Gold rose to a new high as U.S. President Donald Trump ordered an investigation that could open a new front in the global trade war, triggering a pullback from equities and a move into safe-haven assets. Bullion rose as much as 1.89% on Wednesday to rise above $3,291 an ounce for the first time, surpassing its previous all-time peak set on Monday. Traders were again caught off guard by a series of tariff headlines, with Trump launching an investigation into the need for levies on critical minerals. The precious metal has risen more than 20% this year and hit a series of record highs as the...
Oil prices fell about 1% on Wednesday, as a U.S. tariff policy change fueled uncertainty, prompting traders to weigh the potential impact of the U.S.-China trade war on economic growth and energy demand. Brent crude was down 66 cents, or 1.0%, at $64.01 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude was down 69 cents, or 1.1%, at $60.64. Both benchmarks fell 0.3% on Tuesday. Global oil demand is expected to grow at its slowest rate in five years in 2025 and U.S. production growth is also set to ease, due to U.S. President Donald Trump's tariffs on trading partners and their...
The dollar fell on continued concerns about the U.S. economic impact of President Trump's tariffs. "Questions are being raised about the U.S.'s exceptionalism and credibility as a reserve currency," Jefferies economist Mohit Kumar said in a note. In the medium term, tariffs could reduce U.S. reliability and investors will look for alternative destinations, he said. The era of a strong dollar has peaked and the currency is likely to face further weakness, he said. Gold prices could benefit as central banks look to diversify away from the dollar. The DXY dollar index fell 0.7% to 99.4730....
Gold prices surpassed the $3,300 mark for the first time on Wednesday, as investors sought safe-haven assets after U.S. President Donald Trump ordered a probe into potential new tariffs on U.S. critical mineral imports. Spot gold was up 2.3% to $3,301.78 an ounce as of 1018 GMT, after hitting a record high of $3,317.90 earlier in the session. U.S. gold futures gained 2.4% to $3,317.70. "Trump's trade war shows no signs of easing... sparking a fresh move towards safe havens and out of stocks," said Ole Hansen, head of commodity strategy at Saxo Bank. Trump's probe, announced on Tuesday, is...
Oil prices rose 1% on Wednesday, reversing early losses as the market took a bullish view on China's stance on potential trade talks with the United States, though gains were capped by continuing fears that the trade war will curb energy demand. Brent crude futures rose 64 cents to $65.31 a barrel by 0937 GMT while U.S. West Texas Intermediate crude rose 62 cents to $61.95. Prices declined in early trading but analysts said momentum shifted after a Bloomberg report quoted an anonymous source as saying that China wants more respect from the Trump administration before it will agree to...