The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades around 103.00 at the time of writing on Tuesday, after some comments from Secretary Scott Bessent. Over the past few days, the overall risk-off sentiment had rather devalued the Greenback substantially, though since the strong Nonfarm Payrolls (NFP) released on Friday, the DXY has been climbing back. The question will be if the index can hold on to this recovery when more US data comes in. On the economic calendar front, some light data is set to be published. The National...
Gold prices rose back above $3,000 per ounce on Tuesday as a weaker U.S. dollar and escalating trade tensions between the world's two largest economies lifted demand for the safe-haven asset. Spot gold was up 0.8% at $3,007.21 an ounce by 08:44 a.m. ET (1244 GMT), moving away from a more than three-week low touched on Monday in a pullback from last week's record high of $3,167.57. U.S. gold futures gained 1.6% to $3,021.90. "Despite falling for three consecutive sessions, gold remains bullish with trade tensions and the prospect of lower U.S. interest rates boosting its allure," said...
Silver (XAG) prices rose near $30.50 during North American trading hours on Tuesday (04/08). The white metal gained as its appeal as a safe haven has increased, with traders increasingly concerned about the outlook for trade relations between the United States (US) and China. Earlier in the day, a spokesperson for China's Ministry of Commerce warned that US President Donald Trump's threat of new tariffs was a "mistake on top of a mistake" and that China would "fight to the end" to protect its interests. The statement from Beijing came after Trump threatened to increase tariffs on China to...
Gold prices pared early gains to trade barely changed at $2,980 an ounce on Tuesday, as rising Treasury yields reduced the appeal of non-yielding assets such as bullion. Trade war concerns intensified after a White House official confirmed that the U.S. would go ahead with tariffs of up to 104 percent on Chinese imports, set to take effect at midnight. Earlier in the session, markets were buoyed by optimism over potential progress in tariff negotiations. Treasury Secretary Bessent said that more than 70 countries have been in contact with the White House, with some promising trade deals...
Oil prices fell more than $1 a barrel on Tuesday, trading at their lowest in four years, as recession fears exacerbated by the trade conflict between the U.S. and China, the world's two largest economies, offset a recovery in stock markets. Brent crude futures were down $1.39, or 2.16%, at $62.82 a barrel. U.S. West Texas Intermediate crude futures were down $1.12, or 1.85%, at $59.58. Brent crude futures fell more than $2 a barrel during the session. The two benchmarks had fallen 14% and 15%, respectively, on Monday following U.S. President Donald Trump's April 2 announcement of...