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 (XAG/USD) prices extended its decline for the second session, trading around $30.90 per troy ounce during Asian hours on Friday (12/13). The daily chart analysis shows a shift in momentum to bearish from bullish bias as the pair has broken below an ascending channel pattern. The XAG/USD pair is moving below the nine- and 14-day Exponential Moving Averages (EMAs), indicating a continued bearish outlook and signaling weakening near-term price momentum. This suggests increasing selling interest and increases the likelihood of further price depreciation. Additionally, the 14-day...
Gold rose above $2,680 on Friday, recovering slightly from a more than 1% drop in the previous session, as investors continued to assess the latest economic data. U.S. factory-rate prices rose more than expected in November, fueling concerns that inflation may remain above the Federal Reserve's target into next year. However, initial jobless claims unexpectedly jumped to a nearly two-month high, far surpassing forecasts, underscoring the risk of a weakening labor market. Markets still largely expect a 25bps hike by the Fed next week and are pricing in further rate cuts next year, although...
The dollar index rose above 107 on Friday, positioning it for a 1% gain for the week, marking its best weekly performance in a month. The gains came as markets had priced in a 25 basis point interest rate cut from the Federal Reserve next week, although the outlook for 2025 remains uncertain. Data released on Thursday showed the headline producer price index rose more than expected, while the core index slowed in line with forecasts. Additionally, initial jobless claims unexpectedly rose to a nearly two-month high of 242,000, well above the 220,000 anticipated. Markets are now pricing in...
The Japanese Yen (JPY) held firm against its US counterpart, lifting the USD/JPY pair near the 153.00 level, or a fresh monthly peak during the Asian session on Friday. Recent media reports suggested that the Bank of Japan (BOJ) will not raise interest rates at its upcoming policy meeting next week, which in turn, further undermined the JPY. Moreover, expectations for a less dovish Federal Reserve (Fed) continued to support higher US Treasury bond yields and further weighed on the lower-yielding JPY. Meanwhile, the BOJ's quarterly Tankan survey released today showed that business...
The Australian Dollar (AUD) continued to weaken against the US Dollar (USD) on Friday. The threat of tariffs from the Trump administration has boosted the US Dollar (USD) across the board and created a headwind for the AUD/USD pair. Additionally, speculation about a potential 10% tariff on Chinese goods could drag the AUD lower as China has been Australia's largest trading partner. The AUD gained support after the release of mixed domestic employment data on Thursday. The seasonally adjusted Employment Change rose by 35,600, bringing the total number of employed people to 14,535,500 in...
Gold prices (XAU/USD) recovered from a dip to around $2,690 during Asian trading hours on Friday after falling from a five-week high in the previous session. All eyes will be on the US Federal Reserve's (Fed) interest rate decision next week. Gold purchases by central banks, including the People's Bank of China (PBOC), could provide some support to the yellow metal. China's central bank resumed gold purchases in November after a six-month hiatus, increasing its reserves to 72.96 million troy ounces. The move comes as Beijing signals a shift to a "moderately loose" monetary policy, with...
Oil is headed for a weekly gain as the prospect of tighter U.S. sanctions on Iran and Russia offset persistent concerns about a massive global oversupply next year. West Texas Intermediate is trading near $70 a barrel, up about 4% so far this week, while Brent closed above $73. President-elect Donald Trump's pick for national security adviser has vowed to return to "maximum pressure" on Iran, while the Biden administration is considering new sanctions on Russian oil trade before leaving the White House next month. The prospect of tougher penalties briefly sparked a bullish surge in the...
Oil prices fell slightly Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures fell 11 cents to close at $73.41 a barrel. U.S. West Texas Intermediate crude futures declined 27 cents to settle at $70.02. Both benchmarks rose by more than $1 on Wednesday. The International Energy Agency said it expected the oil market to be comfortably supplied next year, even as it revised its demand outlook for next year up slightly. OPEC cut its demand growth forecast for 2024 for the fifth straight...
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....