US stocks closed higher on Friday, with the S&P 500 up 0.8%, and the Nasdaq climbing nearly 1%, while the Dow gaining 206 points. Technology shares, led by Apple which surged 4.2% following its announcement of a $600 billion US investment plan helped lift the tech-heavy Nasdaq to new intraday highs. Investor optimism was also fueled by expectations of Federal Reserve rate cuts, with President Trump nominating Stephen Miran to the Fed Board, signaling possible shifts in monetary policy, despite concerns over new tariffs imposed by the Trump administration on imports from multiple...
The US dollar (USD) started the week with a positive bias, maintaining last week's gains as traders responded to the resurgence of trade tensions. However, the greenback traded slightly lower today as investors remained cautious. Late last week, US President Donald Trump again attracted attention by adding the European Union (EU) and Mexico to his growing list of tariff targets. The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, held near a two-week high. At the time of writing, the index was consolidating just below the 98.00 level, trading...
Gold rose to a three-week high on Monday, boosted by safe-haven demand after U.S. President Donald Trump threatened tariffs on the European Union and Mexico, while silver hit a nearly 14-year high. Spot gold rose 0.4% to $3,369.89 an ounce, as of 11:23 GMT, after hitting its highest level since June 23 earlier in the session. U.S. gold futures rose 0.5% to $3,381.10. Trump said on Saturday that he would impose 30% tariffs on most imports from the European Union and Mexico starting August 1, adding similar warnings to other countries. The European Union and Mexico described the tariffs as...
Oil prices rose on Monday to their highest level in three weeks, as investors anticipated further US sanctions against Russia that could impact global supply, while increased oil imports by China also provided support along with signs of tighter supply. Brent crude rose 89 cents, or 1.3%, to $71.25 a barrel at 11:14 GMT, while US West Texas Intermediate crude rose 93 cents, or 1.4%, to $69.38. Increased Chinese crude imports and expectations surrounding US President Donald Trump's announcement on Russia supported prices, said UBS analyst Giovanni Staunovo. "...There remains a perception of...
Silver (XAG/USD) continued its three-day uptrend, marking a new high since September 2011 and trading around $39.00 per troy ounce during the European trading session on Monday (July 14). The price of this safe-haven metal rose amidst weakening market sentiment, driven by concerns about new tariffs. US President Donald Trump announced on Saturday a 30% tariff on imports from the European Union (EU) and Mexico starting August 1. Trump also proposed a blanket tariff of 15%-20% on other trading partners, an increase from the current base rate of 10%. However, the European Union announced on...
Gold price (XAU/USD) remains on the defensive below a three-week high touched during the Asian session this Monday, albeit it lacks follow-through selling. Diminishing odds for an immediate interest rate cut by the Federal Reserve (Fed) assist the US Dollar (USD) to hold steady near its highest level since June 25 and turn out to be a key factor acting as a headwind for the non-yielding yellow metal. However, the downbeat market mood offers some to the safe-haven precious metal. The already weaker global risk sentiment took another hit from US President Donald Trump's fresh threat to...