The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, dips further on Friday and erases the previous day's recovery, trading near 99.40 at the time of writing. The fresh leg lower comes after the House of Representatives passed United States (US) President Donald Trump's spending bill, now on its way to the Senate. The nonpartisan Congressional Budget Office revealed that this "big, beautiful bill" comes with a hefty price tag: $3.8 trillion in additional debt to the federal government's $36.2 trillion over the next decade, according...
Gold prices rose 1% on Friday and were on track for their best week in six, boosted by a weaker dollar and as worries over the United States' worsening fiscal health sent investors towards safe-haven bullion. Spot gold was up 1% at $3,325.47 an ounce as of 1119 GMT. Bullion has risen 4% this week, its highest since April 7. President Donald Trump's tax bill is supporting gold as there are concerns that this is negative for the fiscal situation of the dollar and some investors are diversifying out of treasury into gold, UBS analyst Giovanni Staunovo said. "We have also seen the 30-year...
Oil prices dropped by nearly 2% on Friday and were set for their first weekly decline in three weeks after U.S. President Donald Trump recommended a 50% tariff on the European Union. Brent crude futures fell $1.03, or 1.6%, to $63.41 a barrel by 1211 GMT. U.S. West Texas Intermediate crude futures were down $1.07, or 1.8%, at $60.13. Prices were already down for a fourth consecutive session, pressured by expectations of higher output from producer group OPEC+ in the coming months. President Trump said on Friday that he is recommending a straight 50% tariff on goods from the EU starting on...
Gold prices and gold stocks jumped on Friday as investors returned to the precious metal for the same reasons stocks fell on fears of new tariffs. Several gold miners flashed buy signals. Gold rose 1.4% to $3,340.80 an ounce, according to FactSet. It is up nearly 5% from a low of $3,187.20 on May 16 but is still about 2.5% below a high of $3,422.80 on May 6. Gold has pulled back from record highs this month as the tariff war eased. But investors have started turning to bullion as Treasury yields rose this week. On Friday, President Donald Trump's new tariff threats added to demand for...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, fell further on Friday (5/23) and erased the previous day's recovery, trading near 99.20 at the time of writing. The fresh decline came after the House of Representatives passed US President Donald Trump's spending bill, which is now on its way to the Senate. The nonpartisan Congressional Budget Office said that the "big, beautiful bill" comes at a high price: an additional $3.8 trillion in debt to the federal government's $36.2 trillion debt over the next decade, according to Reuters. The...