US stocks rose on Friday (October 17th) as investors reacted positively to President Trump's remarks alleviating concerns about further trade escalation with China, while regional bank stocks rebounded after Thursday's sharp declines. The S&P 500 and Nasdaq each rose 0.5%, while the Dow Jones Industrial Average rose 239 points. Trump said his proposed 100% tariffs on Chinese goods would be unsustainable, although he blamed Beijing for recent trade tensions, and confirmed that his meeting with Chinese President Xi Jinping was still possible at the end of the month. Consumer staples,...
Silver traded above $44 an ounce on Thursday (September 25th), nearing a 14-year high, as increased industrial absorption and tighter physical availability outweighed stronger US macro data that lifted yields and the dollar. On the demand side, absorption from photovoltaic panels and electronics, where silver is difficult to substitute, has increased, supporting short-term consumption. On the supply side, most silver is produced as a byproduct of base metal mining and cannot expand quickly with prices; recent smelting and processing disruptions at major refining centers have reduced refined...
Gold prices held steady on Thursday with a slightly weaker dollar lending some support, while investors awaited key U.S. economic data for further insights into the Federal Reserve policy path. Spot gold was at $3,737.01 per ounce, as of 0347 GMT. U.S. gold futures for December delivery were unchanged at $3,767.90. The U.S. dollar index fell 0.1%, making greenback-priced bullion less expensive for overseas buyers. On Wednesday, San Francisco Federal Reserve Bank President Mary Daly said she "fully supported" the Fed's decision to cut its policy rate last week and expects further...
The Japanese Yen (JPY) attracts some buyers during the Asian session on Thursday and recovers a part of the previous day's heavy losses in reaction to the hawkish Bank of Japan (BoJ) expectations. In fact, Minutes from the BoJ's July meeting revealed that board members expect the central bank to keep hiking if inflation and the economy move as estimated. This underscores mounting pressure within the central bank to phase out the massive monetary stimulus. Apart from this, the cautious market mood turns out to be another factor driving some safe-haven flows towards the JPY. Meanwhile, the...
Silver price (XAG/USD) pares its recent losses from the previous session, trading around $44.00 per troy ounce during the European hours on Thursday. The non-interest-bearing Silver maintains its position near a 14-year high of $44.47, which was reached on Tuesday as traders widely expect a 25-basis-point rate cut by the US Federal Reserve (Fed) at its October policy meeting. US Federal Reserve (Fed) Chair Jerome Powell struck a cautious note, stressing that the US central bank must weigh stubborn inflation against a softening job market, calling it "a challenging situation" and reiterating...
Oil steadied following its biggest jump since July, after US President Donald Trump's increasingly hawkish rhetoric on Russia raised geopolitical risk. West Texas Intermediate traded above $64 a barrel after gaining 2.5% on Wednesday, while Brent settled above $69. Trump said NATO nations should shoot down Russian aircraft that violated their airspace and that Europe should stop purchasing energy from the OPEC+ member, leading oil investors to cut bearish positions. Meanwhile, US government data showed nationwide crude inventories declined to the...