Gold prices fell slightly on Friday (December 19), pressured by a stronger dollar and year-end investor positioning, but are poised to end the week higher as weaker US inflation data raised speculation of an interest rate cut. Spot gold prices fell 0.1% to $4,326.29 an ounce at 09:35 GMT, but are expected to post a weekly gain of 0.6%, having returned to near the record high reached in October. US gold futures fell 0.2% to $4,354.80. Spot silver prices rose 0.7% to $65.90 an ounce, expected to end the week up 6% after hitting an all-time high of $66.88 on Wednesday. Silver has risen 128%...
U.S. missile strikes did not completely destroy Iran's key nuclear sites, an initial American assessment from the Defense Intelligence Agency found, according to three people familiar with the report who spoke to NBC News. "We were assuming that the damage was going to be much more significant than this assessment is finding," one of the three sources told NBC News. "This assessment is already finding that these core pieces are still intact. That's a bad sign for the overall program." The assessment also found that the U.S. strikes set Iran's nuclear program back by around three to six...
Federal Reserve Governor Michael Barr said on Tuesday that higher import levies will likely put upward pressure on prices that may not be temporary, suggesting he is not rushing to cut interest rates. "I expect inflation to rise due to tariffs," Barr stated during an event in Omaha, Nebraska aimed at gathering feedback on Fed policy and economic conditions from business and community leaders. Barr warned that "higher short-term inflation expectations, supply chain adjustments, and second-round effects may cause some inflation persistence," while noting that tariffs could simultaneously...
Higher tariffs could begin raising inflation this summer, a period that will be key to Federal Reserve consideration of possible rate cuts, Fed Chair Jerome Powell told members of Congress on Tuesday. Pressed by Republican members of the House Financial Services committee about why the Fed isn't cutting rates, as President Donald Trump has demanded, Powell said he and many at the Fed expect inflation to start rising soon, and that the central bank was in no rush to ease borrowing costs in the meantime. Powell particularly said he would not open the door to a rate cut at the Fed's July...
The Israel Defense Forces (IDF) said Tuesday morning that it had identified a missile that was launched from Iran into southern Israel some time ago. Iranian Foreign Minister Abbas Araqchi said Tuesday morning that if Israel stops its "illegal aggression" against the Iranian people by 4 a.m. Tehran time (0030 GMT) on Tuesday, Iran has no intention of continuing its response after that, according to Reuters. Market reaction At the time of writing, West Texas Intermediate (WTI) was trading 1.25% lower on the day and was trading at $66.15. Gold (XAU/USD) was trading 0.62% lower on the day...
Iran fired missiles at a US air base in Qatar after promising it would respond "proportionately and decisively" to President Donald Trump's weekend airstrikes on three of its nuclear facilities.Qatar said the barrage at Al Udeid base the biggest such US facility in the Middle East was intercepted and that there were no casualties. Al Udeid is the regional headquarters for US Central Command, which oversees the American military in the region, and is home to several thousand US service-members, though many staff had been evacuated. Oil prices fell immediately after the attack, with Brent...
A fact-finding mission mandated by the United Nations said on Monday that some of Israel's strikes on Iran may have broken international humanitarian law, citing the killing of civilians in an apartment block and three aid workers in Tehran. Israel began airstrikes on Iran in a surprise attack on June 13 that killed many of Iran's top commanders and has intensified attacks since, prompting an exodus from the capital. The United States joined on Sunday by hitting Iran's underground nuclear sites. "Among those killed in Tehran were dozens of residents of an apartment complex and three...
FOMC Governor Michelle Bowman indicated that if inflation pressures stay contained, she would be in favour of lowering the policy rate at the next meeting to align it more closely with its neutral setting and maintain a healthy labour market. Open to cutting rates as soon as the July FOMC meeting if inflation pressures stay contained.Should put more weight on downside risks to the job market going forward. It is time to consider adjusting the policy rate.Trade policy only likely to have ‘minimal impacts' on inflation. Data not showing much impact from trade policy shifts.Government policy...
The economic activity in the US' private sector continued to expand at a healthy pace in June, with the S&P Global Composite Purchasing Managers Index coming in at 52.8 (flash estimate), down slightly from 53 in May. In the same period, the Manufacturing PMI held steady at 52, while the Services PMI edged lower to 53.1 from 53.7. Both of these prints came in better than analysts' estimates. Assessing the survey's findings, "the June flash PMI data indicated that the US economy continued to grow at the end of the second quarter, but that the outlook remains uncertain while inflationary...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....