Gold price surges on Wednesday, up by over 0.60%, folllowing US inflation data, which increased speculation that the Federal Reserve (Fed) will resume its easing cycle at the upcoming September meeting. At the time of writing, XAU/USD trades at $3,646, shy of the record high of $3,674. Bullion up 0.60% fueled by Fed cut bets, Middle East tensions and Russian drone incursion into Poland's airspace The Producer Price Index (PPI) in August revealed that the disinflation process resumed in August, as businesses seem to absorb some of the US President Donald Trump's tariffs, in exchange for...
Gold price (XAU/USD) trades almost 0.7% lower around $3,360 during the European trading session on Thursday. The precious metal faces a sharp selling pressure as global trade worries have eased amid hopes that the United States (US) and the European Union (EU) will close a trade agreement before the August 1 tariff deadline. On Wednesday, a report from Financial Times (FT) showed that EU officials have signaled green signal to a trade pact with the US to avert a damaging trade war. Market experts believe the US-Japan deal confirmed on Tuesday increased fears among EU officials that they...
Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures had gained 52 cents, or 0.76%, to $69.03 a barrel by 1040 GMT. U.S. West Texas Intermediate crude futures climbed 60 cents, or 0.9% to $65.85 per barrel. "The U.S. crude inventory draw and the trade efforts are adding some support to prices," said Janiv Shah, an analyst at Rystad. Two European diplomats said on Wednesday that the EU and the United States were moving towards a trade...
The Pound Sterling (GBP) declines against its major peers on Thursday as the preliminary United Kingdom (UK) S&P Purchasing Managers' Index (PMI) report for July has shown that the overall business activity grew at a slower-than-projected pace. The Composite PMI come in at 51.0, lower than estimates of 51.9 and 52.0 in June, suggesting that the overall business activity continued to expand, but at a moderate pace. UK Composite PMI growth slowed down as the service sector activity surprisingly rose at a moderate pace. The Services PMI dropped to 51.2, while it was expected to come in...
Gold prices fell further on Thursday, as easing trade tensions dented demand for safe-haven assets, overshadowing support from a weaker dollar. Spot gold was down 0.2% at $3,379.69 per ounce, as of 0534 GMT, after dropping 1.3% in the previous session. U.S. gold futures eased 0.4% to $3,385.40. "Yesterday, gold prices were seen building up for the next bullish run until the news came out on trade front, triggering some profit-taking," said Brian Lan, managing director at GoldSilver Central, Singapore. "We've seen the dollar has also weakened quite a bit, and of course, this also supports...
Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures gained 21 cents, or 0.3%, to $68.72 a barrel by 0335 GMT. U.S. West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $65.47 per barrel. Both benchmarks were little changed on Wednesday as markets monitored developments in U.S.-European Union trade talks, following President Donald Trump's tariff deal with Japan. The agreement lowers duties on auto imports and spares Tokyo...
Silver price (XAG/USD) extends its losses for the second successive session, trading around $39.10 per troy ounce during the Asian hours on Thursday. The price of Silver struggles due to weakened safe-haven demand, driven by the optimism over further trade deals between the US and key partners. The Financial Times reported that the European Union (EU) and the United States (US) are closing in on a deal that would impose 15% tariffs on EU goods imported into the US. Additionally, US President Donald Trump announced on Tuesday a major tariff deal with Japan, which includes a 15% tariff on...
Gold hovered below $3,390 per ounce on Thursday, holding on to losses of over 1% from the previous session, as optimism over further trade deals between the US and key partners weighed on the metal's safe-haven appeal. The European Union is moving toward a trade agreement with Washington that would impose a broad 15% tariff on EU goods entering the US, avoiding a steeper 30% levy scheduled to take effect on August 1. The tariff, which could also apply to cars, would mirror the framework of a similar US-Japan deal. However, some caution remained amid ongoing threats of 15% to 50% tariffs on...
The Japanese yen strengthened past 146 per dollar on Thursday, reaching a two-week high as optimism surrounding the new US-Japan trade deal lifted demand. The agreement sets a 15% tariff on Japanese exports to the US, notably lower than the 25% previously threatened by President Donald Trump. Broader risk sentiment also improved amid reports of progress in US-EU trade talks. On the domestic front, Japan's private sector growth held steady in July, supported by solid services activity, though manufacturing slipped into contraction. However, the yen faces potential downside pressure from...
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....