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...
Gold price (XAU/USD) extends its consolidative price move near the all-time peak touched the Asian session on Friday. Positive comments out of the White House and from Canadian officials, along with reports that there will be enough Democratic votes to avoid a US government shutdown, boost investors' confidence. This is evident from a generally positive tone around the equity markets, which, along with some follow-through US Dollar (USD) buying for the third straight day, acts as a headwind for the safe-haven precious metal. However, the growing market acceptance that the Federal Reserve...
Oil prices rebounded on Friday to recover some of their more than 1% losses in the previous session, partly due to diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies. Brent crude futures rose 46 cents, or 0.7%, to $70.34 a barrel by 0406 GMT after settling 1.5% lower in the previous session. U.S. West Texas Intermediate crude was at $67.03 a barrel, up 48 cents, or 0.7%, after closing down 1.7% on Thursday. Russian President Vladimir Putin said on Thursday that Moscow supported a U.S. proposal for a ceasefire in Ukraine in principle,...
GBP/USD continues its decline for the second straight session, trading near 1.2940 during Friday's Asian session. The pair faces challenges as the Pound Sterling (GBP) struggles amid weakened risk sentiment, exacerbated by concerns over global trade after US President Donald Trump threatened a 200% tariff on European wines and champagne, unsettling markets. Traders now await the UK's monthly Gross Domestic Product (GDP) and factory data for January, set for release on Friday. Investors will closely watch the UK GDP figures as the Bank of England (BoE) has expressed concerns over the...
The dollar index rose to around 104 on Friday, marking its third consecutive session of gains, as escalating global trade tensions pressured the euro and other major currencies. On Thursday, President Donald Trump threatened to impose 200% tariffs on all alcoholic products from the European Union, retaliating against the bloc's 50% tariff on American whiskey and other US goods. He also reaffirmed his stance on implementing reciprocal tariffs on global trading partners, set to take effect on April 2. Meanwhile, recent data showed that US inflation figures for February came in below...
Gold edges lower in the early Asian session on a likely technical correction after front-month gold futures settled at a record high overnight. The precious metal is now looking increasingly likely to reach and possibly exceed $3,000/oz level in the coming sessions, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. The greenback continues to stay mostly under pressure and, with the U.S. government bond yields falling and stock markets volatile, it's a positive environment for the safe-haven asset, the analyst adds. Spot gold is 0.1% lower at...
Oil rose as fresh US sanctions against Iranian oil and shipping countered some of Thursday's slump following a dour demand forecast from the IEA. West Texas Intermediate rose toward $67 a barrel after sliding 1.7% in the previous session, while Brent crude closed near $70. The White House is imposing sanctions on Iran's oil minister, and targeted even more companies and vessels it said are used in the transport of crude. The decline on Thursday came after the International Energy Agency said a supply surplus is set to deepen as an escalating trade war...
GBP/USD churned chart paper for a second day in a row, holding steady just south of the 1.3000 handle as Cable traders take a breather and watch market headlines broadly sail past the Pound Sterling. US Producer Price Index (PPI) business-level inflation eased faster than expected in February. However, markets never got the chance to experience any joy from the easing inflation figures as US President Donald Trump continues his campaign to spark a global trade war between the US and everybody else. Despite the ongoing geopolitical headlines, Cable markets remain relatively untouched by...
The AUD/USD tumbles to near 0.6280 as the US Dollar outperforms on the Trump administration's tariff agenda. The pair faced sharp selling pressure on Thursday as renewed fears of a global economic slowdown triggered a flight to the US Dollar.Investors largely ignored softer US CPI and PPI data for February, instead focusing on US President Donald Trump's aggressive trade stance. His renewed commitment to "America First" policies stoked fears of retaliatory measures, weighing on risk-sensitive assets like the Australian Dollar.Australian Dollar under pressure as trade fears escalateThe US...
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....