Gold prices fell more than 1% on Wednesday, pressured by a firmer dollar and U.S.-China trade talks optimism, while the Federal Reserve held interest rates steady. Spot gold slipped 1.1% to $3,390.26 an ounce. U.S. gold futures lost 0.7% to $3,399.1. The U.S. dollar gained 0.2% against other fiat currencies. A stronger dollar makes gold more expensive for other currency holders. The Fed held interest rates steady on Wednesday afternoon. The U.S. central bank stuck to comments it had made in the past that it was in no hurry to cut rates, but indicated in a post-meeting statement that it...
Oil continued to fall ahead of trade talks between the US and China, with comments from President Donald Trump highlighting the difficult path officials face to reach a possible deal. West Texas Intermediate crude futures were trading near $58 a barrel after falling 1.7% in the previous session. Brent crude futures settled above $61. Trump said Wednesday he was not willing to roll back tariffs on China first to jump-start planned negotiations. The officials are set to meet in Switzerland this week for talks. Crude prices have been on a tear recently on concerns about the potential hit to...
Gold rose in early Asian trade after the Fed warned of economic uncertainty due to tariffs. The precious metal tends to perform well during periods of economic uncertainty. However, price gains may be capped by expectations of a meeting between U.S. and Chinese officials in Switzerland on Thursday. BofA Global Research's supply/demand model suggests gold could comfortably trade above $3,000/oz, but not above $3,500/oz for now, especially if the trade dispute eases, the Global Commodity Research team said in a note. Spot gold rose 0.2% to $3,373.34/oz. (Newsmaker23) Source: Dow Jones Newswires
USD/CHF consolidated on Wednesday, recording a daily close with a gain of over 0.21%. The currency pair declined from around 0.8847 to 0.8038, an eleven-day yearly low. However, the currency pair has recovered after the Swiss Consumer Price Index (CPI) data continued to weaken, paving the way for another interest rate cut by the Swiss National Bank (SNB). At the time of writing, USD/CHF was trading above 0.8230 after bouncing off a daily/weekly low of 0.8184. USD/CHF Price Forecast: Technical outlook USD/CHF has been trading sideways for the past nine days, in a range of 0.8200-0.8335, as...
The AUD/USD pair moved higher in Asia on Thursday (08/05), trading around 0.6440 after falling more than 1% in the previous session. The pair had previously touched a five-month high of 0.6514 on Wednesday, but fell amid the prospect of cautious Federal Reserve (Fed) policy. As expected, the Fed kept interest rates unchanged at 4.25%–4.50%, but its statement acknowledged rising risks related to inflation and unemployment, which added new uncertainty to the market. Market sentiment was further hit after Fed Chairman Jerome Powell's press conference, where he noted that US trade tariffs could...