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 hit a new record high on Wednesday (September 3), consolidating gains above the $3,500 level amid growing expectations of a Federal Reserve rate cut this month and concerns over US tariff policy and the independence of its central bank. Spot gold rose 0.4% to $3,547.27 an ounce at 11:32 GMT, after hitting an all-time high of $3,549.53 earlier in the session. US gold futures for December delivery rose 0.6% to $3,613.30. Adding to market uncertainty and potential trade tensions, US President Donald Trump's administration said it would ask the Supreme Court to expedite a ruling on...
Oil prices fell by more than 1% on Wednesday ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October. Brent crude fell 96 cents, or 1.4%, to $68.18 a barrel by 0945 GMT. U.S. West Texas Intermediate crude fell $1.02, or 1.6%, to $65.57 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and allies (OPEC+) will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions told Reuters, as the group seeks to regain market share. Another boost would...
Gold (XAU/USD) continued its sideways consolidation throughout the first half of the European session on Wednesday and remained near all-time highs. Growing acceptance that the US Federal Reserve (Fed) will cut interest rates this month limited the US Dollar's (USD) recovery and continued to act as a driver for the non-yielding yellow metal. Furthermore, ongoing trade-related uncertainty benefited the precious metal's safe-haven status and helped limit declines. However, gains remained limited as bullish investors appeared reluctant to place new bets amid highly overbought conditions....
Oil prices eased in Asia on Wednesday but held near one-month highs on the back of new U.S. sanctions on a network of shipping companies and vessels, while traders looked ahead to an OPEC+ meeting over the weekend. Brent crude fell 19 cents, or 0.3%, to $68.95 a barrel by 0433 GMT. U.S. West Texas Intermediate crude dipped 16 cents, or 0.2%, at $65.43 a barrel. The benchmarks settled up more than 1% in the previous session after the U.S. imposed new sanctions on a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi...
Silver traded around $40.7 per ounce on Wednesday, lingering at its strongest level since 2011 as fiscal strains, renewed trade tensions and ongoing geopolitical risks lifted safe-haven demand. Support also came from expectations of a US Federal Reserve rate cut this month, with markets pricing a 92% chance of a 25 basis point move. Geopolitical nerves heightened after President Xi Jinping warned the world faced a choice of "peace or war" and "dialogue or confrontation" during a military parade, while US President Donald Trump alleged on social media that China was conspiring against the...
Gold's surge in recent days, to a new record high, is mostly likely due to haven demand, according to Commonwealth Bank of Australia analyst Vivek Dhar. "This is likely tied to concerns over the Fed's independence and the legality of U.S. tariffs," Dhar says in a note. Demand for the precious metal as a haven for investors is "notoriously difficult to predict in respect to timing, duration and price impact," he says. Still, CBA's forecast for gold to average $3,500/oz in 4Q is already looking too low, says Dhar. A price around $3,650/oz instead next quarter is "now a real possibility," he...
The Japanese Yen (JPY) maintains its offered tone through the Asian session on Wednesday amid heightened domestic political and trade-related uncertainties. Furthermore, the lack of hawkish signals from Bank of Japan (BoJ) Deputy Governor Ryozo Himino on Tuesday seems to encourage speculators to continue building short JPY positions. Apart from this, some follow-through US Dollar (USD) uptick lifts the USD/JPY pair back closer to a one-month top, around the 149.00 neighborhood touched the previous day. Meanwhile, expectations that Japan's tight labor market could fuel further wage gains and...
The Australian dollar was little changed to around $0.652 on Wednesday, after a 0.5% drop in the previous session, as strength in the US dollar offset upbeat domestic GDP data. The greenback held firm, supported by safe-haven demand amid global economic uncertainty, renewed trade tensions, and geopolitical risks, while concerns over rising debt burdens across major economies further supported appetite for the dollar. On the domestic front, Australia's economy grew 0.6% in Q2, surpassing expectations of 0.5% and accelerating from a revised 0.3% in Q1, marking the 15th straight quarter of...
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....