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 (XAU/USD) edged higher to trade around $2,630 on Tuesday (3/12) after comments from a Federal Reserve (Fed) speaker raised the possibility of the Fed cutting interest rates at its December policy meeting. Lower interest rates are positive for Gold as they reduce the opportunity cost of holding non-interest-paying assets. Rising geopolitical risks can also support Gold amid ongoing conflicts in the Middle East, now exacerbated by the outbreak of civil war in Syria, the Russia-Ukraine conflict, and political risks in France. During times of crisis, investors turn to Gold for...
The dollar weakened against all G10 currencies except the yen, which pared Monday's gains, ahead of U.S. data and a slew of Fed speeches. The Bloomberg Dollar Index fell 0.1%, after a 0.5% gain Monday; its volatility trend shifted slightly lower as currency markets still favor a quarter-point interest rate cut by the FOMC this month. The U.S. jobs report is due later in the day, followed by private employment on Wednesday and key nonfarm payrolls data on Friday. Fed Governor Adriana Kugler, San Francisco Fed President Mary Daly and Chicago counterpart Austan Goolsbee are also scheduled to...
The euro edged up on Tuesday, regaining some poise after political turmoil in France sent traders scrambling for hedging protection against further price swings, while the yuan hit a 13-month low on tariff risks and weakness in China's economy. The yen, which has gained nearly 4.5% in the last two weeks, retreated slightly against the dollar, but remained near six-week highs, as traders are growing increasingly confident that Japan may hike rates this month. The euro, which had been the weakest G10 currency through November, began this month with a 0.7% fall on Monday and was last hovering...
Oil prices rose nearly 1% on Tuesday, as traders awaited the outcome of the OPEC+ meeting later this week. Brent crude was up 66 cents, or 0.92%, at $72.49 a barrel by 0909 GMT, while U.S. West Texas Intermediate crude was up 63 cents, or 0.93%, at $68.73. OPEC+ is likely to extend its latest round of production cuts until the end of the first quarter at its meeting on Dec. 5, sources have said. "Given the improved compliance with production cuts from Russia, Kazakhstan and Iraq, the decline in Brent prices and indications in press reports, we assume OPEC+ production cuts will be extended...
Gold (XAU/USD) prices struggled to capitalize on its modest intraday uptick to $2,650 area and turned flat during the first half of the European session on Tuesday (3/12). Traders now seemed reluctant and preferred to wait for further cues on the Federal Reserve's (Fed) rate cut signal before positioning for the next leg of a directional move. Hence, the focus remains on this week's important US macro releases, including the closely watched Nonfarm Payrolls (NFP) report on Friday. Apart from this, Federal Reserve (Fed) Chairman Jerome Powell's scheduled speech will be looked upon for the...
Gold prices were steady on Tuesday as investors took a cautious stance ahead of the upcoming U.S. economic data that could provide insights into the Federal Reserve's interest rate path. Spot gold was nearly unchanged at $2,636.50 per ounce, as of 0156 GMT, after falling as much as 1% on Monday. U.S. gold futures was flat at $2,659.00. The dollar drifted higher, making greenback-priced bullion more expensive for overseas buyers. Key U.S. data this week includes the job openings due later in the day, the ADP employment report on Wednesday, and the payrolls report on Friday. "It seems...
USD/JPY climbs back closer to 150.00 mark.The Japanese Yen (JPY) edges lower against its American counterpart during the Asian session on Tuesday and pushes the USD/JPY pair away from the lowest level since October 16 touched the previous day. However, speculations that the Bank of Japan (BoJ) could hike interest rates again in December should limit any meaningful JPY depreciation. Apart from this, US President-elect Donald Trump's looming trade tariff threats, along with persistent geopolitical risks, might underpin the safe-haven JPY. Meanwhile, the recent decline in the US Treasury bond...
Global oil prices ended little changed Monday, while U.S. prices posted a modest gain as upbeat manufacturing data from China lifted prospects for energy demand. A cease-fire between Israel and Iran-backed Hezbollah led to a drop in prices for the month of November. Weakness on Friday came after the Organization of the Petroleum Exporting Countries and its allies — known together as OPEC+ — delayed until Thursday a meeting that had been set for Sunday. West Texas Intermediate crude for January delivery rose 10 cents, or nearly 0.2%, to settle at $68.10 a barrel on the New York Mercantile...
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....