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...
The Australian dollar (AUD) weakened against the US dollar (USD) amid rising risk aversion amid growing concerns over US-China trade tensions. The AUD/USD pair failed to gain support from the Judo Bank Purchasing Managers' Index (PMI) released on Wednesday. The Judo Bank Australia Composite PMI rose to 51.1 in January from 50.2 in December, reflecting modest growth in private sector activity. Meanwhile, the Judo Bank Services PMI rose to 51.2 from 50.8, marking the twelfth straight month of expansion in the services sector. Despite the modest growth, it was the strongest since August. The...
Gold prices (XAU/USD) continued to rise throughout the Asian session on Wednesday (5/2) and climbed to an all-time high, around the $2,858 region in the last hour. Concerns about the economic impact of US President Donald Trump's trade tariffs continued to support demand for the safe-haven bullion. Further, expectations that the Federal Reserve (Fed) will maintain its easing cycle, supported by signs of slowing momentum in the US labor market, contributed to driving flows towards the non-yielding yellow metal. Meanwhile, the US Dollar (USD) languished near weekly lows amid prospects of...
Oil prices were little changed on Wednesday after volatile trading in the previous session as investors shrugged off the impact of China's tariffs on U.S. energy imports though President Donald Trump's renewed push to eliminate Iranian crude exports provided some support. Brent crude futures were down 18 cents, or 0.24%, at $76.02 a barrel by 0210 GMT. U.S. West Texas Intermediate crude (WTI) lost 9 cents, or 0.12%, to $72.61. Oil on Tuesday traded in a wide range, with WTI falling at one point by 3%, its lowest since Dec. 31, after China announced tariffs on U.S. imports of oil, liquefied...
Gold rose to a record high, after advancing by almost 1% in the previous session, as the opening salvos of the US-China trade war stoked haven demand. Bullion reached an all-time peak of $2,849.05 an ounce on Wednesday. That came after President Donald Trump hit Chinese imports with a 10% tariff the day before, prompting a swift but more targeted retaliation from Beijing. The response from China was relatively muted compared to Trump's first term, when Beijing hit back with tariffs that were almost on par with the US, but there's still plenty of trepidation about the...
The Australian and New Zealand dollars clung to gains on Wednesday ahead of the resumption of trade in Chinese markets, where eyes are on Beijing's fixing of the yuan midpoint rate following the outbreak of Donald Trump's trade war. The dollar was on the back foot in the early Asian session, giving some respite to heavily battered currencies like the euro, which bounced back above the $1.02 level and last bought $1.0374. Volatility in currency markets eased a little on Wednesday after a turbulent start of the week following Trump's imposition of steep tariffs on top U.S. trading partners,...
Gold reached a record high of $2,845 late Tuesday during the North American session as the US Dollar tumbled, weighed down by falling US Treasury bond yields. The "trade war" between the United States (US) and China sparked a flight to the yellow metal's safe-haven status. The XAU/USD trades at $2,843, up more than 1%. Geopolitical issues are driving bullion prices. Although US President Donald Trump delayed tariffs on Mexico and Canada, duties of 10% on Chinese goods kicked in, sparking retaliatory actions by China. China applied tariffs on specific products, such as coal, Liquefied...
Oil prices steadied after falling on concerns that the U.S.-China trade war would hurt global growth, offset by President Donald Trump's increasing economic pressure on Iran. West Texas Intermediate crude was trading below $73 a barrel after a rocky start to the week as markets were rattled by tariff announcements and subsequent delays. Brent crude settled above $76. Trump has sought to use sanctions and tougher enforcement of existing measures to increase pressure on Tehran On Tuesday, Beijing issued a swift but calculated retaliation to Trump's levies, which so far appear to be...
GBP/USD climbed 0.6% on Tuesday as tariff threats ease.President Trump's trade war threats are fading into the background.Data remains mid-tier until BoE's rate call on Thursday and Friday's US NFP.GBP/USD continued to grind higher on Tuesday, extending a recovery after the week's early plunge on trade war concerns sparked by US President Donald Trump's sweeping threats to impose stiff tariffs on his own constituents in an effort to punish some of the US' closest trade allies. Tariffs, which were supposed to go into effect on Tuesday, have been kicked down the road another 30 days, marking...
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....