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...
Oil prices held a four-day decline as investors shrugged off President Donald Trump's threat to impose secondary tariffs on Russian energy buyers, while US data pointed to weaker conditions in the world's largest economy. West Texas Intermediate crude traded near $65 a barrel after falling nearly 7% over four sessions, while Brent closed below $68. Trump hinted at higher tariffs on countries buying oil from Moscow possibly including China after saying he would raise levies on Indian exports within 24 hours. US special envoy Steve Witkoff is expected to travel to Russia to meet with...
The EUR/USD holds firm during the North American session on Tuesday, with traders still digesting the latest employment figures in the United States (US) and the release of further US data. Across the pond, HCOB Flash PMI numbers were mixed across the European Union (EU) yet failed to push the Euro higher against the US Dollar. At the time of writing, the pair trades at 1.1573, unchanged. Further developments, during the session, revealed that US President Donald Trump was considering nominating the US Treasury Secretary Scott Bessent to the vacant spot on the Federal Reserve, following...
Gold price advances during the North American session as speculation grows that the Federal Reserve (Fed) could begin to cut rates at the next meeting. At the same time, investors await US President Donald Trump's appointment of a new Fed Governor. The XAU/USD trades at $3,381, up 0.20%. Since last Friday, Bullion prices have recovered after July's Nonfarm Payrolls (NFP) report revealed a significant downward revision to May and June figures. Investors, caught off guard, began to price in the first 25-basis-point rate cut at the September meeting. On Tuesday, the Institute for Supply...
The Australian Dollar (AUD) edges modestly higher against the US Dollar (USD) on Tuesday, paring early losses as the Greenback comes under renewed pressure amid fresh signs of a slowing US economy. The AUD/USD pair drifted lower for most of Tuesday's session but rebounded from an intraday low of 0.6449, climbing toward 0.6473 during American trading hours after the US ISM Services Purchasing Managers Index (PMI) disappointed market expectations. The ISM Services PMI for July fell to 50.1, missing expectations of 51.5 and slipping from 50.8 in June, signaling a further loss of momentum in...
The USD/JPY pair trades 0.35% higher to near 147.70 during the European trading session on Tuesday. The pair gains after attracting significant bids after refreshing the 10-day low around 146.60 earlier in the day. An underperformance by the Japanese Yen (JPY) has contributed significantly to a decent recovery move in the pair. The Japanese currency trades weakly even as the minutes of the Bank of Japan's (BoJ) June monetary policy meeting signal that officials are confident about raising interest rates further by the year-end. The support for further policy tightening from BoJ...
The U.S. dollar will weaken steadily over the coming months on mounting concerns over the Federal Reserve's independence, the credibility of official statistics, ballooning fiscal debt and rising bets on interest rate cuts, a Reuters survey of foreign exchange analysts showed on Tuesday. Underscoring those concerns, President Donald Trump's dismissal of the Bureau of Labor Statistics commissioner last week over unproven claims of data rigging - following record downward revisions to job numbers - prompted a swift reversal of recent dollar gains from Trump's tariff deal with the EU. While...
Gold (XAU/USD) is edging higher on Tuesday after finding strong support near the $3,350 region, reversing an earlier pullback. The yellow metal had been drifting lower through the European session, struggling to extend Monday's rebound amid a firmer risk tone and a modest uptick in US Treasury yields. However, buyers stepped in near the 50-day Simple Moving Average (SMA), lifting prices off intraday lows. The recovery is being supported by continued weakness in the US Dollar, as markets maintain a strong conviction that the Federal Reserve will cut rates in September. At the time of...
Oil prices slipped lower Tuesday, continuing recent losses as traders fretted over increased production and deteriorating demand amid increased global economic headwinds. At 08:05 ET (12:05 GMT), Brent oil futures for September fell 0.8% to $68.21 a barrel and West Texas Intermediate crude futures fell 1% to $65.65 a barrel. Both contracts fell by more than 1% on Monday to settle at their lowest in a week. Oil battered by oversupply concerns, demand fears The Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, over the weekend agreed to hike production by...
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....