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 U.S. dollar drifted on Thursday as investors fretted about the Federal Reserve's independence after yet another attack from President Donald Trump ahead of remarks from Chair Jerome Powell later this week that could influence the outlook for rates. Trump called on Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies about mortgages she holds in Michigan and Georgia, intensifying his effort to gain influence over the U.S. central bank. Cook said she had "no intention of being bullied to step down" from her position at the central bank. Trump...
Gold edges lower in early Asian trade, ahead of the three-day Jackson Hole symposium that begins Thursday. Fed Chair Powell's speech on Friday is expected to be an update on the central bank's monetary policy framework, says Jim Wyckoff, a senior analyst at Kitco.com in a commentary. "Powell's speech could give the marketplace a new perspective on how much FOMC support there is to lower U.S. interest rates in September," he says. Higher rates for longer typically blunt non-interest bearing bullion's appeal. Spot gold is 0.2% lower at $3,343.43/oz. Source: Marketwatch
Oil held a gain after US crude stockpiles shrunk the most since mid-June, keeping inventories well below the seasonal average. West Texas Intermediate traded near $63 a barrel after rising more than 1% on Wednesday. Brent closed below $67. Nationwide holdings dropped by 6 million barrels last week, according to the Energy Information Administration. Gasoline stockpiles also declined for a fifth straight week. Oil is still down more than 10% this year on concerns about the fallout from US trade policies and as OPEC+ returns idled production, raising expectations for a glut...
EUR/USD advances steadily during the North American session as the Federal Reserve (Fed) unveils its latest Meeting Minutes. At the time of writing, the pair trades at around 1.1660 and clings to minimal gains of 0.13%. Hawkish Fed Minutes caps Euro's advance; Trump presses Fed governor to resign amid fraud probe The Minutes of the Fed's August meeting showed that the majority of the board "saw inflation risk outweighing employment risk," and that several officials said, "that the current rate may not be far above neutral." This contradicts what US Treasury Secretary Scott Bessent argued...
The Australian Dollar (AUD) extends its decline for the third consecutive day against the US Dollar (USD) on Wednesday, touching a three-week low before steadying. At the time of writing, AUD/USD is consolidating losses around 0.6432, down over 0.30% on the day, as the Aussie remains under pressure despite a softer Greenback. The US Dollar is easing back from a one-week high, weighed down by renewed political tension in Washington after President Donald Trump publicly called for the resignation of Federal Reserve Governor Lisa Cook. The move has injected fresh uncertainty into the central...
Oil prices climbed about 2% on Wednesday on a bigger-than-expected weekly drop in U.S. crude inventories as investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now. Brent crude futures were up $1.05, or 1.6%, to settle at $66.84 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 1.4%, to settle at $63.21. The U.S. Energy Information Administration said energy firms pulled 6.0 million barrels of crude from inventories during the week ended August 15. That was bigger than the draw of 1.8 million...
Gold prices are rising on Wednesday after US President Donald Trump continued to exert pressure on the Federal Reserve (Fed) as he demands Fed Governor Lisa Cook resign due to an investigation of mortgage fraud. Threats of curtailing the Fed's independence pushed XAU/USD higher, from around $3,330 toward $3,350, its daily high. At the time of writing, Gold trades at $3,342, up 0.84%. Domestic political issues in the US weighed on the US Dollar. The US Dollar Index (DXY), which tracks the performance of a basket of six currencies against the Greenback, is down 0.05% at 98.21. A Bloomberg...
The dollar fell on Wednesday after U.S. President Donald Trump called on Federal Reserve Governor Lisa Cook to resign, but pared gains after minutes from the Fed's latest meeting showed that only two policymakers supported an interest rate cut last month. Trump cited allegations made by one of his political allies about mortgages Cook holds in Michigan and Georgia, intensifying his effort to gain influence over the U.S. central bank. Trump has also told aides he is considering attempting to fire Cook, the Wall Street Journal reported on Wednesday. "The market has voted with its pocketbook...
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....