Silver slipped to around $48.6 per ounce on Friday and was on track to lose over 6% for the week, as profit-taking swept through the market amid concerns that the metal may have entered overvalued territory. The recent surge was driven by strong safe-haven demand and optimism over silver's long-term industrial use in electric vehicles, data centers, and solar power, alongside tightening inventories in London and Shanghai vaults. Meanwhile, investors monitored trade developments after the White House confirmed the Trump-Xi meeting next Thursday on the sidelines of the APEC summit. Markets...
Gold (XAU/USD) extends its steady intraday descent through the first half of the European session on Wednesday and slides further below the $3,665 level, hitting a fresh daily low in the last hour. The US Dollar (USD) stages a modest bounce from its lowest level since early July amid some repositioning trade ahead of the pivotal FOMC decision and exerts some pressure on the precious metal. The commodity now seems to have snapped a three-day winning streak to the all-time peak touched on Tuesday, though the downside remains cushioned. Investors now seem convinced that the US Federal Reserve...
Silver fell more than 1% to around $42 per ounce on Wednesday, pulling back from 14-year highs as investors locked in profits ahead of the Federal Reserve's policy decision. The Fed is widely expected to cut rates by 25 basis points later today, with markets pricing in about 67 basis points of easing by year-end. Those expectations have been supported by signs of a cooling labor market, even as inflation holds above the Fed's 2% target. Investors will also focus on the Fed's quarterly Summary of Economic Projections, including the "dot plot" outlook for rates. Elsewhere, central banks in...
The dollar was on the defensive, shares edged lower, and gold scaled new heights on Wednesday as global markets counted down to an anticipated rate cut by the Federal Reserve later in the day and waited on signals around the extent of future easing. The euro surged to a four-year high against the greenback in the prior session on the Fed easing bets, while oil remained firm following Ukrainian drone attacks on Russian refineries and ports. The Fed is expected to cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range at the end of its monetary policy...
USD/JPY's bias favors a bearish breakout, based on technical charts, StoneX's Matt Simpson says in a commentary. The one-hour chart shows the currency pair's bearish momentum quickening into its lows, the senior market analyst notes. The so-called "cumulative volume delta" has stayed deeply negative, signaling most trades were bearish, Simpson says. While market participants should be on guard for near-term bounces of USD/JPY heading into the FOMC decision, the technical bias favours a bearish breakout overall, he says. A daily break beneath 145.75 opens up prospects of a further fall...
Gold held its latest gains that saw it rise above $3,700 an ounce for the first time, boosted by traders' bets for a rate cut at Wednesday's Federal Reserve meeting. Bullion traded less than $10 below its fresh record of $3,703.07 an ounce reached on Tuesday. It's also been buoyed by a softer US dollar, with one gauge hovering around levels last seen in March 2022. A weaker greenback makes gold cheaper for other currency holders. Traders are squarely focused on the outcome of the Fed's rate-setting meeting, where they see a quarter-point cut this week as a...
Gold edges higher in the early morning Asian session on likely position adjustments ahead of the FOMC decision due later today. Market participants are fully pricing in a 25bp rate cut by the Fed, with a slim chance of a 50bp cut, reinforcing demand for the non-interest-bearing asset, Exness's Eric Chia says in an email. They are also awaiting the Fed's quarterly projections and Fed Chair Powell's press conference for signals on the pace of future rate cuts, the financial markets strategist adds. Spot gold is 0.1% higher at $3,694.54/oz. Source: Dow Jones Newswires
Oil steadied after a three-day gain as traders assess the fallout from Ukrainian attacks on Russian crude infrastructure. West Texas Intermediate rose toward $65 a barrel after gaining 3.4% in the previous three sessions, while Brent closed above $68. Ukraine attacked the Saratov refinery in its latest strike on Russian energy facilities, which have helped cut the OPEC+ member's production to its lowest post-pandemic level. The recent gains haven't been enough to push oil out of the $5 band it has been in for most of the past month, buffeted between geopolitical...
The USD/JPY pair remained under selling pressure around 146.45 during the early Asian session on Wednesday (September 17th). The US dollar (USD) weakened against the Japanese yen (JPY) as investors continued to assess the possibility of additional interest rate cuts by the Federal Reserve (The Fed) in the coming months. Investors appear to be unwinding long USD positions ahead of the Fed's interest rate decision on Wednesday. The market fully anticipates the Fed will cut interest rates by 25 basis points (bps) at its September meeting, the first cut since December, with some still expecting...
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....