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...
Oil prices edged higher in European trading on Wednesday, as traders weighed supply disruption concerns in Russia and the U.S.. Yet gains were limited by the prospect of easing sanctions of Russia -- and a subsequent return of supplies from the major oil-producing country -- in the event of a peace deal to halt the war in Ukraine. Brent crude futures rose 0.5% to $76.26 a barrel by 06:13 ET, while West Texas Intermediate crude futures had increased by 0.6% to $72.29 per barrel.Prices rose in the prior session after Ukrainian drone strikes targeted a key Russian crude-pumping station,...
The Pound Sterling weakens against its major peers even though the United Kingdom (UK) Consumer Price Index (CPI) report for January showed that inflationary pressures accelerated at a faster-than-expected pace. In the 12 months to January, the headline CPI rose by 3%, faster than estimates of 2.8% and the December reading of 2.5%. In the same period, the core CPI – which excludes volatile components of food, energy, alcohol, and tobacco – grew by 3.7%, as expected, faster than the former reading of 3.2%. Month-on-month headline CPI inflation deflated at a slower-than-projected pace of...
Oil extended this week's advance on uncertainties around supplies from Russia, Kazakhstan and the rest of the OPEC+ alliance. Brent rose for a third straight session, trading above $76 a barrel. OPEC+ is weighing pushing back a series of monthly supply increases due to begin in April, which would be the fourth delay if implemented.At the same time, the exclusion of President Volodymyr Zelenskiy from US-led talks to end the war in Ukraine may slow an agreement and, consequently, the potential normalization of Russian crude flows.Source: Bloomberg
The dollar held steady against a range of currencies on Wednesday while the yen strengthened, as traders focused on talks over a Ukraine ceasefire and digested the latest round of tariff threats from U.S. President Donald Trump.The pound, meanwhile, got a small lift from a stronger-than-expected UK inflation print.The dollar index last stood at 107.06, up 0.047% after dropping 1.2% last week. The yen was stronger against the dollar , up 0.24% at 151.675.Source: Reuters
Gold's price (XAU/USD) extends this week's bullish momentum and hits a fresh all-time high at above $2,945 during the European trading session on Wednesday. The up-move comes after United States (US) President Donald Trump's harsh words on Ukraine overnight, just hours after first talks between the US and Russia officials raised concerns among traders if a peace deal is even in the cards. Meanwhile, President Trump confirmed again that 25% tariffs on automobile imports are coming, extending to pharmaceutical and semiconductor imports in addition. Meanwhile, the Federal Reserve (Fed) is set...
Oil prices edged up on Wednesday amid worries of oil supply disruptions in the U.S. and Russia, and as markets awaited clarity on the Ukraine peace talks. Brent crude futures were up 14 cents, or 0.2%, at $75.98 a barrel at 0450 GMT, and possibly set for a third day of gains. U.S. West Texas Intermediate crude futures for March rose 16 cents, or 0.2%, to $72.01, up 1.8% from the close on Friday after not settling on Monday because of the Presidents' Day public holiday. The March contract expires on Thursday and the more active April contract gained 14 cents, or 0.2%, to $71.97. "The...
Silver prices held above $32.5 per ounce on Wednesday after gaining over 2% over the past two sessions, as global trade uncertainties continued to drive safe-haven demand for precious metals. US President Donald Trump said on Tuesday that he plans to impose auto tariffs "in the neighborhood of 25%" and similar duties on semiconductors and pharmaceutical imports, raising worries over a wider trade war. Meanwhile, investors kept an eye on US-led efforts to resolve the war in Ukraine, which could reduce demand for safe-haven assets like silver. Last week, silver reached a three-month high as...
USD/CHF weakens to around 0.9030 in Wednesday's early European. Global geopolitical stress boosts the safe-haven flows, supporting the CHF. Fed's Daly said the central bank should keep short-term borrowing costs where they are until the progress is more visible.The USD/CHF pair softens to near 0.9030 during the early European session on Wednesday. Tension-filled negotiations on the Russia-Ukraine conflict boost the safe-haven flows, benefiting the Swiss Franc (CHF). Traders will take more cues from the FOMC Minutes, which will be published later on Wednesday. Ukraine President Volodymyr...
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....