Silver fell over 1% to around $33 per ounce on Friday, hitting a one-week low as the US dollar rebounded. The dollar's strength came after Federal Reserve Chair Jerome Powell reaffirmed that the central bank is in no rush to cut interest rates further, despite signaling two potential rate reductions this year. Powell pointed to weakening economic growth and labor market concerns but maintained a cautious stance due to uncertainty surrounding US President Donald Trump's tariff policies and their impact on inflation. Adding to pressure on silver, lingering economic concerns in China dampened...
The US Dollar (USD) gathered bullish momentum and outperformed its rivals on Thursday. The USD Index, which tracks the USD's valuation against a basket of six major currencies, continued to move higher on Friday morning and remained in positive territory on the weekly chart. The economic calendar will not feature any high-impact data releases on Friday, and investors will be watching comments from Federal Reserve officials and US President Donald Trump. The USD benefited from the cautious market mood and upbeat data releases on Thursday. After rebounding on Wednesday, major equity indexes...
Gold prices were on track for a third straight weekly gain on Friday, helped by the US Federal Reserve's hint of a rate cut this year and safe-haven demand amid geopolitical and economic uncertainty. Bullion prices hit an all-time high of $3,057.21 an ounce on Thursday and have gained about 1.5% so far this week. Spot gold was down 0.5% at $3,028.77 an ounce by 0700 GMT, weighed down by a stronger US dollar. US gold futures were down 0.3% at $3,035.70. "Gold prices traded slightly lower in Asia today as the US dollar strengthened across major currencies," said Kelvin Wong, senior market...
EUR/USD traded lower near a 10-day low of 1.0815 during the European session on Friday (3/21). The major currency pair faced selling pressure as the US Dollar (USD) strengthened after the Federal Reserve (Fed) stated that an interest rate cut is not on the cards in the current scenario. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, rose near 104.15. On Wednesday, the Fed kept interest rates unchanged at 4.25%-4.50% for the second consecutive day, as expected. Fed Chairman Jerome Powell said in a press conference that the central bank will...
Gold (XAU/USD) is facing a second day of losses while its weekly performance is still positive. The precious metal is trading around $3,030 at the time of writing on Friday (3/21) after hitting a new all-time high of $3,057 the previous day. The move down should not come as a surprise given the Quadruple Witching event. Quadruple Witching is an event in the financial markets when four different sets of futures and options contracts expire on the same day, and investors must decide whether to sell and buy back their positions or simply sell them. Meanwhile, on the geopolitical front,...