Silver prices held above $38.50 per ounce on Thursday (August 14th), hovering near a three-week high as expectations of a deeper Federal Reserve interest rate cut this year buoyed the market. Weaker US inflation data suggested that President Donald Trump's tariffs were not adding to price pressures, while signs of a weakening labor market reinforced the dovish outlook. The market is almost fully pricing in a September rate cut, with some anticipating a larger 50 basis point cut. Additionally, Treasury Secretary Scott Bessent called for multiple rate cuts and said the Fed could begin...
Gold (XAU/USD) prices moved higher in the European session on Friday ahead of the United States (US) ISM Manufacturing Purchasing Managers' Index (PMI) data for December, due to be released at 15:00 GMT. The Manufacturing PMI was seen steady at 48.4, indicating that activity contracted at a steady pace. The precious metal has had a stellar performance in 2024, gaining over 27%, the metal's best annual return since 2010. The sustained rally was driven by strong safe-haven demand amid persistent geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict. Until this News...
Silver (XAG/USD) prices continued to rally near $29.80 during the European session on Friday. The white metal gained strength on increased safe-haven demand amid rising geopolitical tensions. According to a report from Axios, US President Joe Biden discussed the possibility of an attack on Iran's nuclear facilities with his national security team, with President-elect Donald Trump weeks away from taking office. Axios reported that White House National Security Advisor Jake Sullivan presented President Biden with several options for a possible US strike on Iran's nuclear sites. Historically,...
Silver (XAG/USD) prices extended its gains for the third straight day, trading around $29.60 per troy ounce during Asian hours on Friday (3/1). The ongoing rally was attributed to strong safe-haven demand amid persistent geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict. Axios cited three sources, who indicated that US President Joe Biden is reportedly exploring contingency plans to target Iran's nuclear facilities if Tehran makes significant progress in developing a nuclear bomb before Donald Trump's inauguration on January 20. The talks underscore growing...
Gold prices were steady during the Asian session on Friday (3/1) on the back of a weaker US dollar and safe-haven inflows, with the precious metal heading for a weekly gain as attention turns to proposed policy changes by US President-elect Donald Trump that could affect the economic outlook and interest rates going forward. Russia also launched another drone strike on Kyiv early Wednesday, causing damage in at least two districts. Traders are looking ahead to next week's US jobs data, the ADP employment report, the Fed's December FOMC meeting minutes and the US employment report to gauge...
Prices opened little changed at the start of the Asian session. The white metal had previously experienced a fairly strong increase along with the weakening of US treasury yields, increasing interest in haven assets. Geopolitical risks in the Middle East and Europe also boosted silver. Meanwhile, the US Dollar Outlook and bond yields are expected to remain strong as the Federal Reserve (Fed) is expected to provide fewer interest rate cuts this year as officials are optimistic about the economic path.