Silver extended gains to 13-year highs and platinum reached the highest since early 2022, signaling growing investor appetite for precious metals used in key industries. Spot prices for both metals continued to rally on Friday after spikes of more than 4% in the previous session. Gold edged higher at a slower pace. The metals were aided by technical momentum as well as improving fundamentals, with a strong appetite for physical silver in India and resurgent Chinese platinum demand reinforcing the rallies, according to a note by Nicky Shiels, head of metals...
The dollar rose versus all Group-of-10 currencies as traders trim exposure and await US non-farm payrolls data for fresh insights into the health of the world's largest economy. The Bloomberg Dollar Spot Index rises 0.2% and is down 0.5% on a weekly basis; data later on Friday is likely to show that US hiring moderated further in May, which could weigh on the greenback given higher FX sensitivity to data releases lately. EUR/USD drops 0.3% to 1.1411, erases Thursday's advance; it's up 0.6% this week. The ECB should take a break from lowering...
Gold firmed on Friday and was poised for a weekly rise after U.S. data this week boosted hopes of interest rate cuts by the Federal Reserve, while silver hit a more than 13-year high. Spot gold was up 0.28% at $3,360.60 an ounce. Bullion has gained 2% for the week so far. U.S. gold futures climbed 0.29% to $3,384.87. "The disappointing jobless claims data, indicating potential labour market weakness, has had a more substantial impact on gold prices than the optimism stemming from President Trump's call with President Xi," said Alexander Zumpfe, a precious metals trader at Heraeus Metals...
Gold prices slipped more than 1% on Friday after a stronger-than-expected U.S. jobs report dampened hopes for imminent Federal Reserve rate cuts this year, while silver soared to its highest level since 2012. Spot gold fell 1.1% to $3,316.13 an ounce, as of 02:28 p.m. ET (1828 GMT), but rose 0.8% for the week so far. U.S. gold futures settled 0.8% lower at $3,346.60. A U.S. Labor Department report showed non-farm payrolls increased 139,000 in May, compared with estimates for a rise of 130,000, according to economists polled by Reuters. The unemployment rate stood at 4.2%, in line with...
WTI crude oil futures climbed 1.9% to settle at $64.60 per barrel on Friday, marking their first weekly gain in three weeks with a rise of over 6.5%. The rebound was fueled by renewed optimism after trade talks resumed between US President Donald Trump and China's President Xi Jinping, raising hopes for stronger global demand. Sentiment was further lifted by news that Canada had also entered direct trade discussions with the US. Despite the gains, the oil market remains volatile amid geopolitical tensions, including the potential for increased US sanctions on Venezuela and the risk of...