Gold prices advanced to a record high on Tuesday amid rising optimism that the Federal Reserve is set to kick off what will likely be a series of interest rate reductions. Gold futures rose 0.2% to $3,683.70 per ounce, having traded above $3,700 earlier in the session. Spot gold was last up 0.3% at $3,645.73 per ounce, down from as high as $3,674.09. "Prices have been rising for three consecutive sessions, supported by increased bets on a wave of (Fed) rate cuts this year," ING said in a Tuesday note. The safe haven asset's price has soared about 40% since the start of the year, according...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining steady after two days of slight gains and trading around 98.80 during the European hours on Wednesday. Traders will likely observe the speeches from the Federal Reserve (Fed) policymakers later in the day, including Susan Collins, Lisa Cook, and Mary Daly. The Greenback may gain ground as traders adopt caution following US President Donald Trump's announcement on Tuesday that he will appoint the Fed's Chair and Kugler's replacement by the end of the week, and confirmed his...
Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after U.S. President Donald Trump's threats of tariffs on India over its Russian crude purchases. "There's still plenty of uncertainty over the U.S. imposing secondary tariffs on buyers of Russian oil ... market chatter is growing that China's purchases of Russian oil may come into focus next," ING commodity strategists said on Wednesday. "If India were to stop buying Russian oil amid tariff threats, we believe the market would be able to cope with the loss of this...
USD/CHF weakened after two days of gains, trading around 0.8070 during the Asian session on Wednesday (August 6th). The currency pair depreciated as the US dollar (USD) weakened due to strong dovish sentiment surrounding the Federal Reserve's (Fed) policy outlook. Traders will likely be watching upcoming speeches by Fed policymakers, including Susan Collins, Lisa Cook, and Mary Daly. The US Fed is expected to cut interest rates by 25 basis points in September, following weak labor market data that has raised concerns about the US economic outlook. The market continues to price in a above...
Gold prices weakened slightly on Wednesday (August 6th) as the dollar strengthened slightly, while investors refrained from placing large bets ahead of US President Donald Trump's decision on Fed official appointments. Spot gold fell 0.1% to $3,376.01 an ounce, as of 03:12 GMT, after hitting a near two-week high on Tuesday. US gold futures fell 0.1% to $3,431.10. The dollar rebounded from a one-week low reached in the previous session, reducing gold's appeal for holders of other currencies. "We see that gold prices are consolidating and are actually biased slightly upward," said Brian Lan,...
Silver (XAG/USD) prices remained stable after posting gains in three consecutive sessions, trading around $37.80 per troy ounce during the Asian session on Wednesday (August 6th). Technical analysis of the daily chart shows the precious metal moving upward within an ascending channel pattern, indicating a persistent bullish bias. The 14-day Relative Strength Index (RSI) is above 50, reinforcing the bullish bias. However, silver is trading below the nine-day Exponential Moving Average (EMA), indicating weakening short-term price momentum. On the upside, the XAG/USD pair is likely to explore...
The US Dollar Index (DXY), a measure of the value of the US dollar (USD) against a basket of six global currencies, traded slightly higher near 98.80 during Asian trading hours on Wednesday (August 6th). Traders are preparing for speeches from Federal Reserve (Fed) policymakers, including Susan Collins, Lisa Cook, and Mary Daly, later this month. The DXY remained strong as traders continue to assess global trade developments, which could trigger renewed market volatility. US President Donald Trump's latest trade deadline also falls on Friday, when a new round of high tariffs will take...
The Japanese Yen (JPY) oscillated within a range against the US currency during the Asian session on Wednesday (August 6th), moving little following the release of less-than-impressive macro data. Japan's inflation-adjusted real wages fell for the sixth consecutive month in June, fueling concerns about a consumption-driven recovery. This occurred amid domestic political uncertainty and dampened speculation of an imminent interest rate hike by the Bank of Japan (BoJ). Furthermore, signs of stability in the equity market have hampered the JPY's safe-haven stance. Meanwhile, the BoJ revised...
Gold held its longest streak of gains since February, boosted by fears of a US economic slowdown that have increased haven demand, along with traders' bets on lower interest rates. Bullion was steady at around $3,383 an ounce in early Asian trading, after gaining more than 3% over the previous four trading sessions. In the US, the latest sign of tariff-inflicted damage on the economy came from data that showed the services sector effectively stagnated in July. Other figures last week highlighted a weak labor market and consumer spending. Signs of...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....