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 tone made the market a little more willing to take risks, thus easing the pressure to buy gold as a safe haven. However, the big picture hasn't changed: gold remains in high territory because the world remains filled with uncertainty. Trade wars could resurface at any time, geopolitical tensions haven't completely subsided, and investors are...
Gold price edges lower during the North American session on Thursday as the Greenback recovers some ground, even though the latest round of economic data increased speculation that the Federal Reserve may cut interest rates at the September meeting. The XAU/USD trades at $3,542, down 0.48%. Bullion eases 0.48% despite weak US jobs data fueling near-certainty of a September Fed rate cut The US economic docket revealed that the labor market continues to weaken after Initial Jobless Claims for the previous week rose. Other data showed that the trade deficit widened in July, while the...
Oil prices plunged 1.5% on Thursday, extending a more than 2% decline in the previous session, as investors awaited the weekend OPEC+ meeting where producers are expected to consider another production hike. Brent crude fell $1, or 1.5%, to $66.59 a barrel at 11:04 GMT, while U.S. West Texas Intermediate crude fell $1, or 1.6%, to $62.95 a barrel. The eight-member Organization of the Petroleum Exporting Countries (OPEC+) and its allies – known collectively as OPEC+ – will consider further production increases in October at a meeting on Sunday, two sources familiar with the discussions told...
The US dollar held steady on Thursday (September 4) amid a volatile week as investors grappled with a fragile bond market and data showing a weakening labor market, which has reinforced expectations that the Federal Reserve will cut interest rates this month. With the Fed's focus on employment, Friday's key employment report will help set expectations for the central bank's next few policy meetings. Wednesday's data showed job openings fell to a 10-month low in July, although layoffs remained relatively low. Separate surveys of private-sector employment and monthly layoffs will be released...
Gold prices fell on Thursday (September 4), slightly off record highs as investors locked in profits, while attention turned to key US employment data for further insight into the Federal Reserve's policy direction. Spot gold prices fell 0.4% to $3,542.97 per ounce as of 08:38 GMT. US gold futures for December delivery fell 0.9% to $3,601.40. Spot gold prices hit a record high of $3,578.50 on Wednesday amid growing speculation of a US Federal Reserve interest rate cut and lingering geopolitical and economic uncertainty. "The market is overbought and needs to correct," said StoneX analyst...
The US dollar edged higher against the slightly weaker Swiss franc, as an unexpected contraction in Swiss consumer prices in August fueled speculation that the SNB will cut interest rates to negative levels in the coming months. The pair edged up from Wednesday's low of 0.8025, but remains trapped in a tight range below the 0.8060-0.8070 area. Investors are cautious about placing large dollar bets ahead of key US fundamental data releases. Swiss inflation remained stable, growing at an annual rate of 0.2% in August, unchanged from the previous month. However, monthly inflation contracted...
The EUR/USD pair traded slightly lower at 1.1650 at the opening of the European session on Thursday (September 4th). The pair continues to search for direction, not far from the lower end of its trading range over the past few weeks, ahead of the Eurozone Retail Sales report. However, the main focus is on the US ADP Employment Change, due today, and, especially, the US Nonfarm Payrolls report on Friday. On Wednesday, weak US JOLTS Job Openings data added to evidence of a weak labor market and raised expectations of an imminent Federal Reserve (Fed) interest rate cut. This view was confirmed...
Silver slipped 1% to around $40.7 per ounce on Thursday, easing from 14-year highs as investors locked in profits ahead of key US labor market releases. Precious metals have rallied in recent weeks as traders increased bets on Federal Reserve rate cuts, with markets pricing in nearly a 98% chance of a 25 basis point reduction this month. On Wednesday, data showed US job openings fell more than expected to 7.181 million in July. Attention now turns to the ADP private payrolls and weekly jobless claims due later today, followed by the August jobs report on Friday. Safe-haven demand also lent...
The Australian dollar was little changed to around $0.654 on Thursday, holding its recent gains, supported by stronger-than-expected trade balance figures. Australia's goods trade surplus widened to AUD 7.31 billion in July, the largest in 17 months and well above expectations of AUD 5.0 billion. The improvement was driven by a 3.3% rise in exports to a 21-month high of AUD 46.02 billion, following strong gains in June, while imports fell 1.3% to AUD 38.71 billion, weighed by softer demand for non-monetary gold. The Aussie also drew support from recent data showing upbeat Q2 GDP growth,...
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....