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...
The dollar fell and US government bonds rallied after Donald Trump picked Scott Bessent to run the Treasury, a Wall Street veteran who investors expect will take the sting out of the administration's more aggressive trade and economic policy proposals. A gauge of the greenback fell as much as 0.6% on Monday, its biggest decline in over two weeks, with the euro rebounding from the weakest level since 2022 reached last week. The yield on 10-year Treasuries fell as much as eight basis points to 4.32%, the lowest level since mid November. Bessent, who runs macro hedge fund...
Oil dipped as Treasury Secretary nominee Scott Bessent pushed for increased US production and Israel said it's potentially days away from a cease-fire deal with Lebanon's Hezbollah. Brent crude fell below $75 a barrel after jumping almost 6% last week on increased geopolitical risks in Ukraine and Iran. Bessent advised President-elect Donald Trump to push for millions of barrels a day more of oil production or its equivalent, according to the Wall Street Journal. That push comes at the same time OPEC is set to decide on whether to add extra barrels to the market and...
EUR/USD faces selling pressure near the psychological resistance of 1.0500 in Monday's European session after a solid opening that lost some steam as the US Dollar (USD) attempts to rebound. The US Dollar Index (DXY), which gauges the Greenback's value against six major currencies, broadly consolidates at around 107.00 as investors digest the selection of fund manager Scott Bessent for the role of Treasury Secretary by President-elect Donald Trump. The Greenback fell sharply early in the Asian session, as did 10-year US Treasury yields, in a warm welcome by bond markets given Bessent's old...
The dollar retreated on Monday after a stellar run as the pick for U.S. Treasury secretary seemed to reassure the bond market about fiscal discipline, pulling yields lower and shaving some of the currency's rate advantage. Yields on 10-year Treasuries slipped to 4.343%, from 4.412% late on Friday, as President-elect Donald Trump's choice of fund manager Scott Bessent was welcomed by the bond market as an old Wall Street hand and fiscal conservative. However, Bessent has also openly favoured a strong dollar and supported tariffs, suggesting any pullback in the currency might be...
Gold futures slump as investors take profits ahead of U.S. economic data releases. Futures are down 1.5% at $2,673 a troy ounce. After a rally of 5.4% the week prior, Monday's session saw consistent and unrelenting selling in Asian trading, says Pepperstone's Chris Weston. The selloff is more likely a position adjustment rather than cooling save-haven demand, Weston says in a note. Some investors are likely ending long gold bets ahead of a U.S. consumer confidence report on Tuesday that could get a larger-than-expected bump from President-elect Donald Trump, Weston says. There is also the...
Silver price (XAG/USD) retraces its recent gains, trading around $30.80 per troy ounce during the Asian session on Monday. This decline may be linked to a technical pullback, similar to the weakness seen in precious metal Gold. However, Silver, as a safe-haven asset, could regain its momentum due to the escalating Russia-Ukraine conflict. On Friday, President Vladimir Putin confirmed that Russia conducted a hypersonic intermediate-range missile test in an attack on the Ukrainian city of Dnipro. The Kremlin stated that the strike was a retaliatory measure in response to Ukraine's first...
Gold tumbled after surging by the most in 20 months last week, with traders ignoring a softer US dollar and shifting their attention to the Federal Reserve's upcoming interest-rate decision. Bullion fell by almost 2% to drop back below $2,700 an ounce, despite a slide in the US currency, which typically aids the commodity. Investors are now focused on the outlook for monetary policy, after a report showed US business activity expanding at the fastest pace since April 2022. Swaps traders see a less-than-even chance the central bank will cuts rates next month. Higher...
Oil prices held near two-week highs on Monday after rising 6% last week, as geopolitical tensions escalated between Western powers and major oil producers Russia and Iran, raising the risk of supply disruptions. Brent crude futures rose 13 cents, or 0.2%, to $75.30 a barrel by 0115 GMT, while U.S. West Texas Intermediate crude was at $71.38 a barrel, up 14 cents, or 0.2%. Both contracts last week posted their biggest weekly gains since late September to reach their highest settlements since Nov. 7 after Russia fired a hypersonic missile over Ukraine in a warning to the United States and...
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....