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...
The AUD/USD pair traded cautiously near a fresh two-month low around 0.6400 during Friday's European trading session. The AUD/USD pair is expected to remain volatile as investors await Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium (JH) at 14:00 GMT. Investors will be closely watching Fed Chairman Powell's speech for fresh clues on whether the US central bank will cut interest rates at its September policy meeting. Ahead of Powell's speech, the US Dollar Index (DXY), which tracks the greenback against six major currencies, hit a new 10-day high around...
The Japanese Yen (JPY) continued to weaken against the broadly stronger US Dollar (USD) for the second consecutive day, falling to a three-week low during the Asian session on Friday. Uncertainty over the likely timing of the Bank of Japan's (BoJ) next interest rate hike continued to weaken the JPY, which failed to find any relief from Japanese consumer inflation figures. In fact, Japan's National Consumer Price Index (CPI) indicated that underlying inflation remains strong, supporting the argument for further policy normalization by the BoJ. Meanwhile, the US Dollar (USD) maintained its...
Gold prices edged lower on Friday on a stronger dollar while investors awaited U.S. Federal Reserve Chair Jerome Powell's speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path. Spot gold fell 0.3% to $3,329.19 per ounce by 0607 GMT. U.S. gold futures for December delivery lost 0.3% to $3,372.10. Fed officials appeared lukewarm on Thursday to the idea of a rate cut next month as investors geared up for Powell's speech, due at 1400 GMT on Friday. "With a Russia-Ukraine peace deal still a possibility, and the USD attracting some buyers, gold is...
The USD/CHF pair posts a fresh weekly high near 0.8100 during the late Asian session on Friday. The Swiss Franc pair advances as the US Dollar (USD) trades firmly ahead of Federal Reserve (Fed) Chair Jerome Powell's speech at the Jackson Hole (JH) Symposium at 14:00 GMT. During the press time, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, posts a fresh 10-day high near 98.85. The US Dollar has attracted significant bids as financial market participants expect Fed Chair Powell to maintain his argument that interest rates should remain at their...
GBP/USD moves little after four days of losses, trading around 1.3410 during the Asian hours on Friday. The pair faced challenges as the US Dollar (USD) gained ground following the key economic data from the United States (US) released on Thursday. Traders await Fed Chair Jerome Powell's speech at the Jackson Hole Symposium in Wyoming to gain clues on the September policy outlook. The preliminary S&P Global US Composite PMI picked up pace in August, with the index at 55.4 versus 55.1 prior. Meanwhile, the US Manufacturing PMI rose to 53.3 from 49.8 prior, surpassing the market consensus...
Silver held firm above $38 per ounce on Friday after two consecutive sessions of gains, as investors awaited Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium for signals on the interest rate outlook. Markets remain cautious that Powell could push back against expectations for a near-term rate cut. Futures currently imply about a 75% probability of a 25 basis point cut in September, down from more than 90% a week earlier. Kansas City Fed President Jeffrey Schmid argued that "modestly restrictive" monetary policy is still appropriate given inflation risks, while...
Oil was steady as the market weighed the outlook for Russian crude flows to India after a Trump administration official ramped up his criticism over the trade ahead of an expected tariff increase. Brent held below $68 a barrel, on track for the biggest weekly gain since early July, while West Texas Intermediate was near $63. White House trade adviser Peter Navarro blasted India again for continuing to buy Russian oil and said he sees US import levies on the nation doubling as planned on Aug. 27. "India doesn't appear to want to recognize its role in the bloodshed," he said....
Gold is steady in the early Asian trade. Market participants could remain cautious ahead of Fed Chair Powell's Jackson Hole address on Friday, says Fadi Al Kurdi, founder and CEO of FFA Kings in a commentary. "The uncertainty over whether he will signal a stronger commitment to supporting employment or reaffirm the fight against inflation could affect the market's direction," he adds. A more dovish stance could boost gold prices. Spot gold is flat at $3,338.31/oz. Source: Marketwatch
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....