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 price climbs during the North American session on Wednesday, up by 0.30% as investors continue to increase their bets that the Federal Reserve (Fed) will reduce interest rates at the September meeting. At the time of writing, XAU/USD trades at $3,357, above a key technical support level. The latest inflation report in July showed mixed readings as the headline Consumer Price Index (CPI) remained unchanged, while core figures rose. Nevertheless, traders seem convinced that the Fed Chair Jerome Powell and Co. will resume its easing cycle in September. Voices within the Trump...
Gold futures rise on heightened expectations of a Federal Reserve interest rate cut. Futures are up 0.4% at $3,412.90 a troy ounce. Optimism for a rate cut in September is rising on benign consumer price index data and a weak nonfarm payroll print, Tradu.com's Nikos Tzabouras says in a note. This is weighing on the U.S. dollar, which competes with gold's safe-haven characteristics, and makes bullion's non-interest bearing nature more appealing, Tzabouras writes. Still, trade concerns have eased after the extension of the U.S.-China tariff truce and geopolitical tensions have cooled ahead...
Crude held near $66 a barrel after the International Energy Agency said oil markets are set to see a growing surplus at the end of this year and into next. The Brent and West Texas Intermediate futures benchmarks were both little changed. Oil inventories are set to grow at the fastest pace on record next year and hit a 46-month high in June, the agency said, a day after the US government also bolstered its view for a surplus this year. Against that backdrop, traders are looking ahead to a meeting between US President Donald Trump and his Russian...
The dollar fell to a two-week low on Wednesday after a tame reading on U.S. inflation bolstered expectations of a Federal Reserve rate cut next month, with President Donald Trump's attempts to extend his grip over U.S. institutions also undermining the currency. The dollar index, measuring the currency against a basket of peers, fell to 97.62, its lowest since July 28, extending its 0.5% fall on Tuesday. It was last down 0.3% at 97.70. U.S. consumer prices increased marginally in July, data showed on Tuesday, in line with forecasts and as the pass-through from Trump's sweeping tariffs to...
Gold rose on Wednesday as expectations of a U.S. Federal Reserve interest rate cut in September gained traction following mild inflation data, while a weaker dollar bolstered bullion's demand. Spot gold gained 0.3% to $3,354.77 per ounce, as of 0802 GMT. U.S. gold futures for December delivery inched up 0.1% at $3,403.20. "Market participants are starting to debate if the Fed will do a 50 basis point cut at its September meeting following the comments from U.S. Treasury Secretary Bessent yesterday, with a focus on incoming weaker U.S. economic data supporting that," said UBS commodity...
Crude edged lower after the International Energy Agency said oil markets are set to see a growing surplus at the end of this year and into next. Global benchmark Brent fell as much as 0.9% to around $66 a barrel, extending Tuesday's small decline. Oil inventories are set to grow at the fastest pace on record next year and hit a 46-month high in June, the agency said, a day after the US government also bolstered its view for a surplus this year. Against that backdrop, traders are looking ahead to a meeting between US President Donald Trump and his Russian counterpart in Alaska on Friday...
The British pound rose to $1.355, a three-week high, after UK labour data showed smaller-than-expected job losses in July, easing concerns about the economy. Payrolls fell just 8,000, well below forecasts of 20,000, and earlier months were revised lower, suggesting the labour market is holding up despite the Labour government's £26 billion tax increase. Unemployment remained at 4.7%, while private-sector wage growth eased slightly to 4.8%, still above the Bank of England's 2% inflation target. The data highlights the BoE's delicate balancing act between sticky inflation and a softening...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losses for the second successive session and trading around 97.80 during the European hours on Wednesday. The Greenback faces challenges amid easing risk aversion following the latest United States (US) inflation data, which strengthened expectations for a US Federal Reserve rate cut in September. The CME FedWatch tool indicates that markets are now pricing in approximately 96% odds of a Fed rate cut at the September meeting, up from 86% a day ago. The US Consumer Price...
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....