Gold surged near a record high of $3,650 an ounce on Wednesday (September 10) after an unexpected decline in US producer prices reinforced expectations that the Federal Reserve will continue cutting interest rates at its meeting next week. Both headline and core PPI fell 0.1% in August, against projections for a 0.3% increase, driven by a sharp decline in wholesale margins for machinery and vehicles. The data follows a weak labor market report earlier this month that has prompted markets to price in several Fed rate cuts this year. Investors now await Thursday's consumer price inflation...
Silver prices remained under pressure on Tuesday, holding below $38.20 per ounce and hovering near two-week lows as a strong US dollar continued to weigh on the market. The dollar's strength was supported by recent global trade agreements that are widely seen as favoring the US economy. On Monday, President Donald Trump warned that countries failing to negotiate separate trade deals could soon face tariffs of 15% to 20%, well above the 10% headline rate introduced in April. Meanwhile, investors remained focused on the ongoing US-China trade talks in Stockholm, with both sides aiming to...
Oil prices slipped on Tuesday amid uncertainty about the global economic outlook following the U.S.-EU trade deal, and as investors awaited the U.S. Federal Reserve's interest rate decision. Brent crude futures were down 6 cents, or 0.1%, to $69.98 a barrel at 0425 GMT, while U.S. West Texas Intermediate crude was at $66.60, down 11 cents, or 0.2%. Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday. The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU...
Gold prices were little changed on Tuesday, hovering near a three-week low, as easing fears of a global tariff war and a stronger dollar dampened bullion's safe-haven appeal. Spot gold held its ground at $3,311.33 per ounce, as of 0401 GMT. The precious metal hit its lowest level since July 9 in the previous session. "Gold trading at circa $3,300 or below is still getting the attention of buyers. While short-term market dynamics courtesy of trade deals and a stronger USD aren't helping gold, looking further ahead there is still upside potential," KCM Trade Chief Market Analyst Tim Waterer...
Silver price (XAG/USD) trades cautiously near its weekly low around $38.00 during the Asian trading session on Tuesday. The white metal struggles to gain ground as its safe-haven demand has diminished, following the announcement of a trade agreement between the United States (US) and the European Union (EU). Over the weekend, both sides of the Atlantic confirmed that they have reached a framework under which Washington will charge 15% tariffs on imports from Brussels. The announcement of the trade framework has diminished fears of a damaging global trade war. Meanwhile, investors await the...
EUR/USD moves little after registering more than 1% losses in the previous session, trading around 1.1590 during the Asian hours on Tuesday. The pair faced challenges as the US Dollar (USD) rose on trade optimism, driven by the trade deal between the United States (US) and the European Union (EU). The US and EU reached a framework trade agreement on Sunday that sets 15% tariffs on most European goods, taking effect on August 1. This deal has ended a months-long stand-off, per Bloomberg. European Commission President Ursula von der Leyen said on Sunday that the bloc agreed not to impose...
The Japanese yen hovered around 148.3 per dollar on Tuesday, holding near one-week lows after a sharp three-day decline, pressured by broad dollar strength. The greenback remained supported as recent global trade agreements are seen as disproportionately benefiting the US economy. US President Donald Trump also reiterated on Monday that countries unwilling to negotiate separate trade deals could soon face tariffs of 15% to 20%, significantly above the 10% headline rate imposed in April. On the domestic front, the Bank of Japan is set to announce its latest policy decision this week. While...
A dollar index remained steady as traders weigh US-China trade talks ahead of key economic data releases expected later this week. The Bloomberg Dollar Spot Index little changed on Tuesday after rising 0.8% a day earlier US Commerce Secretary Howard Lutnick said a 90-day extension of a trade truce with China was a likely outcome with negotiations between the two countries underway in Stockholm US economic data to be released on Tuesday include wholesale inventories, JOLTS job openings, Conference Board consumer confidence "On US-China, a better-than-expected result,...
Oil edges higher in early Asian trade, aided by renewed supply concerns. President Trump said that he would give Russian President Putin 10 or 12 days to reach a cease-fire with Ukraine or face more economic pressure from the U.S.. Previously, Trump had threatened Moscow with 100% secondary tariffs to create pressure toward a peace deal, ANZ Research analysts say in a research report. Trump's remarks have reignited fears that Russia's oil flows would be impacted, the analysts add. Front-month WTI crude oil futures are 0.2% higher at $66.85/bbl; front-month Brent crude oil futures are 0.2%...
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....