The Gold price (XAU/USD) edges lower to around $3,630 during the early Asian session on Friday. The precious metal retreats from a record high on some profit-taking. Nonetheless, the rising bets of the US Federal Reserve (Fed) rate cut in the upcoming meeting might cap its downside. Traders await the University of Michigan Consumer Sentiment Index data, which is due later on Friday. A modest rebound in the US Dollar (USD) and a wave of profit-taking weigh on the USD-denominated commodity price as traders continue to assess the US inflation reports, which will help shape the next steps in...
Gold prices posted minimal losses on Monday (07/07) as concerns about a possible resumption of trade wars mounted, following US President Donald Trump's announcement on his social media platforms of the first trade letters sent to South Korea and Japan, imposing duties on goods and products. At the time of writing, XAU/USD was trading at $3,333, down 0.06%. The trade war resumed after Trump announced a 25% tariff on all Korean and Japanese products shipped to the US, starting from August 1. US Treasury yields have risen as has the US Dollar. Gold prices have recovered but remain down as...
Oil rose 1% on Monday as signs of strong demand outweighed the impact of a bigger-than-expected OPEC+ output increase in August, as well as concerns about the potential impact of U.S. tariffs. Brent crude futures rose 91 cents, or 1.3%, to $69.20 by 12:20 p.m. ET (1620 GMT). U.S. West Texas Intermediate crude was at $67.57, up 57 cents, or 0.8%. The benchmarks had dropped to $67.22 and $65.40, respectively, earlier in the session. "The supply picture is clearly improving, however, stronger demand remains above expectations as well," Dennis Kissler, senior vice president of trading at BOK...
Gold fell as the dollar strengthened at the start of a potentially volatile week that will see U.S. trading partners scramble to finalize deals with the Trump administration ahead of a July 9 tariff deadline. Bullion fell as much as 1.2% an ounce before paring losses, while the dollar gauge rose 0.4%. President Donald Trump is expected to announce a trade deal and issue a tariff warning later Monday, as countries negotiated through the weekend to avoid the highest-ever levies on their U.S. exports before Wednesday's deadline. Trump had previously signaled that an additional 10% levy would...
The US dollar (USD) started the week on a stronger footing against its major peers, supported by safe-haven demand and diminishing odds of a Federal Reserve (Fed) rate cut anytime soon. Risk sentiment soured as markets braced for the July 9 deadline, when the United States (US) is expected to formally notify trading partners of new tariffs potentially as high as 70%, targeting over 100 countries. The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, moved higher during the early American trading hours. At the time of writing, the index was trading...
Gold (XAU/USD) is currently under pressure as markets await more news of trade deals ahead of Wednesday's tariff deadline. In the European session, Gold is trading around $3,300 at the time of writing. Liquidity and trade volumes are increasing on Monday as the US returns to financial markets following Friday's Independence Day holiday. US yields have also firmed after Thursday's Nonfarm Payrolls (NFP) report revealed a resilient labour market. This reduced the prospects that the Federal Reserve (Fed) would lower interest rates in July. The positive economic data has eased fears of a...
The US Dollar and the Swiss Franc are the best performers among major currencies on Monday, as investors rush for safety, anxious that Trump's tariffs will cause a significant disruption in global trade. Between them, however, the Dollar is showing a mild advantage. The USD/CHF advances to levels right above 0.7970, yet still below the 0.8000 psychological level and less than 100 pips above the 14-year low, at 0.7875, hit last week. The US president announced over the weekend that he will send letters to some countries specifying the tariffs that will be applied to their products, but did...
Oil pared losses on Monday as a tight physical oil market offset the impact of OPEC+ hiking oil output more than expected in August as well as concern about the potential impact of U.S. tariffs on economic growth and oil demand. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 bpd hikes they made for the earlier three months. Brent crude futures fell as low as $67.22 a barrel and by 0815 GMT were down 22 cents, or 0.3%, to $68.08. U.S. West Texas...
The EUR/USD pair is accelerating its reversal on Monday, as the US Dollar appreciates, in tandem with US Treasury yields. Growing uncertainty about the outlook of global trade, as the initial July 9 deadline approaches, has restored the traditional safe-asset status to the US Dollar, at least for now. The Euro (EUR) has returned to the lower range of the 1.1700s, at the early European trading session, and is moving right below 1.1720 at the time of writing. Correlation studies suggest a deeper Euro correction if the USD Index recovery extends below the key 97.00 level. Eurozone's upbeat...
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....