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 US Dollar Index (DXY) finally halted its five-day rally and hovered around 100.20 in Asian trading on Monday (November 24th). Market participants are now awaiting the release of US producer price inflation (PPI) data for September, due out next Tuesday, as this data could provide important clues to the Fed's future policy direction. The dollar's weakening occurred after expectations for a Fed rate cut in December rose sharply. The chance of a 25 bps rate cut is now around 69%, much higher than 44% last week. Comments from Fed officials—from John Williams, who said a cut could happen...
Silver prices came under pressure again at the start of the week as global market sentiment remained cautious. Market participants reduced exposure to riskier assets after the global economic outlook was deemed weak, while uncertainty regarding major central bank interest rate policies also curbed buying interest in the precious metal. Silver, which typically moves in the direction of gold but is characterized by higher volatility, became more sensitive to these changes in sentiment. Furthermore, the mild strengthening of the US dollar at the start of the week also weighed on silver prices....
The Australian dollar weakened against the US dollar on Monday (November 24th), ahead of the release of important inflation data due this week. The market is focusing on Australia's first "full" monthly CPI release for October on Wednesday, which is expected to provide new clues about the direction of the RBA's interest rate policy. Despite the pressure on the AUD, the AUD/USD pair still found some support due to expectations that the RBA will adopt a more cautious stance. The minutes of the RBA's November meeting indicated the central bank is likely to keep interest rates high for longer....
Oil extended after the biggest weekly loss since early October, as traders weighed the prospect of a Ukraine-Russia peace deal that could increase crude flows into an already well-supplied market. Brent traded above $62 a barrel after slumping almost 3% last week, while West Texas Intermediate was below $58. European leaders and other allies have told the US the plan needed more work to try and restrain a Trump administration looking to give concessions to Russia and impose terms by Thanksgiving. Following US-Ukrainian talks on Sunday in Geneva, US Secretary of State Marco...
Gold was steady in Asia as the market weighed the chances of another Federal Reserve rate cut in the coming months. New York Fed President John Williams said he sees room for the US central bank to cut borrowing costs in the near term as the labor market softens, although other officials sounded more cautious. Bullion pared losses on Friday after Williams' comments but still ended the session lower. Futures traders are pricing in a slightly more than 60% chance of a quarter-point cut next month. Gold rose 0.1% to $4,070.08 an ounce as of 7:43 a.m. in Singapore...
EUR/USD posts moderate losses during the North American session on Friday as the US Dollar (USD) holds firm after the release of mixed economic data and dovish comments by Federal Reserve (Fed) officials. The pair trades at 1.1504, down 0.20%, after hitting a two-week low of 1.1491. Euro retreats 0.20% as weak US sentiment contrasts with firmer PMIs, markets rise December cut oddsData in the US was mixed, yet the economy shows signs of resilience. The S&P Global Manufacturing and Services PMIs were mixed in November but revealed that business confidence had improved. Other data showed...
Gold trimmed losses to about 4,080 dollars per ounce on Friday but remained on track for a weekly decline as markets digested stronger US labour data, dovish central bank signals and softer US yields. The delayed Labor Department report showed nonfarm payrolls rose by 119K in September and the unemployment rate ticked up to 4.4%, which initially reduced the odds of an immediate Fed cut and pushed the dollar higher. Minutes from the Fed October meeting revealed a divided committee and scaled back some earlier easing bets, yet remarks from the NY Fed president that a near term adjustment...
Silver slipped below $50 per ounce on Friday, falling for a second consecutive session amid expectations that the US Federal Reserve will refrain from cutting interest rates in December as policymakers navigate economic uncertainties. The delayed US nonfarm payrolls report released on Thursday showed mixed signals, with employment growth accelerating in September, but the unemployment rate rose to 4.4%, the highest in four years. This report will serve as the final labor market data ahead of next month's FOMC meeting, as the BLS said it will skip the regular October employment release and...
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....