Federal Reserve Bank of New York President John Williams said Thursday that he sees lower risks to inflation as tariffs have driven up price pressures less than expected. "I see on the margin...a reduction of some of the upside risks to inflation" from tariffs, Williams told reporters after speaking at the Economic Club of New York. He noted this reduction comes alongside greater clarity about future economic policy. Williams acknowledged that President Donald Trump's import tax increases are "definitely" affecting price pressures, but added that in terms of tariff pass-throughs to higher...
Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $28.96 per troy ounce, down 0.14% from the $29.00 it cost on Monday. Silver prices have increased by 21.71% since the beginning of the year. Source: FXstreet
Gold opened the New Year steady after notching its biggest annual gain since 2010, with traders assessing prospects for a slower pace of monetary easing by the Federal Reserve in 2025. Bullion was trading near $2,625 an ounce following its 27% gain in 2024, which was driven by the Fed's cutting cycle, sustained haven demand and a wave of purchases by central banks. Investors are now focused on the interest-rate path in the US, after Chair Jerome Powell last month signaled greater caution over how quickly the central bank can continue reducing borrowing costs amid renewed...
Oil was steady in the first session of the new year after an industry report indicated shrinking US crude stockpiles. West Texas Intermediate traded near $72 a barrel, while Brent closed below $75 on Tuesday. Nationwide inventories dropped by 1.4 million barrels last week, the American Petroleum Institute reported, according to a document seen by Bloomberg. If confirmed by government figures later Thursday, it would be a sixth straight weekly draw. Oil has been stuck in a narrow range since mid-October, with WTI ending 2024 little changed and Brent posting a modest...
Oil prices were on track to end 2024 with a second consecutive year of losses on Tuesday, but were steady on the day as data showing an expansion in Chinese manufacturing was balanced by Nigeria targeting higher output next year. Brent crude futures fell by 7 cents, or 0.09%, to $73.92 a barrel. U.S. West Texas Intermediate crude lost 4 cents, or 0.06%, to $70.95 a barrel. At those levels, Brent was down around 4% from its final 2023 close price of $77.04, while WTI was down around 1% from where it settled on Dec. 29 last year at $71.65. In September, Brent futures closed below $70 a...
Gold prices were set to end a record-breaking year on a positive note on Tuesday as robust central bank buying, geopolitical uncertainties and monetary policy easing fuelled the safe-haven metal's strongest annual performance since 2010. Spot gold rose 0.4% to $2,615.00 per ounce, while U.S. gold futures gained 0.4% to $2,627.30. As one of the best-performing assets of 2024, bullion has gained more than 26% year-to-date, the biggest annual jump since 2010, and last scaled a record high of $2,790.15 on Oct. 31 after a series of record-breaking rallies throughout the year. "Rising...
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...