Gold prices weakened on Thursday, pressured by a stronger U.S. dollar, as investor concerns eased temporarily after President Donald Trump said he had no plans to fire Federal Reserve Chairman Jerome Powell. Spot gold fell 0.6% to $3,324.81 an ounce, as of 09:58 GMT. U.S. gold futures fell 0.9% to $3,330.40. The dollar index (.DXY), opened in a new tab, rose 0.3% against a basket of major currencies on Thursday, making dollar-denominated bullion more expensive for holders of other currencies. This came after a source told Reuters on Wednesday that Trump was open to the idea of firing...
Oil prices rose on Thursday (July 17), even as global trade tensions appeared to ease. Analysts cited low inventories and emerging Middle East risks as factors supporting the market. Brent crude futures rose 31 cents, or about 0.5%, to $68.83 per barrel at 12:03 GMT. US West Texas Intermediate crude rose 61 cents, or 0.9%, to $66.99. US President Donald Trump said letters notifying smaller countries about their US tariffs would be sent soon, and also mentioned the prospect of a deal with Beijing on drugs and a possible agreement with the European Union. "Near-term prices are expected to...
Silver (XAG/USD) is edging lower on Thursday, trading around $37.57 after logging a modest gain of nearly 0.56% on Wednesday. The metal remains elevated after marking a 14-year high of $39.13 earlier this week, but momentum has cooled as the price consolidates just below that peak. A stronger-than-expected US Retail Sales report for June, which showed a 0.6% monthly rise versus the 0.1% forecast, boosted the US Dollar and Treasury yields, putting mild pressure on Silver. Traders are now watching to see whether the uptrend can resume or if a deeper pullback is on the Source: Fxstreet
Gold (XAU/USD) is experiencing a pullback on Thursday as traders digest US Retail Sales data and await further comments from Federal Reserve (Fed) officials. The yellow metal trades near $3,335 at the time of writing, down 0.30% on the day. With the timing of when the Federal Reserve will cut interest rates still uncertain, several members of the central bank are scheduled to speak throughout the day. Comments from Governor Adriana Kugler, San Francisco President Mary Daly, Governor Lisa Cook, and Governor Christopher Waller will be monitored closely. So far, comments from Kugler that it...
The US Dollar (USD) gains positive traction on Thursday, recovering from a brief wobble late Wednesday after reports emerged that US President Donald Trump was considering firing Federal Reserve (Fed) Chair Jerome Powell. Market tensions eased after Trump walked back the threat, stating it was "highly unlikely" that he would dismiss Powell. The Greenback also finds support from stronger-than-expected Retail Sales data, which highlights resilient consumer spending and reduces the likelihood of near-term Fed rate cuts. The US Dollar Index (DXY), which tracks the value of the Greenback against...