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 eased on Friday but were set for a weekly gain as investors gravitated towards safe-haven assets amid political uncertainty in the Middle East, overshadowing pressure from a firmer dollar. Spot gold fell 0.8% to $2,614.39 per ounce. U.S. gold futures were down 0.9% to $2,629.7. "There remain geopolitical hotspots around the globe, which is keeping gold in play from a safe haven perspective," said Tim Waterer, chief market analyst at KCM Trade. "Between Russia-Ukraine and events in Gaza, investors remain keen on gold in case either situation flares up further." In the Middle...
Oil rose 1% on Friday and was on track for a weekly gain, spurred by expectations of a stimulus-driven economic recovery in China, the world's biggest oil importer, and by forecasts of lower U.S. inventories. Analysts polled by Reuters had expected U.S. crude stocks to have declined by about 1.9 million barrels last week and market sources said the American Petroleum Institute put the decline at 3.2 million barrels. Brent crude futures were up 74 cents, or 1%, at $74 a barrel by 1404 GMT. U.S. West Texas Intermediate crude rose 80 cents, or 1.15%, from Thursday's close to $70.42. For the...
Gold prices edged lower on Friday (12/27) as the US dollar index held steady, despite continued demand for safe-haven assets amid global geopolitical tensions. Gold futures for February delivery fell 0.11%, or $3, to settle at $2,650.90 an ounce by 10:36 a.m. KSA time and was on track for a weekly loss of around 0.10%. Spot gold was steady at $2,636.08 an ounce, while silver futures for March delivery were unchanged at $30,415 an ounce. Spot platinum fell 0.14% to settle at $938.48 an ounce. The dollar index, which measures the greenback against a basket of six major currencies, was...
Silver (XAG/USD) prices fell near $29.60 in thin trading after the Christmas and Boxing Day holidays on Friday (12/27). The white metal came under pressure despite heightened tensions in the Middle East between Israel and Iran. On Thursday, Israel launched missiles at the Iran-backed Houthi military and bombed Yemini airport. Following the airstrike, Israeli Prime Minister Benjamin Netanyahu said in an interview with Israel's Houthi TV station, "We have just started with them." Israel retaliated against last week's airstrike by Iran. Historically, rising geopolitical tensions increase...
EUR/USD traded in a narrow range around 1.0400 during the European session on Friday (12/27) amid thin trading as market participants stayed away due to the Christmas holiday. The currency pair struggled to find direction while the US Dollar (USD) strengthened on strong expectations that the Federal Reserve (Fed) will follow a gradual policy easing path as inflation has recovered slightly in the past three months. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, remained above the key support of 108.00. The USD's performance has remained...
The GBP/USD pair posted modest gains near 1.2520 during the early European session on Friday. However, the major currency pair's gains seem limited amid subdued trading activity and growing expectations that the US Federal Reserve (Fed) will deliver fewer interest rate cuts next year. According to the daily chart, the GBP/USD bearish outlook remains valid with the price holding the key 100-day Exponential Moving Average (EMA). The downside momentum is reinforced by the 14-day Relative Strength Index (RSI), which is located below the midline around 38.35, suggesting that further declines...
Gold prices moved lower amid a quiet post-Christmas holiday trade, trading near $2,630 during the Asian session on Friday (12/27). However, the safe-haven asset could find upside support as markets anticipate signals from the US economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025. Gold, a non-yielding asset, gained traction as modest US PCE inflation data challenged expectations of limited Fed rate cuts next year, hinting at the possibility of more cuts. The safe-haven appeal was supported by rising geopolitical risks stemming from...
The Japanese Yen (JPY) strengthened against the US Dollar (USD) on Friday. The USD/JPY pair retreated from its recent gains as the Japanese Yen (JPY) strengthened following the release of the Tokyo Consumer Price Index (CPI) inflation data. The data is expected to keep the Bank of Japan (BoJ) on track to raise interest rates in January The headline Tokyo CPI inflation rose to 3.0% YoY in December, up from 2.6% in November. Meanwhile, Tokyo CPI excluding Fresh Food and Energy rose to 2.4% YoY in December, compared to 2.2% in the previous month. Tokyo CPI excluding Fresh Food also rose...
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....