The dollar retreated on Monday after a stellar run as the pick for U.S. Treasury secretary seemed to reassure the bond market about fiscal discipline, pulling yields lower and shaving some of the currency's rate advantage. Yields on 10-year Treasuries slipped to 4.343%, from 4.412% late on Friday, as President-elect Donald Trump's choice of fund manager Scott Bessent was welcomed by the bond market as an old Wall Street hand and fiscal conservative. However, Bessent has also openly favoured a strong dollar and supported tariffs, suggesting any pullback in the currency might be...
Gold futures slump as investors take profits ahead of U.S. economic data releases. Futures are down 1.5% at $2,673 a troy ounce. After a rally of 5.4% the week prior, Monday's session saw consistent and unrelenting selling in Asian trading, says Pepperstone's Chris Weston. The selloff is more likely a position adjustment rather than cooling save-haven demand, Weston says in a note. Some investors are likely ending long gold bets ahead of a U.S. consumer confidence report on Tuesday that could get a larger-than-expected bump from President-elect Donald Trump, Weston says. There is also the...
Silver price (XAG/USD) retraces its recent gains, trading around $30.80 per troy ounce during the Asian session on Monday. This decline may be linked to a technical pullback, similar to the weakness seen in precious metal Gold. However, Silver, as a safe-haven asset, could regain its momentum due to the escalating Russia-Ukraine conflict. On Friday, President Vladimir Putin confirmed that Russia conducted a hypersonic intermediate-range missile test in an attack on the Ukrainian city of Dnipro. The Kremlin stated that the strike was a retaliatory measure in response to Ukraine's first...
Gold tumbled after surging by the most in 20 months last week, with traders ignoring a softer US dollar and shifting their attention to the Federal Reserve's upcoming interest-rate decision. Bullion fell by almost 2% to drop back below $2,700 an ounce, despite a slide in the US currency, which typically aids the commodity. Investors are now focused on the outlook for monetary policy, after a report showed US business activity expanding at the fastest pace since April 2022. Swaps traders see a less-than-even chance the central bank will cuts rates next month. Higher...