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 surged above $3,100 per ounce on Monday to a record high, as worries about potential inflation due to U.S. tariffs set the safe-haven asset up for its strongest quarter since 1986. Bullion continued its remarkable rally that has already seen the metal gain around 18% so far this year. Spot gold jumped 1.1% to $3,117.43 per ounce by 0935 GMT, having hit a record $3,128.06 earlier. U.S. gold futures were up 1.1% to $3,149.60. Bullion rose more than 27% last year as several bullish factors, including a favourable monetary policy backdrop and robust central bank buying, combined...
Oil fluctuated as the market weighed Donald Trump's mixed remarks about the threat of fresh penalties on Russian crude if his counterpart Vladimir Putin refuses a ceasefire with Ukraine. Trump told reporters on Air Force One that he doesn't think Putin will "go back on his word," which appeared to take some of the edge off his criticism earlier Sunday, when NBC News reported him as saying he was "very angry" at the Russian president and would consider "secondary tariffs." Brent's June contract was little changed below $73 a barrel after a marginal gain at the open, while...
The Silver price (XAG/USD) attracts some buyers to around $34.35 during the early European session on Monday. Potential trade wars and ongoing geopolitical tensions boost the safe-haven flows, benefitting the white metal. Traders are worried ahead of a new round of reciprocal levies that the White House is due to announce on Wednesday. Trump said late Sunday that the administration is hurrying to determine the specifics of its new tariff agenda ahead of its self-imposed deadline of Wednesday, considering possibilities after promising to remake the American economy with a slew of new levies....
Gold started the week with a fresh record high, ahead of President Donald Trump's expected latest tariff barrage that's heightened concerns of a global trade war. Bullion gained as much as 0.8% to top $3,110 an ounce, beating the previous all-time high set on Friday when it recorded a fourth weekly gain, with prices supported by growing haven demand amid a risk-off mood for markets. Trump last week signed a proclamation to slap a 25% tariff on auto imports, while traders also bracing for the White House's so-called reciprocal tariffs due Wednesday. Gold is up about 18%...
The yen strengthens slightly against other G-10 and Asian currencies in the morning session amid risk-off sentiment spurred by looming U.S. tariffs. "We judge that President Trump's tariff regime will be more disruptive to the global economy than markets are currently pricing," say three members of CBA's Global Economic & Markets Research. Risks are tilted to a sharp decline in global equities and a weaker USD/JPY, the members say in a research report. USD/JPY could soon sustainably break below support at 148.13, they add. USD/JPY edges 0.2% lower to 149.56; risk-sensitive AUD/JPY is...
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...