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
The Australian Dollar (AUD) held steady on Monday, holding onto last week's late gains against the US Dollar (USD). AUD/USD kept a tight grip on the 0.6470 region, keeping the pair locked in against the 200-day Exponential Moving Average (EMA). A much-needed moment of Greenback selling helped to snap the Aussie's six-day losing streak, and traders are now pivoting to watching for trade headlines. Australia's Melbourne Institute (MI) inflation gauge hit a 20-month high in July, rising 0.9% MoM, its highest single-month increase since December 2023. Australian Consumer Price Index (CPI) eased...
The Japanese Yen (JPY) extended its gains against the US Dollar (USD) on Monday, strengthening slightly after staging a sharp rebound from a four-month low of 150.84 following Friday's disappointing US employment report. The softer labor market print has fueled expectations of monetary policy easing by the Federal Reserve (Fed) at its next meeting in September, which is weighing on the Greenback and boosting demand for the safe-haven Yen. At the time of writing, the USD/JPY pair is hovering near 147.00 during American trading hours, having given up recent gains that were fueled by a strong...
Gold price posted modest gains on Monday as expectations that the Federal Reserve (Fed) could cut interest rates rose since last Friday, following last Friday's dismal US Nonfarm Payrolls report. The XAU/USD trades at $3,375, edges up 0.39%. Expectations that the Fed might cut interest rates are boosting the yellow metal. The odds for the September 17 meeting rate cut are 87%. Last week's jobs data revealed the first cracks of a deteriorating labor market. The US Bureau of Labor Statistics (BLS) revised down May and June figures by 258K. Hence, the data vindicated Fed Governor Christopher...
Oil prices fell to their lowest in a week on Monday after OPEC+ agreed to another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation. Brent crude futures fell 43 cents, or 0.6%, to $69.24 a barrel by 11:39 a.m. ET (1539 GMT), while U.S. West Texas Intermediate crude declined by 48 cents, or 0.7%, to $66.85 a barrel. Both contracts were down more than 2% earlier in the session and hit the lowest in a week, after declining close to 3% on Friday. The Organization of the Petroleum Exporting Countries and...
The GBP/USD rallies for the second straight day, up by 0.12% following a dismal jobs report in the United States (US). The data prompted investors to price in a rate cut by the Federal Reserve at the upcoming September meeting. The pair trades at 1.3289, after bouncing off daily lows of 1.3253. Last week, the 258K revision to Nonfarm Payroll figures for May and June, along with July's 73K print, below forecasts of 110K, weighed on the Dollar amidst fears that the labor market begins to show some cracks. The NFP report triggered the firing of the US Bureau of Labor Statistics (BLS)...
Gold (XAU/USD) kicks off the week on a cautious note, trading flat to slightly higher on Monday, as the US Dollar (USD) stabilizes but remains under pressure in the aftermath of Friday's disappointing Nonfarm Payrolls (NFP) report. At the time of writing, the yellow metal is hovering near $3,375 during American trading hours, having bounced from an intraday low of $3,345, as traders remain cautious amid fragile sentiment and shifting Federal Reserve (Fed) interest rate cut expectations. July's jobs report delivered a clear downside surprise. The data has meaningfully increased the...
Oil prices fell Monday after a group of top producers announced plans to further increase production in September, while concerns over a cooling U.S. economy and trade tariffs also weighed. At 08:15 ET (12:15 GMT), Brent oil futures for September fell 1.8% to $68.38 a barrel and West Texas Intermediate crude futures fell 2.1% to $65.89 a barrel. Both contracts registered gains last week as the U.S. threatened more sanctions on Russian oil, which could tighten global supplies. OPEC+ agrees to output hike in Sept The Organization of Petroleum Exporting Countries and allies, a group known...
Gold eased on Monday due to slightly firmer U.S. Treasury yields and profit-taking following last week's sharp rally driven by weak U.S. jobs data. Spot gold lost 0.2% to $3,356.91 per ounce, as of 1051 GMT, after rising more than 2% on Friday. However, U.S. gold futures gained 0.3% to $3,410.20. The benchmark 10-year Treasury yield ticked higher from Friday's five-week low, dulling non-yielding bullion's appeal. "The market will remain range bound with today's pullback being in line with some the reversals seen across markets following Friday's big moves, especially yields which are 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....