Gold surged near a record high of $3,650 an ounce on Wednesday (September 10) after an unexpected decline in US producer prices reinforced expectations that the Federal Reserve will continue cutting interest rates at its meeting next week. Both headline and core PPI fell 0.1% in August, against projections for a 0.3% increase, driven by a sharp decline in wholesale margins for machinery and vehicles. The data follows a weak labor market report earlier this month that has prompted markets to price in several Fed rate cuts this year. Investors now await Thursday's consumer price inflation...
US benchmark West Texas Intermediate (WTI) crude oil was trading around $75.55 on Wednesday (1/22). WTI prices fell as US President Donald Trump considered imposing tariffs on major trading partners and vowed to increase US oil and gas production. Trump declared a national energy emergency on Monday and used the authority to quickly approve new oil, gas and power projects that typically take years to obtain permits. This raised concerns about higher US production in a market that is widely expected to be oversupplied this year. Trump also said he was considering imposing 25% tariffs on...
Gold rallied more than 1% and hit a two-month high of $2,745 on Tuesday as investors seeking safety bought the non-yielding metal following US President Donald Trump's remarks on tariffs. The Greenback, which initially advanced, has turned negative as depicted by the US Dollar Index (DXY), a tailwind for Bullion prices. The XAU/USD trades at $2,742 at the time of writing. Trump's first day in office improved risk appetite, only to suddenly turn risk-averse after he hinted at imposing tariffs on Canada and Mexico as he signed a tranche of executive orders. The Canadian Dollar (CAD) and the...
EUR/USD recovers from daily lows toward 1.0400 in the American session on Tuesday. Following the earlier rally, the USD struggles to preserve its strength as the bullish opening in Wall Street's main indexes point to an improving risk moodAfter spending the European session under bearish pressure, EUR/USD gains traction and recovers toward 1.0400 in the American trading hours. In the early Asian session on Tuesday, US President Donald Trump said that they could impose tariffs on China if they make a TikTok deal and China doesn't approve it. Additionally, he said that they are planning to...
The USD/JPY was virtually unchanged during the North American session on Tuesday, as traders assessed US President Donald Trump's threats to impose 25% tariffs on Canada and Mexico as soon as February 1. The Greenback recovered as the major hit a daily high of 156.20. However, fears faded as the pair traded near 155.54, virtually unchanged. Market sentiment remains upbeat, and the US Dollar climbs, as depicted by the US Dollar Index (DXY), which tracks the basket of six currencies against the buck, rising 0.29% to 108.30.Meanwhile, traders in the FX markets would continue to be attentive to...
Gold (XAU/USD) prices were boosted by safe-haven inflows and surged above key technical resistance after US President Donald Trump confirmed that he intends to impose 25% tariffs on Canada and Mexico as early as February, as well as tariffs on Silver and Gold. China is not included in the direct levies, Bloomberg reported. The possibility of Trump imposing tariffs on Silver and Gold has caused market uncertainty, pushing premiums for futures contracts higher. President Trump's domestic agenda is the second major driver, which could extend Gold's bullish momentum further and boost demand for...
The dollar gained some ground on Tuesday after weakening the previous day as President Donald Trump hinted the U.S. could impose tariffs on Canada and Mexico as early as Feb. 1, challenging suggestions his trade policy might be more gradual. Trump told reporters his team was considering tariffs of around 25%, but gave no further details. He also floated the idea of universal tariffs, but said the U.S. was not ready for them. The dollar fell sharply on Monday after Trump's first day in office did not include specific plans for tariffs and officials suggested new taxes would be imposed in...
West Texas Intermediate (WTI) oil prices ended a three-day losing streak, holding steady near $76.20 during European trading hours on Tuesday (1/21). The crude oil market experienced significant volatility as traders assessed a series of executive orders issued by U.S. President Donald Trump shortly after his inauguration. One of the major moves included a plan to impose a 25% tariff on imports from Canada and Mexico starting Feb. 1, disappointing investors who had expected a delay in its implementation. Crude oil prices gained momentum as the proposed tariffs on Canadian crude imports were...
Gold prices rose in Asian trade on Tuesday (1/21) as the dollar weakened sharply overnight, while traders tried to gauge US President Donald Trump's policies after his inauguration. Spot gold prices rose 0.3% to $2,727.39 an ounce, while February gold futures rose 0.4% to $2,743.57 an ounce by 1:28 p.m. ET (06:28 GMT). Gold traders are bracing for increased volatility as Trump begins his second term, with his anticipated policy announcements expected to influence market dynamics. The precious metal, traditionally seen as a safe-haven asset, has held above a one-month peak. Current market...
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....