Gold trimmed losses after US inflation and labor market data strengthened bets that the Federal Reserve will cut interest rates next week. Consumer prices excluding food and energy rose 3.1% last month from a year earlier, in line with analysts' expectations, according to a Bureau of Labor Statistics report released Thursday (September 11). Separate data showed US initial jobless claims jumped to their highest level in nearly four years. The mixed data bolstered traders' confidence that the US central bank will lower borrowing costs at its two-day meeting ending September 17. Treasury bond...
Gold's price (XAU/USD) has breached the previous all-time high and sets a new record high at $2,942 in early Tuesday trading before flipping into a loss for the day. Meanwhile, United States (US) President Donald Trump has imposed 25% tariffs on steel and aluminum imports for all countries as of March 12,, while China has quietly imposed retaliatory tariffs on some US goods. China is only showing its teeth by now and has not gone full blazing, while US President Trump is nowhere near his promised 60% levies on all Chinese products as announced earlier in his campaign, Bloomberg...
EUR/USD ticks higher but is broadly sideways around 1.0300 in Tuesday's European trading session as investors await the Federal Reserve (Fed) Chair Jerome Powell's testimony before Congress at 15:00 GMT. Investors will pay close attention to Powell's comments to know for how long the Fed will keep interest rates steady in the range of 4.25%-4.50% and the likely impact of 25% tariffs on all steel and aluminum imports on the monetary policy outlook. In January, the Fed left interest rates unchanged and Powell said that the central bank will remain in the waiting mode until it sees "real...
Oil prices extended gains on Tuesday amid concerns over Russian and Iranian oil supply and sanctions threats, despite worries that escalating trade tariffs could dampen global economic growth. Brent crude futures were up 55 cents, or 0.72%, at $76.42 a barrel by 0717 GMT, while U.S. West Texas Intermediate crude rose 50 cents or 0.69% to $72.82. Both contracts posted gains of near 2% in the prior session after three weekly losses in a row. Source: Reuters
Gold prices soared to a record high on Tuesday on safe-haven demand after U.S. President Donald Trump imposed fresh tariffs on steel and aluminium imports, which could fuel inflation further and escalate the potential for a global trade war. Spot gold was up 0.3% at $2,916.37 per ounce as of 0701 GMT. It hit a lifetime high of $2,942.70 earlier in the session. Source: Reuters
The USD/CHF pair trades in positive territory for the fourth consecutive day around 0.9115 on Tuesday during the early European trading hours. The threats of reciprocal tariffs and the imposition of 25% tariffs on aluminium and steel by US President Donald Trump provide some support to the US Dollar (USD). Investors will closely monitor Federal Reserve (Fed) Chair Jerome Powell's semi-annual testimony on Tuesday. Analysts believe that tariff policies by the Trump administration could be inflationary and put further pressure on the Fed to keep interest rates elevated. Markets are pricing in...
Silver remained just below $32 per ounce on Tuesday, hovering near three-month highs as safe-haven demand for precious metals surged following the latest US tariffs. US President Donald Trump signed an executive order imposing 25% tariffs on steel and aluminum imports "without exceptions or exemptions," raising concerns about inflation and a potential escalation of the global trade war. Investors were also preparing for the release of the latest US inflation figures and comments from Federal Reserve Chair Jerome Powell later this week, which could influence the outlook for US monetary...
Silver (XAG/USD) attracts fresh sellers during the Asian session on Tuesday and drops back closer to the overnight swing low, around the $31.65-$31.60 area. The white metal, however, trims a part of its intraday losses and currently trades just below the $32.00 mark, down 0.45% for the day. Silver reverses the previous day's positive move, though it lacks follow-through.The setup supports prospects for an extension of over a one-month-old uptrend.Any meaningful slide could be seen as a buying opportunity and remain limited.It has been historically used as a store of value and a medium of...
GBP/USD continues its downward trend for the fourth consecutive day, trading near 1.2350 during Asian hours on Tuesday. The pair weakens amid escalating trade tensions after US President Donald Trump imposed a flat 25% tariff on steel and aluminum imports on Monday, removing all exemptions and nullifying previous trade agreements with key United States' (US) allies. The move is intended to support struggling domestic industries but increases the risk of a broader trade conflict. Trump's proclamations raised the US aluminum tariff from 10% to 25%, eliminating country-specific exemptions,...
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....