Gold prices rebounded on Thursday on dip-buying after touching a more than one-week low earlier in the session after a U.S. trade court blocked most of President Donald Trump's tariffs, while the spotlight shifted to key U.S. inflation data later this week. Spot gold was up 0.2% at $3,296.63 an ounce, as of 1114 GMT, after hitting its lowest since May 20. U.S. gold futures were steady at $3,294.60. The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on U.S. trade partners. The White House swiftly appealed the...
Oil prices rose on Thursday after a U.S. court blocked most of President Donald Trump's tariffs, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures were up 19 cents, or 0.3%, to $65.09 a barrel at 1215 GMT. U.S. West Texas Intermediate crude was up 24 cents, or 0.4%, to $62.08 a barrel. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The court was not asked to address some...
Oil fell as weak U.S. economic data and concerns about rising supplies eroded risk sentiment from a court ruling blocking most Trump administration tariffs. West Texas Intermediate fell as much as 2.1% to trade near $61 a barrel after Interfax quoted Kazakhstan as saying OPEC+ would raise output at its meeting on Saturday, with the size of the increase still to be decided. The broader market eased from earlier highs on data showing the U.S. economy shrank at the start of the year, further pressuring commodities. Crude had earlier rallied after a trade court blocked a range of President...
Gold prices rebounded from a weekly low of $3,245 and climbed past $3,300 on Thursday, helped by a weaker US jobs report, as markets cheered a US court's decision to block US President Donald Trump's tariffs. At the time of writing, XAU/USD was trading at $3,318, up 0.94%. The US Labor Department revealed that the number of Americans filing for unemployment benefits exceeded estimates and the previous week's report. The report adds pressure on the Federal Reserve (Fed) to ease policy as the risk of high unemployment has increased. This, along with confirmation of a contraction in US Gross...
Oil prices fell more than 1% on Thursday, retreating from earlier gains, as investors weighed the potential impact of a US court ruling blocking President Donald Trump's most sweeping tariffs. The market was also watching for potential new US sanctions curbing Russian crude flows and a decision by OPEC+ to raise output in July. Brent crude futures settled down 75 cents, or 1.2%, at $64.15 a barrel. U.S. West Texas Intermediate crude fell 90 cents, or 1.5%, to $60.94 a barrel. Prices had earlier risen after a US court ruled Wednesday that Trump had exceeded his authority by imposing...