Gold rose to a five-week high on Tuesday (July 22nd), driven by trade uncertainty and weakening US bond yields as investors continued to monitor US President Donald Trump's tariff deadline on August 1st. Spot gold prices rose 1% to $3,427.59 an ounce at 16:22 GMT, reaching their highest level since June 16th. US gold futures rose 1.2% to $3,442.50. The yield on the benchmark 10-year US Treasury note fell to a nearly two-week low, making non-yielding bullion more attractive. "Trade uncertainty is driving demand for safe-haven assets. The US is working on several trade deals, and there are...
The US Dollar Index (DXY), which tracks the US Dollar against six major currencies, is currently trading at 108.25 at the time of writing after receiving a major boost on Friday (1/31). The first boost came from US President Donald Trump, who announced the first wave of tariffs on Mexico and Canada. The Trump administration will impose 25% tariffs on about $900 billion worth of goods from Canada and Mexico, Bloomberg reported. The US President also threatened to impose 100% tariffs on BRICS countries if they try to replace the US Dollar with a new currency in international trade. The second...
Gold (XAU/USD) prices hit a new record high at the time of writing, approaching $2,581.75, which will hit intraday resistance as the US session begins. On the geopolitical front, markets were shaken by comments from US President Donald Trump confirming 25% tariffs will be imposed on Canada and Mexico, two of the US's largest trading partners, starting Saturday, and threatening to impose 100% tariffs on BRICS countries if they try to replace the US Dollar with a new currency in international trade. This should be a headwind for Bullion as it could lead to trade wars and inflation fears with...
The AUD/USD pair lost most of its intraday gains after facing selling pressure above 0.6230 during the European session on Friday (31/1), but is still up nearly 0.2% at the time of writing. The Australian currency pair weakened as the US Dollar (USD) strengthened amid rising global trade war risks, with US President Donald Trump threatening to impose high tariffs on BRICS, and other North American countries. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, hit a fresh weekly high near 108.35. Market participants expect higher tariffs to lead...
Gold prices (XAU/USD) are flat and just a few steps away from a new record high, currently at $2,800.93, with some profit-taking taking place. On the geopolitical front, markets were shaken by comments from US President Donald Trump confirming 25% tariffs will be imposed on Canada and Mexico, two of the US's largest trading partners, starting Saturday, and threatening to impose 100% tariffs on BRICS countries if they try to replace the US Dollar with a new currency in international trade. This should be a headwind for Bullion as it could lead to trade wars and inflation fears with prices...
Crude oil prices were steady on Friday but set for weekly declines as markets waited to see if U.S. President Donald Trump would follow through on his threat to impose tariffs on Mexico and Canada later this week. Brent crude for March, which expires on Friday, was up 8 cents at $76.95 a barrel by 0900 GMT. U.S. West Texas Intermediate (WTI) crude was up 21 cents at $72.94. For the week, benchmarks Brent and WTI are set to fall 2% and 2.3%, respectively. "Crude oil prices have fallen this week on growing concerns about Trump's tariffs, which are expected to hamper global economic growth,"...
The euro (EUR) is trading under pressure amid broadly stronger US dollar (USD) on tariff threats. Yesterday at the last GC meeting, the ECB cut its policy rate for the fifth consecutive meeting by 25bp. The currency pair was last at 1.0370, noted FX analysts Frances Cheung and Christopher Wong of OCBC. "The deposit rate is now at 2.75%. The decision was unanimous and the Council did not discuss the possibility of a larger cut. Lagarde said that interest rates are still in restrictive territory, and it is too early to discuss when the ECB should stop cutting rates. According to a Reuters...
Silver (XAG/USD) prices recovered most of their intraday losses and rebounded near $30.50 during the European session on Friday (1/31). The white metal bounced back strongly as its outlook remained strong amid concerns that US President Donald Trump will impose 25% tariffs on Canada and Mexico on Saturday for allowing illegal immigrants and the deadly opioid fentanyl into their economies. Such a scenario could lead to a trade war, increasing geopolitical uncertainty, which is beneficial for precious metals, such as Silver. Donald Trump has also threatened to impose 100% tariffs on the BRICS...
Gold prices were mostly steady in Asian trading on Friday, but hit a record high after surging in the previous session amid uncertainty over U.S. tariffs, while investors cautiously awaited a key U.S. inflation report. Spot gold was mostly unchanged after hitting a record high of $2,799.60 an ounce, while February gold futures edged up 0.1% to $2,793.74 an ounce by 1:55 p.m. ET (06:55 GMT). The recent escalation of U.S. trade policy under President Donald Trump has raised considerable uncertainty in global markets. His announcement of high tariffs on imports from the BRICS nations—Brazil,...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....