The U.S. dollar drifted lower Thursday on growing expectations of further interest rate cuts by the Federal Reserve this year, while signs of French political accord helped the euro. At 04:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower to 98.342, headed for a weekly decline of 0.3%. More Fed cuts ahead?Market participants are becoming increasingly convinced that the U.S. central bank will follow last month's interest rate cut with more monetary easing as data points to growth slowing in the world's largest...
Gold rises in early Asian trade, buoyed by monetary debasement fears. "The U.S. Treasury's interest payments have overtaken annual defence spending, the Fed faces political scrutiny over its independence and developed-market debt ratios continue to climb despite record nominal GDP," Saxo Bank's Ole Hansen says in an email. Debasement, "once confined to history books, has re-emerged in market vocabulary as faith in fiat currencies erodes under the weight of chronic deficits, politicised monetary policy, and falling real yields," the head of Commodity Strategy adds. Spot gold is 0.5% higher...
Silver prices surged to near record highs following a major short squeeze in the London market. Meanwhile, gold hit a new record above US$4,060 per ounce, driven by surging demand for safe haven assets amid trade tensions between the United States and China. Other precious metals, such as platinum and palladium, also rallied by more than 2%. This price increase was driven by a combination of massive central bank purchases, increased ownership in ETFs, and the Federal Reserve's low interest rate policy. Furthermore, political uncertainty in the US and the threat of new tariffs on China have...
Oil rose after after President Donald Trump's administration signaled openness to a deal with China to quell fresh trade tensions between the two biggest crude consumers. Brent advanced above $63 a barrel after plunging 3.8% on Friday in its biggest drop since August, while West Texas Intermediate was near $60. Trump on Friday announced an additional 100% tariff on China as well as export controls on "any and all critical software" beginning Nov. 1, following moves by Beijing to add new port fees on US ships and curbs on exports of rare earths and other critical materials....
Gold price rises during the North American session on Friday amid an escalation of the trade war between the US and China. This, the US government shutdown and expectation for further easing by the Federal Reserve (Fed) keep the yellow metal bid. XAU/USD trades at $3,997, up 0.60%, at the time of writing. Bullion's boosted by escalating tariff threats and prolonged Washington deadlock reigniting risk aversion Risk aversion is the name of the game after US President Donald Trump warned of possible fresh duties on China, as the latter threatens to impose export controls on rare earths. Trump...
Silver surged toward an all-time high above $50 an ounce as a historic squeeze deepened in the London market. Spot prices rose as much as 3.7% to above $51 an ounce before paring some gains, while one-month borrowing costs for the precious metal in London hit a year-to-date record of 35%. Gold and palladium also rose. Silver is up more than 70% this year, far outpacing gold, as investors seek safety amid US fiscal uncertainty, concerns over an overheated equity market, and threats to the Federal Reserve's independence. Earlier this year, concerns that the US could impose tariffs on silver...
Gold rebounded from earlier losses on Friday (October 10th) and is on track for its eighth consecutive weekly gain, driven by widespread political and economic uncertainty and expectations of further US interest rate cuts, while silver is nearing a record high. Spot gold, which hit a record high of $4,059.05 on Wednesday, rose 0.6% to $3,998.02 an ounce by 11:12 GMT – a gain of 2.9% so far this week. US gold futures for December delivery rose 1% to $4,012.30. Non-yielding bullion is traditionally considered a hedge during times of broader uncertainty. "Gold is no longer just a defensive...
Oil extended the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply. Brent traded below $65 a barrel after closing 1.6% lower on Thursday. Israel approved a framework that would see Hamas release hostages in exchange for prisoners, a major step toward a peace agreement to end the bloody conflict in Gaza which has destabilized the Middle East. Meanwhile, traders were on alert after the US sanctioned more than 50 individuals, firms and vessels involved in the Iranian energy trade, including a key crude-import terminal and a...
The Australian dollar strengthened to around $0.657 on Friday (October 10), rebounding from a nearly two-week low. This gain came after RBA Governor Michele Bullock struck a cautious tone: services inflation remains sticky, second-quarter inflation was slightly above forecasts but trending upwards. She also emphasized the volatile monthly CPI data and said the labor market remains tight but is approaching equilibrium. The market also expects the RBA to hold interest rates (after keeping them at 3.6% in September). Despite today's strength, the AUD is still headed for a slight weekly decline...
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....