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...
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. West Texas Intermediate was near $63 a barrel, heading for a modest weekly gain. Brent closed below $68. White House Trade Adviser Peter Navarro said India "doesn't appear to want to recognize its role in the bloodshed," adding that he sees US import levies on the nation doubling as scheduled on Aug. 27. President Donald Trump has threatened to raise the duties on Indian imports to the...
EUR/USD retreats some 0.40% during the North American session as the Greenback posts solid gains following the release of economic data from the United States (US). Strong figures regarding business activity outweighed a soft jobs report, pushing traders to trim bets for a Federal Reserve rate cut at the September meeting. The pair trades at 1.1604 after reaching a daily high of 1.1662. Market sentiment shifted sour as investors await Fed Chair Jerome Powell's speech. S&P Global revealed August's Purchasing Managers Index (PMI) surveys that showed that business activity in the...
Oil prices rose by nearly a dollar a barrel on Thursday as Russia and Ukraine blamed each other for a stalled peace process, and as earlier U.S. data showed signs of strong demand in the top oil consuming nation. Brent crude futures rose 83 cents, or 1.2%, to settle at $67.67 a barrel, a two-week high. U.S. West Texas Intermediate crude futures gained 81 cents, or 1.3%, to close at $63.52 a barrel. Both contracts climbed more than 1% in the prior session. The path to peace in Ukraine remained uncertain, turning oil traders cautious after a selloff over the past two weeks on hopes that...
Gold price retreats on Thursday following the release of mixed data from the United States (US) and as traders brace for the Jackson Hole Symposium, waiting for the Federal Reserve's (Fed) Chair Jerome Powell speech on Friday. The XAU/USD trades at $3,339, down 0.30%. The yellow metal choppy's price action seems to continue until Powell hits the stand. Solid economic data revealed by S&P Global showed that business activity is expanding solidly. The agency noted, "The data are consistent with the economy expanding at a 2.5% annualized rate, up from the average 1.3% expansion seen over...
Silver (XAG/USD) extends its rebound for a second consecutive day on Thursday, although upside could be limited by a stronger US Dollar (USD) and firm Treasury yields. At the time of writing, the metal is trading around $38.20, recovering from an intraday low near $37.50 touched during the European session. The US Dollar Index (DXY) climbs to a fresh one-week high near 98.50 after upbeat S&P Purchasing Managers Index (PMI) data reinforces optimism about the growth outlook. At the same time, weekly labor data shows US Initial Jobless Claims rising to an eight-week high, adding to signs...
Oil futures extended the previous day's gains following a large export-driven decline in US crude inventories, but remained within a wide price range as the market awaited developments on the Russia-Ukraine situation. US inventory data "suggests that oil demand remains relatively strong," while geopolitical and trade concerns kept traders cautious, said Rania Gule of XS.com in a note. "Price gains are likely to be limited and temporary, as the market faces medium-term oversupply risks, so long-term price support depends on stronger global demand or lower production," she added. WTI rose...
Gold fell around 0.6% to around $3,325/oz during Thursday's European session, after selling pressure emerged every time the price approached $3,350. The tone of the July FOMC minutes, which emphasized the need for clarity on the impact of tariffs on inflation, kept the market restrained and kept the US dollar strong - a combination that was less than favorable for gold. However, there are differing views within the Fed. Michelle Bowman and Christopher Waller believe a 25 bps cut is preferable because they prioritize cooling the labor market. Officially, the Fed held interest rates at...
Gold prices weakened slightly on Thursday (August 21st) after the minutes of the US Federal Reserve's July meeting showed a majority consensus to keep interest rates on hold, as investors awaited the central bank's annual Jackson Hole symposium later for further policy guidance. Spot gold prices fell 0.2% to $3,340.09 per ounce, as of 08:02 GMT. US gold futures for December delivery also fell 0.2% to $3,382.30. The minutes of the Fed's July meeting showed that policymakers who disagreed with last month's decision to keep interest rates on hold – Vice Chair Michelle Bowman and Governor...
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....