Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer tone made the market a little more willing to take risks, thus easing the pressure to buy gold as a safe haven. However, the big picture hasn't changed: gold remains in high territory because the world remains filled with uncertainty. Trade wars could resurface at any time, geopolitical tensions haven't completely subsided, and investors are...
The USD/JPY pair gives up entire intraday gains after facing selling pressure around 149.60 and drops to near 148.60 during North American trading hours on Friday. The asset drops as the US Dollar (USD) gains, with the US Dollar Index (DXY) rising to near 104.00. The Greenback attracts bids as the Federal Reserve (Fed) is unlikely to cut interest rates in the near term. On Wednesday, Fed Chair Jerome Powell stated that they are not in a hurry to cut interest rates amid "unusually elevated" uncertainty over the United States (US) economic outlook under the leadership of President Donald...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, extended its recovery and was trading around 104.00 at the time of writing on Friday (3/21). The DXY is trying to move away from a 2025 low of 103.20 hit on Tuesday, after the Financial Times reported that European countries are drawing up plans to take over responsibility for the continent's defense from the United States (US), including an offer to the Trump administration for a managed transfer over the next five to 10 years, which would reshape the North Atlantic...
Oil was little changed in the final trading session of the week as traders weighed the first U.S. sanctions on Chinese imports of Iranian crude against the uncertain outlook for global growth. Brent crude futures fell slightly below $72 a barrel, erasing earlier gains, while still posting their biggest weekly gain since January. The U.S. sanctioned a small Chinese refiner and its chief executive for allegedly buying Iranian oil, as well as a terminal operator. The market structure for Middle East crude firmed after the news. The Trump administration's first intervention in the Asian...
Gold (XAU/USD) is facing a second day of losses while its weekly performance is still positive. The precious metal is trading around $3,030 at the time of writing on Friday (3/21) after hitting a new all-time high of $3,057 the previous day. The move down should not come as a surprise given the Quadruple Witching event. Quadruple Witching is an event in the financial markets when four different sets of futures and options contracts expire on the same day, and investors must decide whether to sell and buy back their positions or simply sell them. Meanwhile, on the geopolitical front,...
EUR/USD traded lower near a 10-day low of 1.0815 during the European session on Friday (3/21). The major currency pair faced selling pressure as the US Dollar (USD) strengthened after the Federal Reserve (Fed) stated that an interest rate cut is not on the cards in the current scenario. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, rose near 104.15. On Wednesday, the Fed kept interest rates unchanged at 4.25%-4.50% for the second consecutive day, as expected. Fed Chairman Jerome Powell said in a press conference that the central bank will...
Gold prices were on track for a third straight weekly gain on Friday, helped by the US Federal Reserve's hint of a rate cut this year and safe-haven demand amid geopolitical and economic uncertainty. Bullion prices hit an all-time high of $3,057.21 an ounce on Thursday and have gained about 1.5% so far this week. Spot gold was down 0.5% at $3,028.77 an ounce by 0700 GMT, weighed down by a stronger US dollar. US gold futures were down 0.3% at $3,035.70. "Gold prices traded slightly lower in Asia today as the US dollar strengthened across major currencies," said Kelvin Wong, senior market...
The US Dollar (USD) gathered bullish momentum and outperformed its rivals on Thursday. The USD Index, which tracks the USD's valuation against a basket of six major currencies, continued to move higher on Friday morning and remained in positive territory on the weekly chart. The economic calendar will not feature any high-impact data releases on Friday, and investors will be watching comments from Federal Reserve officials and US President Donald Trump. The USD benefited from the cautious market mood and upbeat data releases on Thursday. After rebounding on Wednesday, major equity indexes...
Silver fell over 1% to around $33 per ounce on Friday, hitting a one-week low as the US dollar rebounded. The dollar's strength came after Federal Reserve Chair Jerome Powell reaffirmed that the central bank is in no rush to cut interest rates further, despite signaling two potential rate reductions this year. Powell pointed to weakening economic growth and labor market concerns but maintained a cautious stance due to uncertainty surrounding US President Donald Trump's tariff policies and their impact on inflation. Adding to pressure on silver, lingering economic concerns in China dampened...
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....