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 braces for worst month in over a year on Trump-driven sell-off.Gold prices gained on Friday, boosted by a drop in dollar and persistent geopolitical tensions, but bullion was still set for its worst monthly loss since September last year after a post-election sell-off driven by Donald Trump's win. Spot gold rose 0.7% to $2,660.28 per ounce, but was set for a weekly fall of over 2% after a sharp decline earlier this week. U.S. gold futures also gained 0.7% to $2,684.9. Gold has dropped over 3% so far this month, its worst monthly slide since September 2023, as "Trump euphoria" lifted...
Gold prices gained about 1% on Friday, supported by a weaker greenback and geopolitical woes, but were on course for their worst monthly performance since September 2023 due to a dollar rally this month following Donald Trump's U.S. election victory. Spot gold climbed 0.9% to $2,664.11 per ounce, as of 1001 GMT, but set for a weekly fall of about 2% after a sharp sell-off earlier this week. U.S. gold futures also gained 0.9% to $2,664.50. Bullion has declined more than 3% so far in November, its worst monthly performance since September 2023, as traders expect the prospect of higher...
Oil edged lower as traders watched for any further clues to OPEC+'s production plans after it delayed a key virtual meeting by four days. Brent crude traded near $73 a barrel following a modest gain on Thursday. The producer group faces a decision on whether to start reviving curtailed production when a supply glut is expected next year. An online gathering is now schedule for Dec. 5, but OPEC+ delegates already said earlier this week that talks have begun on once again delaying restoring output. Crude has traded in a tight range since the middle of October, flipping...
The yen jumped more than 1% against the U.S. dollar to a six-week high on Friday after faster-than-expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month. The dollar sagged against its peers in trading thinned by the U.S. Thanksgiving holiday. "The yen is turning into the latest momentum trade ... with little friction to prevent it rising in thin holiday trade," said Matt Simpson, senior market analyst at City Index. The dollar was down 1.05% to 149.93 yen as of 0915 GMT, and earlier dipped to 149.53 yen for the first time since Oct. 21. The dollar...
Silver prices climbed back above $30.6 per ounce on Friday, rebounding from 11-week lows as growing geopolitical risks spurred safe-haven demand for the precious metal. Russian President Vladimir Putin warned about a possible nuclear-capable ballistic missile strikes on Ukraine, following a series of large-scale Russian attacks on key Ukrainian energy infrastructure. In the Middle East, tensions flared as Israel and Hezbollah exchanged accusations over violations of a ceasefire agreement that went into effect on Wednesday. Additionally, silver prices received support from a weaker dollar...