The U.S. dollar drifted lower Thursday on growing expectations of further interest rate cuts by the Federal Reserve this year, while signs of French political accord helped the euro. At 04:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower to 98.342, headed for a weekly decline of 0.3%. More Fed cuts ahead?Market participants are becoming increasingly convinced that the U.S. central bank will follow last month's interest rate cut with more monetary easing as data points to growth slowing in the world's largest...
Gold rose to a new record high, with spot prices hitting an intraday high of $4,242/oz this morning, driven by escalating US-China tensions and expectations of two more Fed rate cuts this year. Gold and silver were the two best-performing commodities. Silver prices also rose more than 3% to close above $53/oz yesterday amid tight supplies in London. US Treasury yields fell to their lowest level in months after Fed Chairman Powell hinted at the possibility of a quarter-point interest rate cut this month. Regarding the latest China tariffs, President Trump issued new trade threats against...
Silver held around $53 per ounce on Thursday, holding close to record highs hit earlier in the week as a global supply crunch fueled a historic rally. Tightness was most acute in the London market, where a short squeeze sent lease rates surging over 30% last week, driving rollover costs for short positions to unsustainable levels. Demand from India has further strained supply, prompting several mutual fund houses to suspend inflows into their silver ETF fund-of-fund schemes. Meanwhile, dovish remarks from Fed Chair Powell, who pointed to labor market weakness, strengthened bets on more US...
World oil prices rose after US President Donald Trump said that Indian Prime Minister Narendra Modi planned to halt oil purchases from Russia. This move could tighten global supply, as India is a major buyer of discounted Russian oil. However, Trump said India cannot halt the purchase immediately and did not provide a specific timeline for when it would begin. India and China have been benefiting from cheap oil from Russia through price caps established by the G7 nations. However, the United States has begun pressuring India, which it considers to be benefiting too much. In fact, Indian...