US equities ended lower on Tuesday as investors grappled with downbeat economic data, rising trade tensions, and mixed corporate earnings. The S&P 500 dropped 0.5%, the Nasdaq slid 0.7%, and the Dow slipped by 62 points, following Monday's sharp rebound from Friday's losses tied to a disappointing jobs report. Concerns about stagflation resurfaced after the ISM Services index showed activity had stalled in July. Meanwhile, President Trump's threats of steep tariffs up to 250% on pharmaceutical imports alongside potential levies on semiconductors, added to market unease amid ongoing...
Gold edges higher in early Asian trade. The precious metal's appeal as a safe-haven asset has been supported by the escalating geopolitical tensions, particularly the ongoing conflict between Russia and Ukraine, says FlowCommunity's commercial director Tito Iakopa. Ukraine fired U.S.-provided long-range missiles in Russia on Tuesday. Concerns over trade uncertainties and U.S. fiscal sustainability may also provide support for higher gold prices, Iakopa says in an email. Spot gold is 0.1% higher at $2,635.88/oz. Source: Marketwatch
Oil futures hold on to the previous day's gains with attempts at a move lower held back by increased geopolitical risk premium on reports that Ukraine fired U.S.-supplied long-range missiles into Russia days after the U.S. authorized their use, raising concerns of an escalation in the conflict. Bearish views of the global supply and demand situation continue to cap rallies. "With China finding it difficult to get back on a growth trajectory north of 5% and the U.S. and Europe undergoing a cyclical slowdown, crude oil demand in 2024 and 2025 is set to grow at barely half of the 2 million b/d...
Gold prices rose for a second day mid-afternoon on Tuesday as treasury yields ease and international tensions run high after the Biden Administration permitted Ukraine to attack targets within Russia with U.S.-supplied missiles. Gold for December delivery was last seen up US$16.30 to US$2,360.90 per ounce. Following months of pressure, the Biden Administration over the weekend said Ukraine can make limited missile attacks on targets within Russia, which Moscow said will mean it is now at war with NATO. Gold's gain "were supported by a softer dollar and worsening US-Russia relations after...
Silver prices climbed above $31 per ounce on Tuesday, extending gains from the previous session as the dollar rally paused and investors reassessed the outlook for Federal Reserve monetary policy. The dollar faced a wave of profit-taking following its recent rally which was driven by expectations of fewer Fed rate cuts and optimism about US economic outperformance under the incoming Trump administration. Investors are now waiting for more comments from Fed officials this week for further guidance on the US interest rate path. Markets are also focused on China's upcoming LPR decision, with...
Gold prices climbed for a second straight session to hit a one-week peak on Tuesday as the U.S. dollar pulled back from recent highs, while investors awaited comments from Federal Reserve officials for clarity on its interest rate cut policy. Spot gold rose 0.8% to $2,634.20 per ounce, the highest since Nov. 11. Prices gained 2% on Monday, recovering from a two-month low hit reached last Thursday. U.S. gold futures added 1% to $2,641.10. "The selling has run out of steam and that's attracting those potential buyers sitting on the fence waiting for the market to stabilize to get back in,"...