European trade tensions escalated, prompting investors to refr...
Gold and silver hit new records after US President Donald Trump threatened to impose tariffs on eight European countries that oppose his Greenland plan. This situation immediately pushed investors int...
Gold price rises on Friday, poised to end with weekly gains of nearly 4% as an employment report in the US was mixed, with the economy adding fewer jobs than projected. Still, the Unemployment Rate ti...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...