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 (XAU/USD) hits a nearly three-week low during the Asian session on Wednesday, with the bears now awaiting a sustained break below the 100-day Simple Moving Average (SMA) before positioning for further losses. The US Dollar (USD) is seen prolonging its steady uptrend for the third straight day amid diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed). This, in turn, is seen as a key factor undermining the non-yielding bullion. Apart from this, hopes for a Russia-Ukraine peace deal exert additional downward pressure on the safe-haven Gold. Moving ahead,...
Silver prices slid toward $37 per ounce on Wednesday, marking their lowest level in more than two weeks as the dollar firmed ahead of key Federal Reserve events. Investors are awaiting the release of the July Fed meeting minutes, which will be closely scrutinized after the gathering saw the first policy dissents since 1993. Fed governors Christopher Waller and Michelle Bowman favored a quarter-point rate cut over leaving rates unchanged, underscoring divisions within the committee. Focus will then shift to Fed Chair Jerome Powell's remarks at the Jackson Hole symposium, with markets...
Oil prices were little changed on Wednesday as investors await the next steps in talks to end Russia's invasion of Ukraine, leaving in place sanctions on Russian crude and the chance of further restrictions on its buyers. Brent crude futures were at $65.90 a barrel, up 11 cents, at 0405 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were at $62.40 a barrel, up 5 cents. The more-active October contract was at $61.90 a barrel, up 13 cents. Prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which...
Most Asian currencies edged lower on Wednesday as investors stayed cautious ahead of the Federal Reserve's Jackson Hole symposium for cues on the U.S. rate path and the timing of a possible September cut. Regional moves were also shaped by a busy data docket, with China holding its key lending rates steady, Japan's export slump underscoring external headwinds, and New Zealand easing policy as expected. The US Dollar Index, which measures the greenback against a basket of major currencies, edged 0.1% higher in Asia hours after gains in the previous session. RBNZ cuts rates by 25 bps; kiwi...
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades on a stronger note around 98.30 during the Asian trading hours on Wednesday. Diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed) after a jump in US July wholesale prices provide some support to the DXY. Traders ramped up expectations on a rate reduction at the Fed's September meeting after a weak July employment report, and as last month's Consumer Price Index (CPI) inflation data showed limited upward pressure from tariffs....
Asian currencies mostly weaken against the dollar in the morning session ahead of the three-day Jackson Hole symposium that starts Thursday. Traders are seemingly squaring their books ahead of Fed Chair Powell's speech at the symposium on Friday, StoneX's Matt Simpson says in a commentary. This could prove to be a volatile event, given Jackson Hole has been used as a platform for the Fed to outline longer-term policy adjustments, the senior market analyst says. USD/KRW rises 0.3% to 1,397.00, USD/THB adds 0.2% to 32.61, and AUD/USD edges 0.1% lower to 0.6444, LSEG data show. Source: Dow...
Gold held a small decline ahead of a key address by Federal Reserve Chair Jerome Powell later this week, which may give fresh clues on the central bank's monetary path. Bullion traded at around $3,315 an ounce early in Asia, holding a 0.5% decline from the previous session after the latest efforts to halt the Russia-Ukraine war impacted haven demand. Attention is turning to Powell's annual address at Jackson Hole, Wyoming, on Friday, amid strong expectations the Fed will cut borrowing costs by a quarter point next month. Lower rates are beneficial for gold...
Oil steadied after a report signaled a decline in US stockpiles, while investors weighed the outlook for Ukraine-Russia truce talks. Brent traded near $66 a barrel after falling 1.2% on Tuesday, while West Texas Intermediate was below $63. The industry-funded American Petroleum Institute reported crude inventories fell by 2.4 million barrels last week, according to people familiar with the figures. Official data is due later Wednesday. The market is keeping close tabs on progress toward a ceasefire to the war in Ukraine following a series of high-level...
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....