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...
EUR/USD is steady in a tight range around 1.0400 during the European session on Friday (7/2) as the US Dollar (USD) trades cautiously ahead of the US (US) Nonfarm Payrolls (NFP) data for January, due to be published at 13:30 GMT. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, is fluctuating around 107.80. Economists expect the US economy to have added 170,000 jobs, down from 256,000 in December. The Unemployment Rate is expected to remain steady at 4.1%. The official employment data is expected to drive market speculation about how long the...
The AUD/USD pair moved up in the European session on Friday (7/2) but continues to face pressure near 0.6300. The Australian currency pair moved sideways as investors await the US Nonfarm Payrolls (NFP) data for January, due to be published at 13:30 GMT. Market participants will be closely focused on the employment data, which will provide clues on how long the Federal Reserve (Fed) will keep interest rates steady between 4.25% and 4.50%. The US economy added 170,000 jobs last month, down from 256,000 in December, according to estimates. The Unemployment Rate is expected to remain steady...
Crude oil prices rose early Friday, but remain on track for a third straight week of declines as U.S. President Donald Trump's tariff announcements and a potential trade war with China weigh on the market. Brent crude gained 0.7% to US$74.81/barrel and West Texas Intermediate crude increased 0.7% to US$71.07/b at last look. Oil prices found some support from the U.S. Treasury's announcement of new sanctions on a few individuals and tankers helping to ship Iranian crude to China, Reuters said in a Friday report. "Oil prices saw some stability return this morning following a volatile...
Gold's price (XAU/USD) edges higher and trades back up near $2,865 at the time of writing on Friday after its rather sluggish performance the previous day. The pickup in the rally comes ahead of the US Nonfarm Payrolls (NFP) report later in the day. A weaker number would benefit Gold, with rate cut odds from the Federal Reserve (Fed) increasing. Meanwhile, headlines emerged on Friday that China's central bank, the People's Bank of China (PBOC), has expanded its Gold reserves for a third month in a row. Even at fresh all-time high prices, the central bank bought roughly 0.16...
Silver held steady above $32.20 an ounce on Friday, on track for its fifth weekly gain in six years. The precious metal was supported by a weaker dollar, as concerns over escalating global trade tensions eased. Both the U.S. and China have taken a more cautious stance on tariffs, with U.S. President Donald Trump and Chinese President Xi Jinping set to discuss trade developments, potentially reversing some of the existing restrictions. Silver is also benefiting from expectations that the U.S. Federal Reserve will continue to cut interest rates this year, with markets anticipating two...
Gold (XAU/USD) prices surrendered most of its intraday gains heading into the European session on Friday (February 7), although remained close to the record highs touched earlier this week. The US Dollar (USD) moved higher amid some repositioning trade ahead of the release of the US Nonfarm Payrolls (NFP) report, which in turn, was seen as a key factor acting as a headwind for the commodity. That said, concerns over escalating US-China trade tensions and the economic impact of US President Donald Trump's trade policies might continue to act as a tailwind for the safe-haven Gold prices....
Oil prices edged up in Asian trade on Friday but were on track for a third straight weekly decline, fueled by U.S. President Donald Trump's renewed trade war with China and threats of tariffs on other countries. Brent crude was up 32 cents at $74.61 a barrel by 0500 GMT, but is expected to drop 2.8% this week. U.S. West Texas Intermediate crude, meanwhile, was up 24 cents at $70.85 a barrel, down about 2.3% for the week. "Oil prices have stabilized this morning after a volatile session overnight, as traders react to news of U.S. sanctions on Iranian crude exports to China," said Yeap Jun...
The Japanese Yen (JPY) moved lower after a cautious statement from the International Monetary Fund (IMF) and helped the USD/JPY pair bounce from sub-151.00 levels, the lowest level since December 10, touched during the Asian session on Friday (February 7). However, a meaningful JPY depreciation seems elusive given the growing acceptance that the Bank of Japan (BOJ) will continue to tighten its policy. In fact, comments from a senior BOJ official on Thursday suggested that the Japanese central bank is sticking to its stance of continuing to raise borrowing costs. This would result in a...
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....