US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the government shutdown. The S&P 500 and the Dow Jones closed 0.3% higher, while the tech-heavy Nasdaq closed near the flatline as AI giants remained under pressure. Senate Republicans rejected Democrats' offer to scale down shutdown demands, but lingering hopes of an incoming agreement improved risk sentiment before the closing bell. The suspension of operations and government data were evidenced by the deteriorating consumer confidence measured by...
Gold rose as traders assessed trade tensions and the Federal Reserve's interest rate direction, with some buying back into bearish positions they had built up earlier after bullion hit a key level. The precious metal's rise to $3,250 an ounce helped trigger some short covering, sending it up 1.7%, according to Ole Hansen, head of commodity strategy at Saxo Bank A/S. "Gold has seen an underlying bid throughout the day as the market considers whether we've passed peak optimism," Hansen said, adding that technical buyers rushed in after the $3,250 level was broken. Gold suffered its worst...
Gold prices eked out gains on Tuesday, buoyed by a lower dollar, while investors cautiously turned their attention to further developments in Russia-Ukraine peace talks and U.S. tariff policy. Spot gold was up 0.2% at $3,236.94 an ounce as of 1102 GMT. U.S. gold futures gained 0.2% to $3,239.40. The dollar index opens new tab was down 0.2% against its rivals, making gold less expensive for other currency holders. "Main focus of traders in the gold market today is on the optimism around the US-China trade and also on renewed hopes for progress towards peace in the Russia-Ukraine conflict,"...
EUR/USD gains further to near 1.1250 in Tuesday's European session, following the previous day's upside move. The major currency pair remains on the frontfoot as the United States (US) Sovereign Credit downgrade by Moody's continues to batter the US Dollar (USD), with the US Dollar Index (DXY) extending its downside to near 100.00. On Friday, Moody's downgraded the US credit rating by one notch to Aa1 from Aaa. This move shifted the focus of financial market participants to the growing $36 trillion US government debt pile and fiscal imbalances, which would lead to a long-term increase in...
Silver prices were near the $32.4 per ounce on Tuesday, trading with marginal gains for a second session and remaining around 12% higher year-to-date gain amid higher demand for silver as bullion and its industrial uses. Precious metals remained supported by the outlook of lower interest rates by major central banks, which reduce the opportunity cost of holding assets without any yield. Softer inflation prints maintained bets of two rate cuts by the Fed this year, while the BoE cut its benchmark rate and the PBoC reduced the rate on liquidity operations. In the meantime, higher...
Oil prices slipped on Tuesday as traders weighed the impact on supply from Russia-Ukraine peace talks and US-Iran negotiations, strong front-month physical demand in Asia and a cautious outlook for China's economy. Brent futures for July dipped 19 cents to $65.35 a barrel by 0625 GMT. June U.S. West Texas Intermediate crude futures, which expire on Tuesday, gained 3 cents to $62.72, while the more active July contract slipped 17 cents to $61.97 a barrel. Discussions on Iran's nuclear programme would "lead nowhere" if Washington insisted that Tehran slash uranium enrichment activity...