Gold prices dropped on Friday and were poised for their steepest weekly decline in six months, as a stronger dollar and waning trade war concerns dampened its appeal as a safe-haven asset. Spot gold was down 0.8% at $3,213.56 an ounce, as of 0429 GMT. Bullion has lost 3.3% so far this week and is set for its worst weekly performance since November 2024. U.S. gold futures shed 0.3% to $3,217.20. The dollar (.DXY), opens new tab has gained 0.4% for the week so far and was headed for its fourth straight weekly gain, making greenback-priced gold more expensive for overseas buyers. "Gold...
USD/CHF remained depressed near the 0.8360 level on Thursday, extending its consolidation in this week's range. The pair struggled to gain traction amid mixed US economic data and a resilient Swiss economy. In the United States, retail sales in April rose by 0.1% to $724.1 billion, slightly above market expectations for an unchanged reading, while the previous month's reading was revised up to 1.5% from 1.4%. However, the Producer Price Index (PPI) for final demand rose only 2.4% year-on-year, falling below the 2.5% forecast and down from 2.7% in March. This marked a significant slowdown in...
Silver (XAG/USD) eased from its recent gains seen in the previous session, holding around $32.50 during Asian trading hours on Friday (5/16). The metal came under pressure, possibly due to a Financial Times report suggesting that the Trump administration is planning to add several Chinese semiconductor firms to its export blacklist, known as the "entity list." Silver's growing association with the chipmaking industry—due to its critical role in the production of electronics and semiconductors—has heightened market sensitivity to the development. Meanwhile, safe-haven demand for precious...
Oil steadied after two days of losses as a potential nuclear deal between the U.S. and Iran risked worsening forecasts of a supply glut for later this year. West Texas Intermediate was trading near $62 a barrel after dropping 2.4% on Thursday in its biggest daily drop this month, while Brent closed below $65. President Donald Trump signaled the U.S. was getting closer to a deal to curb Iran's nuclear activities. The nuclear deal raises the prospect of limited additional supply from Iran, but it would come to a market already set for a surplus. The International Energy Agency reiterated on...