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 edges lower in the early Asian session on possible position adjustments, but losses may be limited by concerns over U.S. policies. With this Wednesday's deadline for the 90-day pause on so-called reciprocal tariffs looming, President Trump said Sunday that a dozen or more letters could go out this week. Meanwhile, Trump signed his "one big, beautiful bill" into law in a July 4th ceremony. A key factor supporting gold is the damaging U.S. policy, which is eroding investors' confidence in safe U.S. assets, says Commerzbank Research's head of FX and Commodity Research Thu Lan Nguyen in a...
World oil prices fell again after OPEC+ announced a larger-than-expected increase in production starting next month. The group of oil producing countries led by Saudi Arabia agreed to increase supply by 548,000 barrels per day, which immediately sparked concerns about oversupply in the global market. This caused Brent oil prices to fall by 1.6% to $67 per barrel. The decision was announced on Saturday, as part of OPEC+'s strategy to adjust production to summer demand. This increase in production is much higher than market expectations, which previously estimated an additional 411,000...
Oil futures edged lower in holiday-thinned trading on Friday, as the market awaited an OPEC+ meeting later this week and the likelihood that member nations would decide to raise output. Brent crude was down 50 cents, or 0.7%, at $68.30 a barrel while U.S. West Texas Intermediate crude was down 50 cents, or 0.75%, at $66.50 shortly before 1 p.m. EDT (1700 GMT). Trading was thin due to the U.S. Independence Day holiday. Brent crude was up about 0.8% from Friday's close and WTI crude was up about 1.5%. The eight-nation OPEC+ group is likely to raise oil output again for August at its meeting...
Gold prices continued their uptrend on Friday (04/07), poised to post gains of more than 1.50% for the week as the US Dollar weakened amid thin liquidity conditions following the US market closure to celebrate Independence Day. A minor escalation in the trade war boosted bullion prices. XAU/USD was trading at $3,333, up 0.26%. US President Donald Trump said that they would start sending letters to countries on Friday, ahead of the July 9 deadline. He announced that some of the tariffs imposed would be in the range of 10% to 70% and would take effect on August 1. Regarding this, US Treasury...
Oil futures fell more than 1% on Friday, pressured by expectations that OPEC+ producers will decide later this week to raise output and by Iran's reaffirmation of its commitment to nuclear nonproliferation. Brent crude futures fell 70 cents, or 1.02%, to $68.10 a barrel by 10:06 a.m. ET (1406 GMT) while U.S. West Texas Intermediate crude fell 72 cents, or 1.07%, to $66.28. Trading was thin due to the U.S. Independence Day holiday. Both contracts were on track for small weekly gains, with Brent trading about 0.5% higher than Friday's close and WTI about 1.2% higher. The eight-nation OPEC+...
The US dollar (USD) weakened on Friday (04/07), moving lower in holiday-thinned trading and ending two consecutive days of gains. After rising on stronger-than-expected US Nonfarm Payrolls data released on Thursday, the greenback is now paring gains, as market activity remains subdued amid the July 4 Independence Day holiday in the United States. The US Dollar Index (DXY), which measures the greenback against a basket of major currencies, traded flat during American trading hours. At the time of writing, the index was hovering near 97.00, retreating from a weekly high of 97.42 reached on...
Gold (XAU/USD) traded higher on Friday (04/07) as news of US President Donald Trump's "Big, Beautiful" bill made its way into the market. With markets closed in the US for Independence Day, XAU/USD was trading above $3,330 at the time of writing. Liquidity is expected to remain light in the US following the holiday weekend, which could make bullion sensitive to developments that could affect risk sentiment. Risk appetite improved this week, following reports that the US was making progress in trade talks ahead of a July 9 deadline. However, the mood changed slightly on Friday due to tariff...
The U.S. dollar slipped lower Friday, handing back some of the previous session's gains with attention turning to the July 9 deadline for U.S. trade deals. U.S. markets are closed Friday for the Independence Day holiday. Dollar slips on trade uncertaintyThe U.S. currency rallied on Thursday after stronger than expected U.S. jobs data pushed out the timing for potential rate cuts by the Federal Reserve. However, these gains have proved short-lived as attention has shifted to the ongoing trade negotiations between the U.S. and a substantial number of its trading partners, with hefty tariffs...
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....