Gold price surges on Wednesday, up by over 0.60%, folllowing US inflation data, which increased speculation that the Federal Reserve (Fed) will resume its easing cycle at the upcoming September meeting. At the time of writing, XAU/USD trades at $3,646, shy of the record high of $3,674. Bullion up 0.60% fueled by Fed cut bets, Middle East tensions and Russian drone incursion into Poland's airspace The Producer Price Index (PPI) in August revealed that the disinflation process resumed in August, as businesses seem to absorb some of the US President Donald Trump's tariffs, in exchange for...
Oil headed for the first weekly decline this year after Donald Trump raised the prospect of trade wars and said he will ask Saudi Arabia and OPEC to lower prices in his first few days as the new US president. West Texas Intermediate fell toward $74 a barrel, and is down almost 5% this week, while Brent closed near $78. Trump's first week in the White House began with tariff threats on Canada, Mexico and China, followed by a pledge that he would ask the producer group to "bring down the cost of oil." That's helped put futures on track for the biggest weekly loss since...
Gold is steady in the early Asian session, underpinned by U.S. President Trump's call for lower interest rates that would bolster the allure of the non-interest-bearing precious metal. Trump said Thursday that he would like to see rates "come down a lot" and implied that steps to keep a lid on price pressures were an important precursor to lower rates. Also, gold could remain well supported by several factors including expectations of continued institutional demand, says Ramy Zeytouni, market analyst at Ramy Zeytouni LLC, in an email. Spot gold is little changed at...
EUR/USD flatlined, cycling near the 1.0400 handle as investors grind through a largely unremarkable week despite a strong start on Monday. A lack of meaningful economic docket data isn't doing already-tepid markets any favors, and political headlines are driving most of what little trading volume exists. President Donald Trump lashed out about a wide variety of topics during his appearance at the WEF's annual gathering in Switzerland, colloquially referred to as Davos, the city that hosts the forum every year. President Trump reminded everyone listening that he intended to "obliterate" the...
Oil fell 1% on Thursday after U.S. President Donald Trump urged Saudi Arabia and OPEC to bring down its cost during his address at the World Economic Forum.Uncertainty over how Trump's proposed tariffs and energy policies would affect global economic growth and energy demand also weighed on prices.Brent crude futures settled 71 cents, or 0.9%, lower at $78.29 a barrel. U.S. West Texas Intermediate crude (WTI) settled down 82 cents, or 1.09%, to $74.62.Prices dipped after Trump announced he would ask Saudi Arabia and OPEC to bring down the cost of oil during his speech at the World Economic...
Gold's price holds firm after sliding to a daily low of $2,735 amid elevated US Treasury bond yields. Economic data from the United States (US) showed the labor market is cooling, while market participants continued to digest US President Trump's trade policy rhetoric. The XAU/USD trades at $2,755, virtually unchanged.Bullion prices are set to finish the week with solid gains despite trimming some of their gains on Thursday.Data from the US Department of Labor revealed that more Americans applied for jobless benefits during the week ending January 18, which usually would signal a weakening...
Pound Sterling (GBP) consolidates around 1.2300 against the US Dollar (USD) in Thursday's European session. The GBP/USD pair consolidates as investors await US President Donald Trump's concrete tariff plans to build fresh positions. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, oscillates in a tight range above 108.00. Until now, Donald Trump has threatened to raise 25% tariffs on his neighbors Mexico and Canada and 10% on China, which could come into effect on February 1. He has also commented that he is considering imposing tariffs on Europe...
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, goes nowhere in the US session after some earlier gains this Thursday ahead of some US economic data. Still, there is a long road to recovery, although after a few days with an almost empty US data calendar, traders can brace for a pickup in the next releases. Positive and upbeat data could put inflation concerns back on the agenda, which would fuel higher rates and a stronger US Dollar again. Meanwhile, the US economic calendar is starting to take shape with the weekly Jobless Claims and the Kansas...
Gold slips as traders await clarity on Trump's policiesGold prices dipped on Thursday after hitting a near three-month high in the previous session, while market participants awaited further clarity on policies from U.S. President Donald Trump's administration. Spot gold was down 0.4% at $2,744.49 per ounce, having hit its highest since Oct. 31 on Wednesday. U.S. gold futures shed 0.7% to $2,751.20. "Spot prices are flirting with technically overbought conditions, which suggests that a slight technical pullback is due," said Exinity Group chief market analyst Han Tan. Gold's relative...
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....