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 were steady on Tuesday as traders digested another round of trade tariffs, this time a 25% levy on all U.S. imports of steel and aluminium, which could weigh on global economic and energy demand in the world's biggest oil consumer. Brent crude futures were up 11 cents, or 0.14%, at $75.98 a barrel by 0128 GMT, while U.S. West Texas Intermediate crude rose 5 cents or 0.07% to $72.37. President Donald Trump substantially raised tariffs on steel and aluminium imports to the U.S. on Tuesday to a flat 25% "without exceptions or exemptions" to aid the struggling industries that could...
Gold is higher in the early Asian session, aided by prospects of demand for the precious metal as a hedge against inflation. U.S. President Trump on Monday announced global 25% tariffs on imports of steel and aluminum to the U.S. Key commodities including gold have absorbed the latest round of inflation-inducing measures of the Trump administration, says Matt Simpson, market analyst at FOREX.com and City Index. Gold's daily chart shows a strong bullish trend which appears averse to any meaningful pullback greater than a day, Simpson adds. Spot gold is 0.3% higher at $2,916.41/oz. Source :...
Gold hit a record high after President Donald Trump imposed 25% tariffs on all U.S. steel and aluminum imports, adding to uncertainty across global markets that has boosted demand for precious assets. Bullion hit an all-time peak above $2,921 an ounce — after jumping 1.7% in the previous session. Trump said Monday that the levies, which take effect March 4, will help boost domestic production and bring more jobs to the U.S., and warned that tariffs "may go higher." The precious metal has surged 11% this year, hitting a series of records, as Trump's disruptive moves on trade and geopolitics...
Oil steadied after its biggest gain in nearly four weeks as tighter Russian crude supplies overshadowed concerns about the impact of President Donald Trump's expanded tariffs. West Texas Intermediate traded above $72 a barrel after rising nearly 2% on Monday, while Brent settled below $76. Russian data showed production last month fell further below the country's OPEC+ quota. Soaring European natural gas prices have also made burning oil more cost-effective, potentially boosting demand for crude. President Trump ordered 25% tariffs on steel and aluminum imports in a sign of a growing trade...
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, is trading softer near 108.30 as investors react to mixed economic data and fresh tariff concerns. Market participants are also turning their focus to Federal Reserve (Fed) Chair Jerome Powell's upcoming testimony before Congress for guidance on future interest rate policy. The US Dollar Index remains under pressure, struggling to hold above 108.00 as sellers continue to dominate. The Relative Strength Index (RSI) remains below 50, indicating growing bearish momentum, while the DXY holds...
Crude oil futures rose after three straight weeks of declines as the market shrugged off President Trump's announcement of tariffs on steel and aluminum imports to the U.S., while the dispute between Israel and Hamas over their cease-fire agreement revived some of the geopolitical risk premium that had recently been lost from the market. Israel's statement that Hamas violated the cease-fire by delaying the next planned hostage release added to the rally, said Robert Yawger of Mizuho. He noted that the rally came amid a build in U.S. crude stockpiles as refineries slowed for maintenance,...
President Trump's threats to impose or raise tariffs on trading partners around the world have sent traders into gold futures — with the front-month contract closing up 1.6% at $2,914.30 an ounce. That was a new record for front-month gold, breaking through the $2,900 barrier for the first time. Trump's latest threat, a 25% tariff on steel and aluminum shipped to the U.S., appears to have had a major impact on Canada and Mexico, with Canada selling about 60% of its aluminum imports to the U.S. But the market is uncertain whether that will be the case. "Recent events have taught us all to...
The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, is not showing any reaction to the vast amount of headlines around tariffs that were published over the weekend. United States (US) President Donald Trump announced 25% steel and aluminum tariffs for all countries importing into the US. Also, plans for reciprocal tariffs are on the table, which would increase US import duties to match those imposed by the country's other trading partners. Meanwhile Gold, the precious metal, is printing fresh all-time highs almost every hour while trading...
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....