The Silver price ( XAG/USD) trades in negative territory around $40.65 during the early Asian session on Monday. The white metal retreats from the 14-year-old amid the prospect of a US Federal Reserve (Fed) rate cut. The expectation for lower Federal Reserve (Fed) interest rates this year will drag the US Dollar (USD) lower and boost the Silver price. After Friday's downbeat US jobs report, a total of three 0.25% rate cuts from the US central bank are now expected yet this year. Lower interest rates could reduce the opportunity cost of holding Silver, supporting the non-yielding white...
Gold held firm near an all-time high on Monday, inching closer to a key $3,600 level, bolstered by mounting expectations of a U.S. Federal Reserve rate cut this month following a weaker-than-expected jobs report last week. Spot gold was flat at $3,586.81 per ounce, as of 0121 GMT. Bullion rose to a record high of $3,599.89 on Friday. U.S. gold futures for December delivery fell 0.7% to $3,626.10. "The main driver is U.S. jobs data and the expectations now that the Fed could cut by 50 basis points in September. It's a marginal chance but a material shift from before the jobs figures,"...
The yen fell broadly on Monday following news that Japanese Prime Minister Shigeru Ishiba had resigned, while the dollar was nursing losses after tumbling on a weak U.S. jobs report that cemented expectations for a Federal Reserve rate cut this month. Ishiba on Sunday announced his resignation, ushering in a potentially lengthy period of policy uncertainty at a shaky moment for the world's fourth-largest economy. The yen slumped in response in early Asia trade on Monday, falling 0.7% against the dollar to 148.43. The Japanese currency similarly slid more than 0.5% against the euro and...
Gold edges higher in early Asian trade. An unexpectedly weak U.S. jobs report raised expectations of a Fed rate cut later this month, supporting gold, the ANZ Research team writes in a note. Investor demand has also been supported by worries of the Fed losing its independence as Trump continues to interfere with governor appointments, they add. Spot gold is 0.2% higher at $3,593.41/oz. Source: Bloomberg