Silver held around $41/oz, near a 14-year peak, as the market awaited the US Consumer Price Index (CPI) release, which could determine the size of the Fed's interest rate cut next week. Wednesday's US Consumer Price Index (PPI) data fell 0.1% month-on-month (July revised down from +0.7%), missing the +0.3% forecast. Market participants had already priced in a 25 bps cut, with a 50 bps chance of around 8%. Safe haven demand also supported after President Donald Trump pushed the EU to consider tariffs of up to 100% on China and India to pressure Russia. On the industrial side, demand for...
Oil prices edged up in volatile trade on Monday but closed at a one-month low on the expiration of a higher-priced contract, as the market digested U.S. President Donald Trump's planned imposition of tariffs on Canada, Mexico and China.Concerns over imports from two of the main crude suppliers to the U.S. boosted prices by over $1 a barrel earlier in the session before Trump paused the new tariffs on Mexico for one month as Mexico agreed to reinforce its northern border to stem the flow of illegal drugs, particularly fentanyl.Brent futures for April delivery rose 29 cents, or 0.4%, from...
Gold futures rose 0.2% to $2,839.60 an ounce, although a stronger U.S. dollar limited its upside potential as a safe haven. The precious metal is up 2.5% for the week and 6.3% so far this year. Gold started the week on a mixed note, balancing between risk aversion and a stronger U.S. dollar after President Trump imposed tariffs on Canada, Mexico and China, said Nikos Tzabouras of Tradu.com. After hitting a new record high on Friday, the precious metal still has room to rise as the trade war boosts safe-haven demand, Tzabouras said in a note. However, the prospect of higher inflation under...
The U.S. crude benchmark outpaced gains in other oil markets after President Donald Trump announced tariffs that threaten flows from America's two biggest foreign suppliers. West Texas Intermediate crude rose to $2.65 a barrel on Monday, compared with $1.67 for Brent, narrowing the spread between the two grades to the smallest since September 2023. The narrowing gap underscores risks to U.S. supply, both from Canadian flows into the Oklahoma storage hub where U.S. crude futures are priced, and from Mexican shipments into the Gulf Coast. Source: Bloomberg
EUR/USD plunged more than 1% to near 1.0240 at the start of the week. The major currency pair plunged as US President Donald Trump reiterated his threat to impose tariffs on the European Union (EU). Over the weekend, Donald Trump imposed 25% tariffs on Canada and Mexico and 10% on China. Trump also warned that he would also increase levies on the trading bloc, but he did not provide much information. "That will definitely happen with the European Union. I can tell you that because they have really taken advantage of us," Trump said. He also accused the old continent of not buying enough US...
Gold rose above $2,800 an ounce in February, holding near a record high amid a wave of monetary policy easing from major central banks as markets assess the impact of the ongoing trade war in North America and China on the global economy. The U.S. imposed 10% tariffs on China and 25% tariffs on Canada and Mexico, with concerns about lower growth weighing on the likelihood of an aggressive Fed reaction that limited the impact on rate-sensitive assets. However, markets are expecting the Fed to deliver two interest rate cuts this year. In turn, the Bank of Canada cut its key interest rate and...
Silver prices were steady at $31 an ounce on Monday, as the dollar surged following the imposition of new U.S. tariffs on major trading partners. Over the weekend, U.S. President Donald Trump imposed 25% tariffs on goods from Mexico and Canada and 10% levies on imports from China, prompting retaliatory measures from affected countries. Markets are now pricing in the rising risks of global trade disruptions, slower economic growth and resurgent inflation, along with expectations of fewer interest rate cuts from the U.S. Federal Reserve. In contrast, the Silver Institute recently forecast a...
Gold (XAU/USD) recovered most of its intraday losses and climbed back near the $2,800 mark during the first half of the European session on Monday (February 3). The safe-haven commodity remained within striking distance of its all-time peaks hit on Friday and continued to find support amid concerns about the potential economic impact of US President Donald Trump's trade tariffs. This, coupled with trade war concerns, dampened investors' appetite for riskier assets, acting as a tailwind for the safe-haven gold price. Further, speculation that Trump's protectionist policies will boost...
The Pound (GBP) is trading significantly lower near 1.2250 against the US Dollar (USD) during the European session on Monday (3/2). Earlier in the day, the GBP/USD pair gapped down at the open as US President Donald Trump's imposition of tariffs on Canada, Mexico and China sent global financial markets into panic mode, forcing investors to turn to safe-haven assets. The downbeat market sentiment has led to a sharp rise in the US Dollar (USD), which has been a strong performer in volatile environments. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major...
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....