Three major US indexes closed at new record highs after a lower-than-expected inflation report raised the possibility of a Federal Reserve interest rate cut later this year and prompted investors to shift to riskier assets. The S&P 500 rose 0.8%, the Nasdaq rose 1%, and the Dow Jones Industrial Average rose 470 points. Technology stocks led the rally, with AMD and IBM surging 7.5% and 8.77%, respectively, after IBM said it had successfully implemented a key quantum error correction algorithm on AMD chips, boosting sentiment across the sector. Intel rose 1.6% after returning to...
Gold price tumbles on Tuesday as the Greenback extends its minimal gains for the second straight day, while geopolitical developments suggest that a positive outcome of the US President Trump meeting with Putin, Zelenskiy and European leaders could put an end to the ongoing war. XAU/USD is trading at $3,317. Rumors of a possible de-escalation of the Ukraine–Russia conflict weighed on Bullion prices, which usually benefit from global uncertainty. Last Friday, the meeting between US President Donald Trump and his Russian counterpart, Vladimir Putin, prepared the ground for a possible...
Oil prices fell on Tuesday as traders bet that talks over a possible agreement to legitimize or end Russia's invasion of Ukraine could ease sanctions on Russian crude oil, boosting global supply. Brent crude futures settled at $65.79 a barrel, down 81 cents, or 1.22%. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, finished at $62.35 a barrel, down $1.07, or 1.69%. "Even with this peace dividend, we have a record short position," said Phil Flynn, senior analyst with Price Futures Group. "Because of the size of the short position, people are...
The dollar was mixed on Tuesday as traders awaited the Federal Reserve's Jackson Hole Economic Policy Symposium later this week for further clues on U.S. interest rate policy. A speech on Friday by Fed Chair Jerome Powell is this week's main focus, with little major economic data to drive market direction. Traders are tuned into whether Powell will push back against market pricing of a rate cut in September. Traders ramped up bets on a rate cut at the Fed's September 16-17 meeting after a weak July jobs report, and as last month's consumer price inflation report showed limited upward...
Gold (XAU/USD) edges lower during the American session on Tuesday, pressured by a firmer US Dollar and improved risk sentiment. The metal is trading near $3,320, close to the 12-day low marked during early Asian trade. Earlier in the day, Gold had briefly rebounded from overnight weakness following Monday's White House summit between US President Donald Trump, Ukrainian President Volodymyr Zelenskyy, and key European leaders. While the talks signaled diplomatic unity, the lack of a ceasefire continues to keep geopolitical uncertainty elevated, providing some underlying support to safe-haven...
Gold prices (XAU/USD) briefly strengthened on Tuesday (August 19th), but weakened again in the American trading session as the US dollar strengthened. Previously, gold had recovered from overnight losses following a White House meeting between US President Donald Trump, Ukrainian President Volodymyr Zelenskyy, and several European leaders. Although the meeting demonstrated diplomatic coordination, the lack of a ceasefire agreement has kept geopolitical uncertainty high, thus maintaining demand for safe-haven assets. At the time of writing, gold was trading around $3,335 per ounce, down from...