Oil prices fell sharply on Tuesday morning as concerns about a trade war between the United States and the European Union resurfaced, fueling fears of a decline in fuel demand. These tensions weighed on market sentiment, fearing they would hamper global economic activity. Brent crude fell 0.75% to $68.69 per barrel, while US WTI fell 0.76% to $66.69 per barrel. The August WTI contract expires today, while the more active September contract fell 0.82% to $65.41. Priyanka Sachdeva, senior market analyst at Phillip Nova, said that demand concerns continue to mount as the market awaits a...
Gold prices climbed on Tuesday to their highest level in more than a month, supported by a weaker U.S. dollar and lower Treasury yields, as investors looked for progress in trade talks ahead of an August 1 deadline. Spot gold was little changed at $3,389.98 per ounce, as of 0503 GMT. Earlier in the session, bullion hit its highest level since June 17. U.S. gold futures held their ground at $3,402.90. "Gold's move on the upside has been pretty much supported by positive technicals and as well as reinforced by a broad base of dollar weakness," OANDA senior market analyst Kelvin Wong...
Silver price (XAG/USD) edges lower to near $38.80 during the early European session on Tuesday. Still, the white metal is close to its decadal high around $39.00. The outlook of the white metal remains bullish on upbeat demand for safe-haven assets as concerns over global trade flow continue to persist. Escalating trade tensions between the United States (US) and the European Union (EU) have raised trade tensions across the globe, given the scale of business between both economies. EU officials are preparing for countermeasures to offset the impact of additional tariffs imposed by the US,...
Gold price (XAU/USD) edges lower on Tuesday after two days of gains. However, the price of the safe-haven metal may appreciate due to prevailing uncertainty ahead of US President Donald Trump's August 1 tariff deadline. Additionally, market sentiment deepens due to increasing worries about the Federal Reserve's (Fed) independence. Traders keep their eyes on the trade negotiations between the United States (US) and the European Union (EU) this week, expecting to finalize a trade deal before the August 1 deadline, when Trump has threatened to hit the bloc's exports with 30% tariffs. The EU is...
Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity. Brent crude futures were down 49 cents, or 0.7%, to $68.72 a barrel at 0915 GMT. U.S. West Texas Intermediate crude was at $66.60 a barrel, down 60 cents, or 0.9%. The August WTI contract expires on Tuesday and the more active September contract was down 47 cents, or 0.7%, to $65.48 a barrel. "Oil prices fell for a third straight session ... as urgency builds in...