Gold prices rose on Friday and were set for a fourth consecutive weekly gain, as mounting concerns over a weakening U.S. labour market eclipsed inflation worries ahead of a widely expected Federal Reserve rate cut next week. Spot gold was up 0.6% at $3,654.37 per ounce, as of 0211 GMT. The contract hovered near a record high of $3,673.95 touched on Tuesday. Bullion has gained 1.9% so far this week. U.S. gold futures for December delivery were up 0.5% at $3,692.80. "Now the market is looking for a high chance of at least three interest rate cuts before 2025 ends, which is much more than...
The GBP/USD pair remains on the defensive around 1.2895, the lowest since August 16 during the early Asian trading hours on Friday. The major pair edges lower after the UK Labour government announced its first Autumn Forecast Statement on Wednesday. The US inflation, as measured by the Personal Consumption Expenditure Price Index (PCE), grew at a slightly faster-than-expected pace in September. Data released by the US Bureau of Economic Analysis (BEA) on Thursday showed that the headline PCE rose 2.1% YoY in September, compared to 2.2% in August, in line with the market consensus of...
Gold was steady after its biggest one-day drop since July, as traders took profits near record-high levels and strong US data weakened the case for further monetary easing. Bullion traded near $2,745 an ounce and was on track to end this week little changed. The metal fell from a record-high on Thursday as Treasury yields climbed, reflecting a drop in expectations for aggressive Federal Reserve interest-rate cuts following an unexpected drop in new jobless claims and a pick up in underlying inflation. Higher rates tend to weigh on gold, which...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....