Asian stocks slipped at the open on Friday after risk sentiment faded on Wall Street, following news of bad debts at two US banks that heightened credit market concerns. US index futures also indicated further weakness. Japan, Australia, and South Korea all fell, in line with Wall Street's overnight slump: the S&P 500 fell 0.6% (financials -2.8%) and the Nasdaq 100 fell 0.4%. Hedging assets rallied: gold and silver hit record highs, while Treasury yields continued to fall—the 2-year yield to its lowest level since 2022 and the 10-year below 4%. The dollar index weakened, heading for its...
Gold moved higher mid-afternoon on Wednesday, climbing for a third day as increasing international tensions prompt safe-haven buying after the Biden Administration permitted Ukraine to fire U.S.-made missiles into Russia and Moscow responded by lowering its policy threshold for the use of nuclear weapons. Gold for December delivery was last seen up US$20.90 to US$2,651.90 per ounce. The dollar rose even as the dollar and treasury yields climbed. The ICE dollar index was last seen up 0.55 points to 106.75. A stronger dollar is bearish for commodities priced in the currency. Treasury yields...
Gold prices climbed for a third consecutive session to mark a one-week high on Wednesday, as investors sought refuge in the safe-haven metal amid mounting geopolitical unease fueled by escalating Russia-Ukraine tensions. Spot gold was up 0.6% at $2,646.79 per ounce, after hitting its highest level since Nov. 11 earlier in the session. U.S. gold futures gained 0.8% at $2,650.60. Geopolitical tensions intensified as Russian President Vladimir Putin broadened the scope for nuclear strikes. "Clearly that's sparked safe-haven interest," said Peter Grant, vice president and senior metals...
Silver prices eased to around $31 per ounce on Wednesday as concerns over the escalating Russia-Ukraine conflict began to subside. On Tuesday, silver briefly rose above $31.50 after Russia lowered its threshold for a potential nuclear strike. However, market fears eased after Russian Foreign Minister Sergei Lavrov stated that the country would "do everything possible" to avoid nuclear war, and the US indicated it saw no reason to adjust its nuclear policy. Investors are now focused on upcoming remarks from US Federal Reserve officials, which could influence the dollar and, in turn,...
The U.S. dollar slipped to a one-week low versus major peers on Wednesday, looking to extend a three-day decline from a one-week peak as the market catches its breath following the frantic rally in the wake of Donald Trump's election. The previous day's boost to the dollar and other traditional safe-haven currencies like the yen proved short-lived, after Russia's foreign minister said the country will "do everything possible" to avoid the onset of nuclear war, hours after Moscow announced it would lower its threshold for a nuclear strike. Bitcoin crept up towards the fresh all-time peak...
Gold futures fell after hitting their highest level in more than a week. Futures were down 0.2% at $2,625 an ounce. Trading in the precious metal was cautious given rising U.S. bond yields and a stronger dollar, which could weigh on prices in the coming weeks, said Rania Gule of XS.com. Despite the decline, gold continues to retain its appeal as a safe haven, Gule said in a note. Rising geopolitical tensions between Russia and Ukraine remain a key factor supporting gold prices, reflecting persistent fears of escalation, Gule wrote. Still, the market is in a state of anticipation, as a...