Gold prices rose to record highs in Asian trade on Thursday, benefiting from a softer dollar as the Federal Reserve still signaled at least two more interest rate cuts this year. The yellow metal extended a run of recent gains, as it continued to benefit from heightened safe haven demand due to the collapse of the Israel-Hamas ceasefire, sluggish Russia-Ukraine peace negotiations, and increased uncertainty over the U.S. economy under President Donald Trump. Spot gold rose 0.2% to a record high of $2,057.36 an ounce, while gold futures expiring in April hit a peak of $3,065.09 an...
The Japanese Yen (JPY) maintained its bid tone through the first half of the European session on Thursday (3/20) amid bets that the Bank of Japan (BoJ) will continue to raise interest rates this year, as strong wage growth could boost consumer spending. This, in turn, could contribute to a pickup in inflation and give the BoJ some room to tighten its policy further. The resulting narrowing of interest rate differentials between Japan and its peers continued to support the lower-yielding JPY. Furthermore, uncertainty over US President Donald Trump's trade policies and geopolitical risks...
Gold hit an all-time high on Thursday as the U.S. Federal Reserve hinted at two possible interest rate cuts this year, adding to bullion's appeal amid ongoing geopolitical and economic tensions. Spot gold was steady at $3,047.1 an ounce by 0700 GMT, after hitting a record high of $3,057.21 earlier in the session. U.S. gold futures rose 0.4% to $3,054.10. Gold is being driven by "a lot of market uncertainty, geopolitical tensions, a weaker U.S. dollar and expectations that interest rates will be cut later," said Dick Poon, general manager at Heraeus Metals Hong Kong Ltd. On Wednesday, the...
Oil prices rose on Thursday, boosted by a strong demand outlook in the United States after fuel inventories fell more than expected, and a weaker U.S. dollar. Brent crude futures rose 34 cents, or 0.5%, to $71.12 a barrel by 0745 GMT, their highest since March 3. U.S. West Texas Intermediate (WTI) crude rose 42 cents, or 0.6%, to $67.58. U.S. government data showed a larger-than-expected draw last week in distillate inventories, which include diesel and heating oil, which fell by 2.8 million barrels, more than the 300,000-barrel draw expected in a Reuters poll. [EIA/S] "The U.S. oil...
EUR/USD slumped near 1.0830 as the US Dollar (USD) strengthened, while investors digested the gloomy outlook for the US economy under President Donald Trump, anticipated by the Federal Reserve (Fed). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, rose near 104.00. On Wednesday, the Fed left its key lending rate unchanged in a range of 4.25%-4.50%, as expected, for the second straight day and stuck to its guidance for two rate cuts this year as projected in its December policy meeting. The Fed said it was in no rush to adjust monetary policy...