Gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook. Spot gold rose 0.4% to $2,623.54 per ounce by 0246 GMT, the highest since Nov. 12. Prices rose 2% on Monday. U.S. gold futures gained 0.5% to $2,627.60. The U.S. dollar pulled back as profit-booking kicked in after last week's stellar rally. A weaker dollar makes bullion less expensive for buyers holding other currencies. The recent strong economic data has raised concerns on whether the Fed will...
Gold futures rise on a weaker dollar and easing U.S. Treasury yields. Futures rise 0.6% to $2,630.30 a troy ounce. The precious metal has regained some ground after Donald Trump's U.S. presidential election victory prompted a surge in the greenback, suppressing gold demand. Geopolitical risks have reemerged, driving safe-haven demand for gold and solidifying its role as a reliable hedge, says Pepperstone's Ahmad Assiri. The precious metal's future trajectory has split market opinions, Assiri says in a note. It could sink to lower price levels if the Federal Reserve tightens U.S. monetary...
Oil retreated after its biggest gain in more than five weeks as Europe's largest oilfield gradually restarted following a power outage. Brent futures traded near $73 a barrel as Equinor ASA restored production at the Johan Sverdrup oil field in the North Sea to two-thirds of capacity after yesterday's halt. Crude had surged 3.2% on Monday as the dollar weakened, making commodities more attractive to investors. Traders are also tracking the latest geopolitical tensions. Ukrainian armed forces carried out their first strike in a border region within Russian...
Gold prices climbed for a second straight session to hit a one-week peak on Tuesday as the U.S. dollar pulled back from recent highs, while investors awaited comments from Federal Reserve officials for clarity on its interest rate cut policy. Spot gold rose 0.8% to $2,634.20 per ounce, the highest since Nov. 11. Prices gained 2% on Monday, recovering from a two-month low hit reached last Thursday. U.S. gold futures added 1% to $2,641.10. "The selling has run out of steam and that's attracting those potential buyers sitting on the fence waiting for the market to stabilize to get back in,"...
Silver prices climbed above $31 per ounce on Tuesday, extending gains from the previous session as the dollar rally paused and investors reassessed the outlook for Federal Reserve monetary policy. The dollar faced a wave of profit-taking following its recent rally which was driven by expectations of fewer Fed rate cuts and optimism about US economic outperformance under the incoming Trump administration. Investors are now waiting for more comments from Fed officials this week for further guidance on the US interest rate path. Markets are also focused on China's upcoming LPR decision, with...