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...
GBP/USD remained weak for the second straight session, trading around 1.2320 during Asian hours on Thursday (1/23). The pair faced challenges as the US Dollar (USD) received support as President Donald Trump issued a memorandum instructing federal agencies to investigate and address the ongoing trade deficit. The greenback could appreciate further as traders expect the US Federal Reserve (Fed) to keep its benchmark interest rate steady in the range of 4.25%-4.50% at its January meeting. Moreover, Trump's policies could boost inflationary pressures, potentially limiting the Fed to just one...
Silver (XAG/USD) price halted its three-day rally, trading around $30.60 during the Asian session on Thursday (1/23). Dollar-denominated silver faces challenges as the US Dollar is likely to strengthen, with traders anticipating that the US Federal Reserve (Fed) will keep its benchmark interest rate in the range of 4.25%-4.50% during its January meeting. In addition, US President Donald Trump's policies could increase inflationary pressures, potentially limiting the Fed from cutting interest rates one more time. This could strengthen the Greenback and reduce demand for commodities such as...
The Japanese Yen (JPY) edged higher during the Asian session on Thursday (1/23) following the release of better-than-expected Trade Balance data from Japan, although it remained near a one-week low against the US currency hit the previous day. Prospects of an imminent interest rate hike by the Bank of Japan (BoJ) on Friday continued to underpin the JPY. Moreover, a subdued US Dollar (USD) price action, amid bets that the Federal Reserve (Fed) will cut interest rates twice this year, capped the USD/JPY pair's recovery from a more than one-month low hit on Tuesday. However, JPY market players...
Gold held above $2,750 an ounce on Thursday, extending a three-day rally and near its highest level since early November, relatively close to its record peak of $2,790. The precious metal continued to benefit from its safe-haven appeal amid uncertainty surrounding President Donald Trump's tariff plans, which have raised concerns about a potential trade war. On the monetary policy front, ECB policymakers endorsed further interest rate cuts on Wednesday, signaling a cut next week is almost certain, which would benefit non-yielding bullion. Meanwhile, the Federal Reserve is expected to keep...
The dollar index was steady around 108.2 on Thursday after facing pressure earlier in the week, as investors awaited more clarity on President Donald Trump's policy plans. The index is down about 1% so far this week, following Trump's decision not to implement tariffs that have raised concerns about potential inflationary pressures. However, he has issued tariff threats against China, Mexico, Canada and the European Union in recent remarks. Investors are also focused on next week's Federal Reserve monetary policy meeting. The central bank is widely expected to keep interest rates unchanged...
The Australian dollar (AUD) held steady against the US dollar (USD) on Thursday (23/1), as market concerns eased after news that China-specific tariffs proposed under US President Donald Trump's revised plan were much smaller than previously expected. The development helped calm investor concerns, especially given the strong trade ties between China and Australia, which make the Australian market sensitive to changes in China's economic landscape. President Trump announced plans to impose 10% tariffs on Chinese imports from February 1, citing concerns over fentanyl shipments from China to...
Brent crude fell below $79 a barrel on Thursday, falling for a fifth straight session after an industry report revealed a fresh build in U.S. crude inventories. API data showed a 1 million-barrel increase in crude inventories last week, the first increase in five weeks of declines. Traders also continued to assess the potential impact on energy markets from President Trump's proposed tariffs on China, the European Union, Canada and Mexico, along with warnings of penalties for Russia if President Putin fails to end the Ukraine war. In other news, Saudi Arabia's crude exports hit an...
US benchmark West Texas Intermediate (WTI) crude oil prices traded around $75.00 on Thursday (1/23). WTI prices continued to fall to a one-week low as traders assessed how US President Donald Trump's proposed tariffs could impact energy demand and the global economy. On Monday, Trump said he was considering imposing 25% tariffs on Canada and Mexico while discussing imposing 10% tariffs on Chinese imports on February 1. The tariffs could potentially slow economic growth and drag the black gold lower. "The potential sanctions under the new Trump administration remain unclear, with potential...
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....