Gold trimmed losses after US inflation and labor market data strengthened bets that the Federal Reserve will cut interest rates next week. Consumer prices excluding food and energy rose 3.1% last month from a year earlier, in line with analysts' expectations, according to a Bureau of Labor Statistics report released Thursday (September 11). Separate data showed US initial jobless claims jumped to their highest level in nearly four years. The mixed data bolstered traders' confidence that the US central bank will lower borrowing costs at its two-day meeting ending September 17. Treasury bond...
Gold gained, bolstered by haven demand as traders weighed fresh tariff threats from President Donald Trump after he declared a 30% rate for the European Union and Mexico effective next month. Bullion traded near $3,370 an ounce, following a 0.6% increase last week. US trading partners continued to navigate the final weeks of negotiations as Trump's patience with talks appeared to wear thin before his Aug. 1 deadline. The president on Saturday gave trade ultimatums to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, the latest in a string of...
Oil prices rose more than 2% on Friday (July 11) as the International Energy Agency (IEA) stated that the market is tighter than it appears, while US tariffs and the possibility of further sanctions against Russia were also in focus. Brent crude futures closed up $1.72, or 2.5%, at $70.36 per barrel. US West Texas Intermediate crude rose $1.88, or 2.8%, to $68.45 per barrel. For the week, Brent rose 3%, while WTI recorded a weekly gain of about 2.2%. The IEA stated that the global oil market may be tighter than it appears, with demand supported by peak refinery production in the summer to...
Gold prices rose more than 1% on Friday (July 11th) as investors sought safe-haven assets following the announcement of new tariffs by US President Donald Trump, while silver hit its highest level in more than 13 years. Spot gold prices rose 1% to $3,356.93 an ounce at 2:43 p.m. EDT (18:43 GMT), after hitting their highest level since June 24 earlier in the session. US gold futures closed up 1.4% at $3,371.20. Global stocks weakened after Trump escalated his tariff attack on Canada, saying the US would impose a 35% tariff on imports next month and plans to impose across-the-board tariffs of...
The US dollar strengthened on Friday (July 11th), supported by new tariff threats from US President Donald Trump, which have reignited global trade tensions and triggered a new wave of risk aversion. As tensions escalate, investors have become increasingly cautious, bolstering the greenback's status as a safe-haven asset. This shift in sentiment has pushed the US Dollar Index (DXY) higher, as markets brace for potential monetary policy changes. The US Dollar Index (DXY), which measures the greenback's value against a basket of major currencies, traded flat during the American trading...
Gold prices surged more than 1% to their highest level in more than two weeks on Friday (July 11), as investors turned to safe-haven assets after U.S. President Donald Trump escalated the global trade war with the announcement of new tariffs. Spot gold rose 1.2% to $3,363.46 an ounce at 11:32 a.m. EDT (15:32 GMT), its highest level since June 24. U.S. gold futures rose 1.6% to $3,377.80. Global stocks weakened after Trump escalated his tariff attack on Canada, saying the U.S. would impose a 35% tariff on imports next month and plans to impose across-the-board tariffs of 15% or 20% on most...
Oil prices rose about 2% on Friday (July 11) as investors weighed a tight near-term market compared to the potential large surplus projected by the International Energy Agency (IEA) this year, while U.S. tariffs and possible further sanctions against Russia were also in focus. Brent crude futures rose $1.35, or 2%, to $69.99 a barrel at 10:48 a.m. EDT (1458 GMT). U.S. West Texas Intermediate crude rose $1.49, or 2.2%, to $68.06 a barrel. At those levels, Brent is expected to gain 2.5% this week, while WTI is up about 1.6% from last week's close. The IEA said on Friday that global oil...
Gold (XAU/USD) price surged on Friday, trading above $3,340 at the time of writing, as trade tensions and safe-haven demand have overshadowed rising US yields. US President Donald Trump announced on Friday a sweeping 35% tariff on all Canadian imports, effective from August 1, in a move that rattled global markets. The decision is particularly significant given that the United States is Canada's largest trading partner, accounting for 76% of Canadian exports in 2024, according to Statistics Canada. Trump also warned of broader action, stating: "We're just going to say all of the remaining...
Oil prices edged up on Friday, as investors weighed a tight prompt market against a potential large surplus this year, according to the International Energy Agency, while U.S. tariffs and possible further sanctions on Russia were also in focus. Brent crude futures were up 40 cents, or 0.58%, at $69.04 a barrel as of 1027 GMT. U.S. West Texas Intermediate crude ticked up 45 cents, or 0.68%, to $67.02 a barrel. At those levels, Brent was headed for a 1.1% gain on the week, while WTI was little changed against last week's close. The IEA on Friday said the global oil market may be tighter...
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....