Strong evidence of a cooling US labor market rippled through Wall Street, spurring a rally in bonds as traders boosted their bets the Federal Reserve will cut rates in December. A slide in megacaps dragged down stocks. With the scarcity of data caused by the federal shutdown, investors have turned to private readings such as the Challenger, Gray & Christmas Inc. report showing companies announced the most job cuts for any October in over 20 years. Following the numbers, money markets now imply an about 60% chance of a...
Gold steadied around $3,030 per ounce on Monday after an earlier drop of more than 1% that sent prices to their lowest levels in over three weeks. The initial drop sparked speculation that some investors were liquidating positions to lock in profits, possibly to cover losses or margin calls from sharp declines in other assets, triggered by fears that an intensifying global trade war could push the economy into a recession. Adding to investor concerns, Federal Reserve Chairman Jerome Powell warned that tariffs raised the risks of higher inflation and slower economic growth, underscoring the...
Gold dropped more than 1% to below $3000 in the early Monday session in Asia as investors offloaded bullion to offset losses from a broader market downturn triggered by escalating trade tensions and growing fears of a global recession. Nasdaq futures sank more than 5% and Dow lost more than 1300 points while Nikkei was down more than 8% at the open, extending the market rout to a third consecutive session as the White House continued to push for aggressive tariffs on major trading partners. Source: Trading economi
Oil prices plunged nearly 8% on Friday to their lowest levels since 2021, while copper, soybeans and other commodities also fell as China retaliated against U.S. President Donald Trump's aggressive tariffs. Safe-haven gold prices fell for a second day, dragged down by a broader market selloff as major equity indexes plunged and recession fears mounted. Beijing proposed additional levies of 34% on all U.S. goods, retaliating after Trump announced a minimum 10% tariff on most U.S. imports, with much higher duties for dozens of countries including China. "This is the first very explicit...
Gold fell more than 3% on Friday, erasing gains from earlier in the week, as investors sold bullion to cover losses from a broader market rout as escalating trade tensions stoked fears of a global recession. Spot gold fell 2.9% to $3,024.2 an ounce, after hitting a session low of $3,015.29 earlier in the session. It hit a record high of $3,167.57 on Thursday. For the week, gold is down 1.9%. U.S. gold futures settled 2.8% lower at $3,035.40. On the technical front, spot gold managed to hold above its 21-day moving average of $3,023. "We tend to view gold as a liquid asset that is used to...
Gold prices plunged nearly 2% on Friday as traders liquidated their bullion positions amid a broad market sell-off, after China retaliated with new tariffs against U.S. President Trump's massive levies. Spot gold fell 1.9% to $3,053.98 an ounce by 10:05 a.m. EDT (1405 GMT). It hit a record high of $3,167.57 on Thursday. U.S. gold futures fell 1.6% to $3,072.10. Investors sold some of their gold holdings to cover losses in other asset classes, driven by margin calls, analysts said. "We still see room for further upside risk, given the current risk-off environment... we expect prices to...