US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Gold held steady as US election day begins, with a Federal Reserve interest rate decision also due later this week. Bullion was near $2,740 an ounce, just shy of the all-time high set last week. While prices have been relatively stable so far on Tuesday, previous US elections have seen sharp swings. With polls suggesting a photo-finish result, the risk of a disputed outcome means that the vote count could drag on for days or even weeks. Meanwhile, the Fed and some of its rich-world peers are expected to lower borrowing costs later this week. Lower...
Gold (XAU/USD) continues to backslide from its record high, eventually finding support at $2,724 early on Tuesday and bouncing back to regain the $2,740s. A marginally weaker US Dollar (USD) due to uncertainty over the US presidential election result is aiding Gold in its rebound, since the precious metal is mostly priced and traded in USD. This comes as markets increasingly view the final result of the election as polarizing for the US currency, with a victory for Republican nominee Donald Trump USD-bullish but the opposite for Democrat nominee Kamala Harris. Gold rises from safety flows...
Gold futures rise 0.1% to $2,749.0 a troy ounce. The precious metal had set a fresh all-time high of at $2,801.80 per ounce at the end of October, followed by a small sell-off. Gold stands out as the commodity of choice for hedging the upcoming U.S. elections, JPMorgan analysts say in a note. A Kamala Harris victory would suggest policy continuity and trend-like growth while a Donald Trump win could lead to significant policy changes, JPM says. Bullion could therefore see further upside on market uncertainty, should Republicans sweep the election under Trump. Gold should remain supported on...
The Pound Sterling (GBP) trades broadly unchanged against its major peers, with investors focusing on the Bank of England's (BoE) policy meeting on Thursday. The BoE is expected to cut interest rates by 25 basis points (bps) to 4.75%. This would be the second interest rate cut of the year. Seven Monetary Policy Committee (MPC) members are expected to vote for further policy easing, while the remaining two will likely support keeping rates steady. BoE external member Catherine Mann is expected to be one of two members who would vote to keep interest rates at their current levels. In a panel...
Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close U.S. presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December. Brent crude futures ticked up 14 cents, or 0.19%, to $75.22 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was at $71.6 a barrel, up 13 cents, or 0.18%. "We are now in the calm before the storm," IG market analyst Tony Sycamore said. Oil prices were supported by Sunday's announcement from the Organization of the Petroleum Exporting Countries...