The Fed will be in the spotlight this week, as markets are now all but certain that the central bank will slash interest rates at the end of its latest two-day gathering on Wednesday. Underpinned by signs of a softening U.S. labor market, policymakers are widely anticipated to back the first rate cut since an easing cycle was paused in December. Bringing down rates can, in theory, help spur investment and hiring. However, a reduction can risk pushing up inflationary pressures at the same time. Last week, a monthly U.S. consumer price index reading accelerated slightly due to an uptick in...
Oil prices fell on Wednesday, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement. Brent crude futures fell 93 cents, or 1.2%, to $75.52 a barrel by 0918 GMT. U.S. West Texas Intermediate crude futures fell 88 cents, also 1.2%, to $73.96 per barrel. U.S. President Trump warned on social media on Tuesday that U.S. patience was wearing thin, and called for an "unconditional surrender" from Iran. While he said there was no intention to kill Iran's leader Ayatollah Ali...
Gold prices are likely to be supported by central bank purchases, Julius Baer's Carsten Menke says in a research note. Central banks have doubled their average annual purchases to 1,000 tons from 500 tons since the start of the Ukraine war, Menke says. He adds that the main motivations are gold's status as a crisis asset, a portfolio diversifier and a store of value. "While de-dollarization is not a motivation, most central banks still believe that the share of U.S. dollars in their reserves is set to shrink," he says. Spot gold is down 0.15% at $3,384.54/oz. Source : Dow Jones...
Oil prices rose in Asian trade on Wednesday, extending a 4% gain from the previous session amid concerns that the Iran-Israel conflict could disrupt supplies. Brent crude rose 26 cents, or 0.3%, to $76.71 a barrel by 0440 GMT. U.S. West Texas Intermediate crude rose 35 cents, or 0.5%, to $75.19 a barrel. U.S. President Donald Trump on Tuesday called for Iran's "unconditional surrender" as the Iran-Israel air war entered its sixth day. The U.S. military is deploying more warplanes to the region to bolster its forces, three officials said on Tuesday. Analysts said the market is mostly...
Gold prices were flat in Asian trade on Wednesday as investors refrained from placing big bets ahead of the U.S. Federal Reserve's policy decision, while also monitoring developments surrounding the Israel-Iran conflict. Spot gold was flat at $3,388.04 an ounce, as of 0341 GMT. U.S. gold futures were largely unchanged at $3,406.50. "Gold prices fluctuated as investors tracked escalating risks in the Middle East. Lackluster U.S. reports on retail sales, housing and industrial production strengthened the case for the Fed to cut interest rates later this year," analysts at ANZ said in a...
Silver (XAG/USD) is seen consolidating the previous day's strong gains to the highest level since February 2012 and oscillated in a narrow range during the Asian session on Wednesday (6/18). The white metal is currently trading just above the $37.00 round-figure mark and seems poised to extend its recent uptrend from April monthly swing lows. From a technical perspective, the overnight breakout through a short-term descending trend-channel, which constitutes the formation of a bullish flag pattern, and the subsequent up-move validates the constructive outlook. However, a slightly overbought...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...