U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY WAR." According to Trump's post, the ceasefire will begin approximately six hours after his announcement, when both nations have "wound down and completed their in progress, final missions." The agreement stipulates a 12-hour initial ceasefire period initiated by Iran, followed by Israel joining the ceasefire at the 12th hour. Trump stated that upon the 24th hour, there will be an "Official END" to the...
The US dollar index hovered around 97.2 on Monday, lingering at its lowest level since February 2022, as markets grappled with a more dovish Federal Reserve outlook, mounting fiscal concerns, and ongoing trade uncertainty. Investors are awaiting key US employment data this week, which could reveal signs of softening in the labor market and strengthen the case for a rate cut as early as July. While the Fed has previously cited labor market resilience as a reason to remain patient, a weak June jobs report could prompt policymakers to act sooner. Meanwhile, focus remains on the sweeping tax...
Gold edged lower after two consecutive weekly declines, with demand impeded by a risk-on mood as the White House aims to finalize trade deals with several nations ahead of a July 9 deadline. Bullion fell as much as 0.8% in early Asian trading before paring some losses, as investors weighed progress on the trade front. The European Union and the US believe they can clinch some form of trade agreement in time, Bloomberg News reported Friday, while talks with India, Japan and many others continue. Bloomberg News has also reported that the US is nearing...
Oil fell, following its biggest weekly loss in more than two years, as hedge funds piled into bearish bets after a fragile truce between Iran and Israel, and before a likely OPEC+ supply hike. Brent dropped to near $67 a barrel after sliding 12% last week, while West Texas Intermediate traded around $65. Iran said it remains skeptical that the US-brokered ceasefire with Israel will last, although President Donald Trump suggested he might back eventual sanctions relief for the Islamic Republic "if they can be peaceful." Key members of the Organization of...
Oil prices edged up slightly on Friday, recovering from a midday drop into negative territory following a report that OPEC+ was planning to hike production in August, but tumbled about 12% in the week in their biggest drop since March 2023. Brent crude futures settled at $67.77 a barrel, up 4 cents, or 0.1%. U.S. West Texas Intermediate crude finished up 28 cents, or 0.4%, at $65.52 a barrel. Four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following a...
Gold price tumbled over 1.50% on Friday amid an improvement in risk appetite, driven by several factors. The de-escalation of the Israel–Iran conflict, the trade agreement with China, and ongoing negotiations between the United States (US) and its peers to reach commercial deals were welcomed by investors, who had previously sought refuge in Bullion's safe-haven demand. The XAU/USD trades at $3,274 after hitting a daily high of $3,328. On Thursday, the White House announced that the US and China have formally signed a trade agreement, effectively ending the ongoing "trade war." US Commerce...
U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY...
Gold moved above $2600 on Monday during the Asian trading session. Currently, Gold is still struggling to capitalize on last week's modest recovery from a one-month low and is fluctuating.
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