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...
Gold prices (XAU/USD) moved higher in the European session on Friday ahead of the United States (US) ISM Manufacturing Purchasing Managers' Index (PMI) data for December, due to be published at 15:00 GMT. The Manufacturing PMI was seen steady at 48.4, indicating that activity contracted at a steady pace. The precious metal has outperformed in 2024 with a gain of over 27%, the metal's best annual return since 2010. The sustained rally was driven by strong safe-haven demand amid persistent geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict. According to three...
Oil prices were little changed on Friday after closing at their highest in more than two months in the previous session, amid hopes that governments around the world could step up policy support to revive economic growth that would boost fuel demand. Brent crude futures edged up 1 cent to $75.94 a barrel by 0720 GMT, after settling at their highest since Oct. 25 on Thursday. U.S. West Texas Intermediate crude also rose 1 cent to $73.14 a barrel, with Thursday's settlement the highest since Oct. 14. Both contracts were on track for a second weekly gain after investors returned from...
The Australian Dollar (AUD) continued its gains for the second straight session against the US Dollar (USD) on Friday. The AUD gained support following a Financial Times report that the People's Bank of China (PBOC) is expecting a timely interest rate cut this year. As a close trading partner, any fluctuations in the Chinese economy are likely to affect the Australian market. The National Development and Reform Commission (NDRC), China's state planner, expressed confidence in achieving a sustained economic recovery by 2025. In a statement on Friday, the agency highlighted plans to...
The US Dollar (USD) strengthened to start the new year as trading conditions returned to normal after the holiday season. The US economic calendar will feature the ISM Manufacturing Purchasing Managers' Index (PMI) data for December later in the day. Investors will also be looking for comments from central bank officials. The USD Index rose more than 0.7% on Thursday and hit its highest level since November 2022 above 109.50. On Friday morning, the index retreated towards 109.00. The risk-averse market mood helped the USD outperform its rivals on the first trading day of the...
The EUR/USD pair halted its four-day losing streak, trading near 1.0270 during the Asian session on Friday. A review of the daily chart shows a persistent bearish bias, with the pair moving down within a descending channel pattern. The 14-day Relative Strength Index (RSI), a key momentum indicator, is hovering near the 30 level, indicating oversold conditions and a possible upside correction in the near term. However, the nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, signaling weaker near-term price momentum and reinforcing the overall bearish sentiment. The...
Silver price (XAG/USD) extends its gains for the third successive day, trading around $29.60 per troy ounce during the Asian hours on Friday. This sustained rally is attributed to strong safe-haven demand amid persistent geopolitical tensions in the Middle East and the prolonged Russia-Ukraine conflict. Axios referenced three sources, indicating that US President Joe Biden reportedly explored contingency plans to target Iran's nuclear facilities if Tehran advanced significantly in developing a nuclear bomb before Donald Trump's inauguration on January 20. These talks underscore the growing...
The Australian Dollar (AUD) extends its gains for the second successive session against the US Dollar (USD) on Friday. The AUD gained support following a Financial Times report stating that the People's Bank of China (PBoC) expects an interest rate cut this year at an appropriate time. As close trade partners, any fluctuations in China's economy tend to impact Australian markets. The AUD/USD pair appreciates as the Australian Dollar recovers from two-year lows as stronger commodity prices provide support, particularly Oil and Gold, benefiting Australia's position as a major exporter of...
A gauge of the dollar weakened for the first time in eight sessions before ISM manufacturing data that's likely to provide more clues on the health of the US economy. Bloomberg Dollar Spot Index slipped 0.1%, with Australia and New Zealand's currencies leading gains against the greenback. "Dollar is getting marginally sold in thin trading as traders try not to over-read markets ahead of ISM," said Christopher Wong, strategist at Oversea-Chinese Banking Corp. "Apart from the small selloff this morning, the dollar remains broadly firmer, with the DXY above 109...
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....