Gold prices steadied in Asian trade on Wednesday, remaining close to recent record highs as overnight comments from U.S. Federal Reserve Chair Jerome Powell sparked heightened caution over growth, inflation, and interest rates. Gold and other precious metals benefited from increased haven demand, while sustained weakness in the dollar also kept metals mostly well-bid. Anticipation of more key economic readings this week also kept markets cautious, as did weak U.S. purchasing managers index data. Spot gold rose 0.3% to $3,776.20 an ounce, while gold futures fell 0.2% to $3,808.50/oz by...
The dollar hovered near its weakest level in close to a week on Wednesday with traders expecting two more U.S. interest rate cuts this year, even after Federal Reserve Chair Jerome Powell struck a cautious tone on further easing. The dollar index , which measures the U.S. currency against six major rivals, languished 97.230 as of 2305 GMT, after earlier touching the lowest since Thursday at 97.198. The index has dropped 0.5% so far this week on market bets for quarter-point rate cuts at each of the remaining two Fed policy meetings this year. Another is expected in the first quarter of...
Gold edges lower in the early morning Asian session on a likely technical correction after the precious metal again settled at a fresh record high overnight. However, losses may be limited by prospects of more demand from central banks. Demand has been underpinned by strong inflows into countries' strategic reserves in recent years, ANZ Research analysts say in a note. "The People's Bank of China is looking to take advantage of this shift by becoming a custodian of foreign gold reserves," the analysts say. "It's looking to encourage friendly countries to buy bullion and store it in the...
Oil extended its biggest gain in a week, as US President Donald Trump ramped up his rhetoric against Russia and traders watched for supply disruptions from the OPEC+ member. West Texas Intermediate rose toward $64 a barrel after adding 1.2% on Tuesday, while Brent settled above $67. Trump said NATO nations should shoot down Russian aircraft that violated their airspace and struck a more sympathetic tone on Ukraine's chances of winning the war. Meanwhile, Russia mulled restrictions on diesel exports for some companies following a spate of attacks by...