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 dollar strengthened against a basket of currencies, recovering slightly after the previous day's drop following weak U.S. gross domestic product data. Markets turned cautious ahead of a possible announcement by President Trump on tariffs, particularly against Canada and Mexico, which drew some safe-haven demand for the U.S. currency. "Tariff news from the Trump administration continues to take center stage," said analysts at Danske Bank. December U.S. PCE inflation data -- the Fed's preferred inflation measure -- and the fourth-quarter U.S. employment cost index, both due at 1330 GMT,...
GBP/USD extended its decline for the fourth straight session, trading around 1.2420 during Asian hours on Friday (1/31). The decline was driven by the US Dollar (USD) improving amid rising risk aversion following new tariff threats from US President Donald Trump. President Trump reiterated plans late Thursday to impose a flat 25% import tax on all goods entering the US from Canada and Mexico, citing concerns over fentanyl. The first wave of tariffs on the two countries will take effect on February 1, according to Reuters. Additionally, Trump hinted at the possibility of imposing tariffs on...
The Japanese Yen (JPY) attracted some intraday sellers and snapped a two-day winning streak against its American rival after Bank of Japan (BOJ) Governor Kazuo Ueda said on Friday that underlying inflation remains slightly below 2%. Additionally, a modest uptick in the US Treasury bond yields and a generally positive risk tone undermined the safe-haven JPY. This, in turn, helped the USD/JPY pair retrace nearly 100 pips from Asian session lows. Meanwhile, data released earlier today showed that consumer prices in Tokyo – the capital of Japan – rose in January. This kept alive hopes for...
The USD/CHF pair traded with modest gains near 0.9100 during the early European session on Friday (1/31). The hawkish stance from the US Federal Reserve (Fed) provided some support to the US Dollar (USD). Investors will take more cues from the December US Personal Consumption Expenditure (PCE) inflation data, due for release on Friday. Also, Fed Governor Michelle Bowman will be speaking. The US central bank left interest rates unchanged on Wednesday. Fed Chair Jerome Powell said in a press conference that the US economy remains strong, while inflation remains mildly elevated. Hence, the...
West Texas Intermediate (WTI) crude Oil price appreciates after two days of losses, trading around $73.00 during Asian market hours on Friday. The rise in crude Oil prices comes amid concerns over potential supply disruptions as markets assess the risk of a 25% tariff imposed by US President Donald Trump on Mexico and Canada—the two largest crude exporters to the United States (US). These tariffs, which could take effect on February 1, are intended to pressure both countries to halt fentanyl shipments across US borders. However, it remains uncertain whether crude Oil will be included in...
Gold price (XAU/USD) extends its sideways consolidative price move heading into the European session and remains close to the all-time peak touched earlier this Friday. Investors remain concerned about the potential economic fallout from US President Donald Trump's tariff plans. This, along with geopolitical tensions, might continue to underpin the safe-haven bullion. Moreover, expectations that Trump's protectionist policies would boost inflation further benefit the precious metal's hedge against rising price pressures. Meanwhile, the Federal Reserve's (Fed) first pause since the start...
Gold price enters a bullish consolidation phase after hitting a fresh record high during the Asian session on Friday and currently trades just below the $2,800 mark. Concerns over the potential economic fallout from US President Donald Trump's tariff plans, along with geopolitical tensions, continue to boost demand for the safe-haven bullion. Adding to this, expectations that Trump's protectionist policies would boost inflation further benefit the precious metal's hedge against rising price pressures. That said, the Federal Reserve's (Fed) first pause since the start of its easing cycle in...
Silver price (XAG/USD) halts its three-day winning streak, trading around $31.30 per troy ounce during Asian hours on Friday. A daily chart analysis suggests a persistent bullish bias for the precious metal, as its price continues to rise within an ascending channel pattern. The XAG/USD pair trades above both the nine-day and 14-day Exponential Moving Averages (EMAs), suggesting that short-term momentum is strong. Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 level, reinforcing the active bullish sentiment. Source: FXStreet
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....