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...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.80 during the early Asian session on Tuesday. The WTI price extends the recovery amid concerns of near-term supply tightness. The United States (US) imposed a fresh round of sanctions, the Treasury and State Departments announced on Monday, targeting companies and individuals, including the head of Iran's national oil company. This might add to concerns of near-term supply tightness, weighing on the WTI price. On the other hand, traders will closely monitor the developments surrounding further tariff policies...
Gold consolidates in early Asian trade, but potential profit-taking may weigh after front-month gold futures settled at a fresh record high overnight. The recent uptrend in the precious metal coincided with negative signs over the future of economic activities and the labor market in the U.S., XS.com's Samer Hasn says in an email. These sources of uncertainty have added to those prevailing globally such as concerns over trade conflict between the U.S. and the rest of the world, the senior market analyst adds. Spot gold is little changed at $2,952.39/oz. Source: Marketwatch
GBP/USD was volatile on Monday (24/2), surging to a fresh 10-week high before slumping back to the day's opening bid near 1.2630. Cable failed to reclaim the 1.270 handle, and price action has fallen back below the 200-day Exponential Moving Average (EMA) near 1.2660. A resurgence in US inflation figures late last week sparked a fresh round of risk aversion. Investors will be focused on the upcoming US Personal Consumption Expenditure (PCE) inflation data due later this week. Traders are hoping that the early-year uptick in key inflation data from the US will recede quickly and not turn...
Oil prices edged up on Monday as new U.S. sanctions on Iran and a commitment to compensate for excess production by Iraq added to concerns about a short-term supply squeeze, helping the market recover some of Friday's steep losses. Brent crude futures rose 45 cents, or 0.6%, to $74.88 a barrel by 1:39 p.m. EST (1839 GMT), after closing at their lowest since Feb. 6 on Friday. U.S. West Texas Intermediate crude futures rose 43 cents, or 0.6%, to $70.83, recovering from their lowest settlement so far this year in the previous session. The U.S. Treasury Department imposed a new round of...
Gold prices surged during the North American session after hitting a record high of $2,956 as the greenback weakened and US Treasury yields fell. At the time of writing, XAU/USD was trading at $2,949, up 0.49%. Uncertainty kept Bullion prices firm as investors weighed US President Donald Trump's proposed trade policies. Geopolitics continued to be in the second stage as the Ukraine-Russia conflict appeared closer to being resolved, while rising tensions in the Middle East fueled demand for Gold. Gold prices have been on the rise for the past eight weeks, driven by the most significant net...
Oil prices steadied on Monday as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq. Brent futures were down 6 cents, or 0.1%, at $74.37 barrel by 1302 GMT while U.S. West Texas Intermediate crude futures declined by 14 cents, or 0.2%, to $70.26. Both Brent and WTI dropped by more than $2 on Friday, registering weekly declines of 0.4% and 0.5% respectively. All eyes remain on efforts to end Russia's war on Ukraine, which enters its fourth year on Monday. Officials said on Sunday that European Union...
Gold's price (XAU/USD) is holding on to intraday gains on Monday, trading near $2,947 at the time of writing, supported by a weaker US Dollar (USD) and softer US yields in a reaction to the recent German federal election outcome. Although the far-right party Alternative for Germany (AfD) has gained 20% of votes, the Christian Democratic Union of Germany (CDU) is comfortable in the lead with 208 seats against AfD's 152. US yields dropped off and the CME Federal Reserve (Fed) Futures are now favoring a 25 basis points (bps) rate cut in June, where last week odds were rather for no rate cut in...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, recovers the nearly 0.50% loss it incurred in the opening hours in the Asian markets and trades flat near 106.60 at the time of writing on Monday. The initial move down in the US Dollar came in due to euphoria for the Euro (EUR) after the first German election results showed a firm lead for the Christian Democratic Union of Germany (CDU), which will take the lead in forming a coalition. As the dust settles, this means that fundamentally, no big changes will take place in Germany...
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....