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...
Silver rose above $32 per ounce in February, the highest in three months, tracking the preference for safety in other precious metals as markets assessed the global growth outlook under threats of trade wars. US President Trump followed through with 10% tariffs on China, driving Beijing to announce retaliatory levies on US energy goods to be enacted next week. In the meantime, the JOLTS report indicated fewer job openings than expected in the US during December, while manufacturing orders declined sharply. Consequently, the market continued to bet on multiple rate cuts by the Fed this year,...
USD/CHF holds positive ground around 0.9125 in Tuesday's early European session. China announced a levy of additional tariffs of up to 15% on select US imports starting February 10. Swiss Real Retail Sales rose 2.6% YoY in December. The USD/CHF pair trades with mild gains around 0.9125 during the early European session on Tuesday. The markets might turn cautious later in the day as traders await the developments surrounding tariff negotiations with China. China's finance ministry on Tuesday announced a package of tariffs on a range of US products, including crude oil, farm equipment, and...
AUD/USD advanced to 0.6255 on Tuesday, extending Monday's rebound.China announced tariffs on specific US goods.Market sentiment improves on expectations of softer US data and potential RBA easing.On Tuesday, the AUD/USD rose to 0.6255 as the pair extended Monday's comeback. The recovery comes after renewed US tariffs on China prompted by President Trump followed delays in tariffs on Canada and Mexico, the latter of which have eased trade war fears. Meanwhile, aggressive bets on a February Royal Bank of Australia (RBA) rate cut and concerns over China's economic slowdown continue to weigh on...
Gold hits an all-time high of $2,845, gaining over 1% as trade war fears intensify safe-haven demand.Chinese retaliatory tariffs on US goods and export controls amplify market uncertainties.Upcoming Fed speeches may influence gold's trajectory, with potential hawkish shifts tempering gainsGold 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...
The US Dollar Index (DXY), which tracks the US dollar against a basket of six major currencies, was looking downbeat on Tuesday after first hitting 109.00 before falling back to a lower 108.37 level in European trade. The DXY was trading around 108.50 at the time of writing. Markets reacted to a mix of headlines with relief from Mexico and Canada, which saw the imposition of US tariffs delayed. Meanwhile, China has retaliated against US President Trump's tariffs by issuing its own levies on US imports. The economic data calendar is taking shape ahead of Friday's Nonfarm Payrolls data. The...
Oil prices fell below $72 a barrel after China announced retaliatory measures against the U.S., wiping out gains made this year. Here's a look at news that could drive North American resource stocks trading today. Oil prices erased all of their gains so far this year as the U.S.-China trade war escalated, hurting global growth and energy demand. The first salvo in the latest U.S.-China trade war made it clear that Xi Jinping is taking a more cautious approach than during Donald Trump's first term. China has imposed a 15% tariff on liquefied natural gas (LNG) imports from the U.S.,...
Gold (XAU/USD) prices are looking for direction after hitting a new record high on Monday and after China retaliated early Tuesday against US tariffs issued over the weekend. Beijing imposed 15% tariffs on US energy imports worth less than $5 billion, such as Coal and Liquefied Natural Gas (LNG), and 10% charges on US Oil and farm equipment. Beijing will also investigate Google for alleged antitrust violations. Markets are unclear about what to make of these retaliatory tariffs and have been showing mixed price action on Tuesday. On the economic data front, the calendar is light ahead of...
EUR/USD bounced back from an intraday low of 1.0270 and rebounded near 1.0350 during the European session on Tuesday (February 4). The major currency pair found buying demand as US President Donald Trump's decision to delay tariffs on Canada and Mexico has reduced the safe-haven appeal of the US Dollar (USD). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, gave up its intraday gains and is trading at 108.44 at the time of writing, right on track to hit Monday's low of 108.40. US President Trump suspended tariffs on his North American partners...
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....