Gold rises in the early Asian trade. Its recent surge past $3,600/oz reflects investor demand for safe-haven assets due to deepening global economic and geopolitical uncertainty, Sean Hoey, managing director of IBV International Vaults London writes in a note. There has been a sharp rise in demand for physical precious metals which are insulated from broader market volatility, Hoey adds.Spot gold is 0.3% higher at $3,633.87/oz. Source: Bloomberg
Gold prices steadied on Tuesday, hovering near a two-week high hit in the last session, as softer U.S. jobs data bolstered hopes of a rate cut in September and weighed on the dollar, and Treasury yields. Spot gold was trading at $3,369.25 per ounce, as of 0629 GMT. Bullion hit its highest since July 24 on Monday. U.S. gold futures was unchanged at $3,423.20. The yield on the benchmark 10-year Treasury note also hit a one-month low. "Short-term momentum has improved for the bullish side of the story... fundamental narrative supporting gold prices is that the Fed is still in the mode to...
Oil prices weakened on Tuesday (August 5th) on concerns about oversupply as OPEC+ continued significant production increases despite a weak demand outlook. This increase was more than enough to offset potential tightening of the Russian oil trade due to US policy. Brent crude futures fell 11 cents, or 0.16%, to $68.65 per barrel at 04:24 GMT. US West Texas Intermediate crude futures fell 12 cents, or 0.18%, to $66.17 per barrel. This was the fourth consecutive decline for both contracts, which had previously fallen more than 1% in the previous session and hit their lowest levels in a week....
Gold prices held steady on Tuesday (August 5), near a more than one-week high reached in the last session, as weaker US employment data reinforced expectations of a Federal Reserve interest rate cut in September, weighing on the dollar and government bond yields. Spot gold was steady at $3,371.40 per ounce at 04:32 GMT. Bullion hit its highest level since July 24 on Monday. US gold futures were unchanged at $3,425.30. The dollar index traded near a one-week low, making gold more affordable for holders of other currencies. The yield on the 10-year US government bond also hit a one-month...
Silver prices (XAG/USD) traded slightly after rising in the previous two sessions, trading around $37.50 per troy ounce during the Asian session on Tuesday (August 5). This non-yielding silver could attract buyers amid growing expectations of a rate cut by the US Federal Reserve (Fed) in September. According to the CME FedWatch Tool, the market is pricing in a 91.6% chance of a Fed rate cut next month, driven by weaker labor market data that has raised concerns about the US economic outlook. Federal Reserve Bank of San Francisco President Mary C. Daly said Monday evening that while there...
The US Dollar Index (DXY), a measure of the value of the US dollar (USD) against a basket of six global currencies, traded negative around 98.70 at the start of Tuesday's Asian trading session. Traders await the release of the US ISM Services Purchasing Managers' Index (PMI) on Tuesday for further impetus. US Nonfarm Payrolls (NFP) rose by 73,000 in July, compared to a 14,000 increase (revised from 147,000) previously, according to the US Bureau of Labor Statistics (BLS) on Friday. This figure was below the market consensus of 110,000. Meanwhile, the US Unemployment Rate edged up to 4.2% in...
West Texas Intermediate (WTI), the US crude oil benchmark, traded around $65.65 at the start of the Asian trading session on Tuesday (August 5). WTI traded slightly lower after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to another significant production increase in September. OPEC+ met virtually on Sunday and agreed to increase oil production by 547,000 barrels per day (bps) for September amid growing concerns over potential supply disruptions related to Russia. The group began increasing production in April with a modest increase of 138,000 bpd,...
Gold edged higher early in the Asian session, boosted by growing expectations of a US interest rate cut next month. However, "without a clear shift in dovishness from the Fed, which has yet to materialize, we expect the precious metal to trade within a price range," Sucden Financial said in its daily note. Lower interest rates reduce the opportunity cost of holding gold, which does not pay interest or dividends. Spot gold rose 0.1% to $3,378.35/oz. Spot silver was unchanged at $37.40/oz. Source: Dow Jones Newswires
The EUR/USD stagnates during Monday's session, virtually unchanged, after Friday's rally of over 1.52% following a worse-than-expected Nonfarm Payrolls report, which triggered a ramp-up of expectations for a Federal Reserve rate cut at the September meeting. The pair trades near Friday's closing price. The Euro failed to rally, even though some developments pressured the US Dollar. The latest employment report witnessed a revision of the May and June figures, which were sharply revised downward , triggering the firing of the US Bureau of Labor Statistics (BLS) head. That data, along with a...
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....