Gold prices held steady on Wednesday as market participants braced for U.S. President Donald Trump's tit-for-tat tariffs, which they fear will stoke inflation and hamper economic growth. Spot gold was up 0.1% at $3,019.72 an ounce by 0328 GMT. U.S. gold futures were down 0.1% at $3,023.60. "There are real concerns around U.S. economic growth and also inflation. The U.S. is likely to face a stagflation scenario, and that could support prices," said Soni Kumari, commodity strategist at ANZ. U.S. consumer confidence plunged to its lowest level in more than four years in March, with...
Silver (XAG/USD) attracted some sellers during the Asian session on Wednesday (3/26) and eroded part of the previous day's strong up-move. The white metal is currently trading around the $33.65-$33.60 area, down 0.30% for the day, although the downside appears limited amid the bullish technical setup. XAG/USD showed some resilience last week below the $33.00 level and the 100-period Simple Moving Average (SMA) on the 4-hour chart. The subsequent up-move and positive oscillators on the daily chart validate the positive outlook. Hence, any further intraday decline could be seen as a buying...
Oil prices edged higher on Wednesday on supply concerns with the U.S. stepping up efforts to curb Venezuelan and Iranian oil exports, while a bigger-than-expected draw in U.S. crude inventories also provided support. Brent crude futures were up 20 cents, or 0.3%, at $73.22 a barrel by 0404 GMT, while U.S. West Texas Intermediate crude futures were up 20 cents, or 0.3%, at $69.20 a barrel. Both contracts hit three-week highs in the previous session. "Crude prices maintained a bullish bias after Trump's sanctions on Venezuelan oil, raising supply-side concerns," Priyanka Sachdeva, senior...
The EUR/USD pair strengthened near 1.0780 during Asian trading hours on Wednesday (3/26). The greenback weakened against the euro (EUR) on weak US economic data and uncertainty surrounding US President Donald Trump's trade policies ahead of a new round of tariffs next week. The US Durable Goods Orders report for February is due on Wednesday. Weak confidence data and concerns about an economic slowdown in the United States could drag the US dollar (USD) lower. Data released by the Conference Board on Tuesday showed that US consumer confidence fell to its lowest level in more than four years...
Gold (XAU/USD) prices struggled to capitalize on the previous day's up-move and attracted some intraday sellers during the Asian session on Wednesday (3/26). The US Dollar (USD) regained some positive traction and moved back closer to near three-week highs touched on Tuesday. This, along with the general positive sentiment around equity markets, acted as a headwind for the safe-haven precious metal. However, uncertainty over US President Donald Trump's so-called reciprocal tariff plan for next week helped Gold prices hold above the psychological $3,000 mark. Additionally, bets that the...