Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without specifying which nations he was referring to. The BRICS group currently includes Brazil, Russia, India, China, South Africa, and has recently expanded to include other nations. In addition to...
Gold prices briefly broke above $3,500 per ounce to an all-time high on Tuesday, after U.S. President Donald Trump criticised Federal Reserve Chair Jerome Powell, rattling investors and increasing demand for the safe-haven asset. Spot gold was up 1.5% at $3,474.41 an ounce by 0743 GMT, after earlier rising as far as $3,500.05. U.S. gold futures gained 1.8% to $3,485.10. "The latest leg of the rally was triggered by President Donald Trump's public attack on Federal Reserve Chairman Jerome Powell," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. "As political...
Silver prices slipped nearly 1% to around $32.30 per ounce on Tuesday, as investors locked in profits following a strong rally in precious metals. The pullback came after recent gains driven by safe-haven demand amid rising fears over the global economic impact of escalating trade tensions. Market sentiment was weighed down by stalled US-China trade negotiations, with Beijing accusing Washington of abusing tariffs and cautioning other countries against one-sided deals. Meanwhile, President Donald Trump's calls for immediate interest rate cuts—and threats to remove Federal Reserve Chair...
USD/CHF continues to slide for the third consecutive session, trading near 0.8070 during Tuesday's Asian session. The pair remains under pressure as the US Dollar (USD) struggles against a backdrop of escalating economic and political uncertainty in the United States. This uncertainty has amplified the Swiss Franc's (CHF) earlier gains, initially fueled by President Donald Trump's aggressive reciprocal tariff proposals. These developments have driven investors toward safer assets, such as foreign currencies and gold, away from USD-denominated securities. The CHF's recent strength against...
The Japanese Yen (JPY) jumps to a fresh seven-month high against a broadly weaker US Dollar (USD), dragging the USD/JPY pair closer to the 140.00 psychological mark during the Asian session on Tuesday. Fears that US President Donald Trump's tariffs and the escalating US-China trade war would dent global economic growth continue to boost demand for traditional safe-haven assets, including the JPY. Apart from this, the growing acceptance that the Bank of Japan (BoJ) will continue raising interest rates in 2025 turns out to be another factor underpinning the JPY. The USD, on the other hand,...
Gold price continues to build on its record rally, closing in on the $3,500 mark in Asian trading on Tuesday. Investors continue to flock to safety in the traditional store of value, the Gold price, amid no confidence in the US Dollar and Trump's attacks on Fed Chairman Powell.ust as the US-China trade war-led US recession fears weren't enough to sap investors' confidence, US President Donald Trump doubled down on his criticism of Federal Reserve (Fed) Chairman Jerome Powell since last Friday, negatively impacting the already beleaguered US Dollar (USD), lifting the traditional safe-haven...
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that...