The US Dollar Index (DXY) gains traction to near 106.65 during the early European session on Thursday. The cautious mood amid the tariff uncertainty from US President Donald Trump could lift the Greenback. However, the weaker US economic data have prompted traders to raise bets for interest rate cuts, now seeing two quarter-point reductions this year, with the first likely in July and the next as early as October. This, in turn, might cap the upside for the DXY. According to the 4-hour chart, the DXY keeps the bearish vibe as the price remains capped below the key 100-period EMA...
Gold prices fell in Asian trade on Thursday, pulling back further from record highs on pressure from a stronger dollar, as U.S. President Donald Trump kept up his threats of increased trade tariffs. The yellow metal was hit with a wave of profit-taking from record highs this week, even as the prospect of higher trade tariffs and a cooling U.S. economy kept safe haven demand in play. Gold prices struggled to cross the $3,000 an ounce level. Reports that a U.S.-brokered peace deal between Russia and Ukraine was close undermined some safe haven demand for gold. Broader metal prices were also...
Oil prices climbed for the first time in three days on Thursday, with supply worries resurfacing after U.S. President Donald Trump announced a reversal of a license given to Chevron (CVX.N), opens new tab to operate in Venezuela. Brent crude oil futures rose 24 cents or 0.33% to $72.77 a barrel by 0328 GMT. U.S. West Texas Intermediate crude oil futures were up 18 cents or 0.26% at $68.80 per barrel. A day earlier, the contracts settled at their lowest since December 10 due to a surprise build in U.S. fuel inventories that hinted at weakening demand and hopes for a potential peace deal...
Silver held its recent decline to around $31.7 per ounce in late February amid demand uncertainties and robust supply. Profit-taking also weighed on silver prices, although the metal remains up about 10% year-to-date. Hecla Mining Company, the largest silver producer in the US, reported a 13% increase in silver output for 2024, mining 16.2 million ounces moz, the second-highest production level in its 134-year history. On the demand side, US silver coin purchases dropped 27% year-on-year in January to 3.5 moz, the lowest January demand since 2018. Meanwhile, softening US economic data fueled...
Gold's price (XAU/USD) faces strong selling pressure and extends this week's correction to hit a ten-day low near $2,880 at the time of writing on Thursday. The leg lower comes after United States (US) President Donald Trump cast doubts and confusion during a cabinet meeting on Wednesday about what levies will be applied, when and to which countries. President Trump said "tariffs will go on, not all, but a lot of them" and added that levies on Canada and Mexico imports will go into effect on April 2. Reciprocal tariffs should be installed on April 2 too. The US President confirmed a 25%...