Gold prices edged higher on Wednesday, holding above the critical $3,600-per-ounce level, buoyed by expectations of a U.S. interest rate cut this month, while key inflation reports due this week were also on investors' radar. Spot gold was up 0.3% at $3,635.329 per ounce, as of 0101 GMT, after hitting a record high of $3,673.95 on Tuesday. U.S. gold futures for December delivery eased 0.2% to $3,673.70. "Sentiment is really bullish. There are several major factors driving gold prices right now. The primary is U.S. rate cut expectations," Capital.com financial market analyst Kyle Rodda...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, remains stronger for the seventh successive day and is trading around 100.00 during the Asian hours on Friday. The Greenback surged as the US Personal Consumption Expenditure (PCE) Price Index report suggested that price pressures would increase in the second half of 2025 and delay the US Federal Reserve's (Fed) interest rate cuts until at least October. Traders await the United States (US) Nonfarm Payrolls (NFP), due later in the North American session, which is expected to hold in...
Gold prices were muted around $3,290 per ounce on Friday and were on track for its worst weekly performance since late June, pressured by a stronger US dollar following President Trump's introduction of higher tariffs on multiple countries. Trump reaffirmed a 10% global base tariff and imposed retaliatory duties of up to 41% on nations without trade agreements with the US. He also announced a 40% levy on goods suspected of being rerouted through third countries to bypass existing tariffs. Meanwhile, US data showed that both core and headline PCE prices exceeded expectations in June,...
The Australian dollar stabilized around $0.643 on Friday, halting a six-day losing streak as Australia avoided the latest US tariff hikes, with most imports remaining subject to the 10% rate. On Thursday, President Trump issued an executive order revising "reciprocal" tariffs on several countries—raising rates 10–41%—while countries not listed will face an automatic 10% duty and transshipped goods an additional 40%, taking effect seven days after the order. However, Australia avoided steeper tariffs, with its rate held at 10% despite earlier threats of a hike to 15–20%. The White House...
The Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further. The Bank of Japan (BoJ) revised up its inflation forecasts on Thursday and offered a less gloomy outlook on the economy, keeping hopes alive for the resumption of rate hikes later this year. However, BoJ Governor Kazuo Ueda struck a dovish tone and signaled patience in policy normalization, to observe the tariff impact after the US-Japan trade deal. Furthermore, domestic political uncertainty, which has been fueling concerns about...
The Swiss franc underperformed its Group-of-10 peers after President Donald Trump announced a 39% tariff on the nation's products while setting a 10% global minimum rate. USD/CHF rose 0.2% to 0.8135. The latest tariff on Switzerland was higher than the 31% rate Trump initially threatened to impose in April when he unveiled duties on dozens of trading partners The Bloomberg Dollar Spot Index inched up 0.1% to the highest level since late May The downside for the Swiss franc may be limited as that greenback tends to weaken whenever Trump raises tariffs and as Switzerland's...
Oil is on track for the biggest weekly gain since mid-June after President Donald Trump ramped up pressure on Russia, as the market braced for the fallout from US tariffs that take effect on Friday. West Texas Intermediate was steady above $69 a barrel, up more than 6% for the week, the largest weekly move since Israel attacked Iran. Brent settled below $72 on Thursday. Trump has threatened economic penalties on Moscow if a swift truce on the war in Ukraine isn't reached, and singled out India for higher levies, in part due to its buying of Russian crude and weapons. For...
Gold held an advance — but remained on track for a weekly loss — as the White House unveiled President Donald Trump's tariff rates on trading partners that are set to take effect on Friday. Bullion traded near $3,290 an ounce as markets opened in Asia, after ending the previous session 0.5% higher. The US will maintain a minimum global tariff of 10%, while imports from countries with trade surpluses with the nation face duties of 15% or higher. Early market reaction was muted, showing investors were unsurprised by the announcement. Read More: How Trump Let $1 Trillion Worth of Imports...
The EUR/USD recovered some ground on Thursday, up a modest 0.10% after data from the United States (US) revealed a strong economy, justifying the Federal Reserve's reluctance to reduce rates, as witnessed on Wednesday. AT the time of writing, the pair trades at 1.1417, virtually unchanged. Before Wall Street opened, the Fed's preferred inflation gauge, the core Personal Consumption Expenditures (PCE) Price Index, exceeded estimates and the previous month's reading, indicating that prices are rising. Other data revealed that the labor market remains resilient, after the number of Americans...
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....