Gold (XAU/USD) begins the week on an impressive bullish note, soaring to fresh all-time highs above $3,600 per ounce on Monday. The move extends last week's rally amid growing conviction that the Federal Reserve (Fed) will cut interest rates at its September monetary policy meeting, a shift markets now treat as a near certainty following a string of weak US labor market data. The yellow metal has already climbed about 38% so far this year, underscoring its strong appeal as investors flock to safe-haven assets. At the time of writing, XAU/USD is trading around $3,635, pushing into uncharted...
The British pound rose to $1.355, a three-week high, after UK labour data showed smaller-than-expected job losses in July, easing concerns about the economy. Payrolls fell just 8,000, well below forecasts of 20,000, and earlier months were revised lower, suggesting the labour market is holding up despite the Labour government's £26 billion tax increase. Unemployment remained at 4.7%, while private-sector wage growth eased slightly to 4.8%, still above the Bank of England's 2% inflation target. The data highlights the BoE's delicate balancing act between sticky inflation and a softening...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losses for the second successive session and trading around 97.80 during the European hours on Wednesday. The Greenback faces challenges amid easing risk aversion following the latest United States (US) inflation data, which strengthened expectations for a US Federal Reserve rate cut in September. The CME FedWatch tool indicates that markets are now pricing in approximately 96% odds of a Fed rate cut at the September meeting, up from 86% a day ago. The US Consumer Price...
Gold edged higher on Wednesday, supported by a weaker dollar after mild U.S. inflation data cemented bets for an interest rate cut in September, while investors awaited this week's U.S.-Russia talks over the war in Ukraine. Spot gold was up 0.3% at $3,355.30 per ounce, as of 0651 GMT. U.S. gold futures for December delivery gained 0.2% to $3,405.50. "The fall in the USD enabled a moderate bounce in the gold price, with the precious metal oscillating around the $3,350 level ahead of the Trump-Putin meeting on Friday," said Tim Waterer, chief market analyst at KCM Trade. "If the meeting in...
Silver prices rose 1% to around $38.30 an ounce on Wednesday (August 13), strengthening for the second straight session as the latest US inflation data reinforced expectations of a Fed rate cut next month. Headline inflation held steady at 2.7%, beating projections for a rate hike to 2.8%, while core inflation edged up to 3.1%, its highest level in six months. Markets currently price in a 94% probability of a 25 basis point rate cut in September, with another rate cut before the end of the year also reflected in expectations. Meanwhile, investors await this week's US-Russia talks in Alaska...
GBP/USD remained stable after posting a 0.5% gain in the previous session, trading around 1.3500 during the Asian session on Wednesday (August 13). The pair strengthened further as the US dollar (USD) weakened, driven by the latest US inflation data, which reinforced expectations of a Fed rate cut in September. The US Consumer Price Index (CPI) rose 2.7% year-on-year (yoy) in July, matching the 2.7% increase recorded in the previous month and below expectations of a 2.8% increase. Meanwhile, the annual core CPI rose 3.1% in July, compared to the 2.9% increase recorded in June, above market...
Gold edged higher on Wednesday (August 13th), supported by a weaker dollar after weak US inflation data reinforced speculation of a September interest rate cut, while investors focused on this week's US-Russia talks on the war in Ukraine. Spot gold rose 0.2% to $3,351.46 per ounce, as of 02:39 GMT. US gold futures for December delivery rose 0.1% to $3,401.60. "The weaker USD is allowing for a modest rise in gold prices, with the precious metal oscillating around the $3,350 level ahead of the Trump-Putin meeting on Friday," said Tim Waterer, chief market analyst at KCM Trade. "If the Alaska...
The dollar index strengthened as traders awaited comments from Federal Reserve officials for further clues on central bank policy after low inflation figures raised expectations for an interest rate cut next month. The Bloomberg Dollar Spot Index was little changed after a 0.4% decline on Tuesday. Chicago Fed President Austan Goolsbee and Atlanta Fed President Raphael Bostic are scheduled to speak later in the day. "The recent consolidation of the U.S. dollar in Asia reflects markets carefully considering incoming data and evolving policy signals," said Shier Lee Lim, head of macro strategy...
Oil prices held steady on Wednesday (August 13th) after a slight decline the previous day, with investors awaiting talks between US and Russian leaders on Friday as a potential catalyst for a new direction. Global benchmark Brent traded above $66 per barrel after falling 0.8% in the previous session, while West Texas Intermediate (WTI) hovered near $63. On the diplomatic front, US Secretary of State Marco Rubio held discussions with Russian Foreign Minister Sergei Lavrov to prepare for a summit between Donald Trump and Vladimir Putin. However, he reiterated that a breakthrough in the...
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....