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,...
Gold prices steadied on Tuesday after reaching a record high, underpinned by expectations of more U.S. rate cuts and a weaker dollar, as investors awaited Federal Reserve Chair Jerome Powell's speech for further policy cues. Spot gold was up 0.2% at $3,753.25 per ounce, as of 0604 GMT, after hitting a record high of $3,759.02 earlier in the session. U.S. gold futures for December delivery rose 0.3% to $3,787.40. The U.S. dollar index (.DXY), opens new tab extended its losses from the previous session, making greenback-priced gold cheaper for overseas buyers. "I think it's predominantly a...
Silver hovered just below $44 per ounce on Tuesday, staying close to 14-year highs as traders weighed the US Federal Reserve's policy outlook. Several Fed officials urged caution on further rate cuts, citing signs of stabilizing inflation, while new Governor Stephen Miran warned the central bank was misjudging policy tightness and risking the labor market without deeper easing. Markets now await Fed Chair Jerome Powell's remarks and Friday's PCE price index, the Fed's preferred inflation gauge, for clearer direction. Support also came from strong fundamentals, with tight supply underpinning...
The dollar index slipped below 97.3 on Tuesday, marking a second straight decline as traders parsed Federal Reserve commentary for signals on interest rates. Several officials urged caution before cutting further, noting inflation appeared to be stabilizing. In contrast, new Fed Governor Stephen Miran warned the central bank was misjudging policy tightness and risking the labor market without more aggressive easing. Attention now turns to Friday's PCE price index, the Fed's preferred inflation gauge, for fresh policy cues. On the political front, congressional budget negotiations this week...
Gold is steady in the early Asian trade, supported by hopes for more Fed rate cuts. Fed Chair Powell is scheduled to deliver comments on the U.S. economy later today. The precious metal hit another record high overnight, building on momentum from last week's Fed rate cut and guidance that further easing is likely as the labor market weakens, FFA Kings' Fadi Al Kurdi says in an email. "Expectations of continued monetary loosening have reinforced demand for the non-yielding asset," the founder and CEO adds. Spot gold is little changed at $3,747.22/oz. Source: Dow Jones Newswires
Oil was little changed after a four-day decline as investors assess the potential impact of moves by western nations to curtail Russian energy exports. West Texas Intermediate's November contract traded near $62 a barrel after falling almost 3% over the previous four sessions, while Brent settled below $67. Canadian Prime Minister Mark Carney said he wants to see western allies impose secondary sanctions on Russia quickly in order to dramatically ramp up pressure on President Vladimir Putin. The latest threat to the OPEC+ member's supply comes...