Gold held steady early in the Asian session as traders assessed geopolitical developments and tariffs. On the one hand, President Trump said there was a "high probability" he would soon meet with Russian President Putin to discuss the war in Ukraine, which may reduce the precious metal's appeal as a safe-haven asset. On the other hand, Trump doubled tariffs on India to 50%, while India criticized the new tariffs, which could escalate US-India trade tensions. "The coming hours and days may play a key role in shaping the dynamics of the [gold] market," said Samer Hasn, senior market analyst...
The US Dollar Index (DXY), which measures the value of the US dollar (USD) against six major currencies, held steady after dropping more than 0.5% in the previous session. The DXY traded around 98.20 during the Asian session on Thursday (August 7th). Weekly US Initial Jobless Claims are likely to be monitored later in the North American session. Traders are awaiting further developments surrounding the next US Federal Reserve (Fed) Chair. US President Donald Trump announced on Tuesday that he will name a Fed Chair and Kugler's replacement by the end of the week. Trump is considering White...
The Japanese Yen (JPY) weakens slightly during the Asian session on Thursday in reaction to reports that US President Donald Trump could impose an additional 15% tariff on all Japanese imports. This, along with the uncertainty over the likely timing of the next interest rate hike by the Bank of Japan (BoJ) and a generally positive risk tone, undermines the safe-haven JPY. Apart from this, a modest US Dollar (USD) bounce from over a one-week low touched on Wednesday pushes the USD/JPY pair back above mid-147.00s in the last hour. Meanwhile, the BoJ last week left the door open for a further...
Gold strengthened on Thursday (August 7), supported by renewed safe-haven demand after US President Donald Trump imposed additional 25% tariffs on Indian imports, escalating trade tensions. Spot gold rose 0.3% to $3,378.18 per ounce at 04:52 GMT. US gold futures rose 0.4% to $3,445.60. "Trump has issued new tariff threats, which keeps gold a top choice as a defensive strategy for investors," said Tim Waterer, chief market analyst at KCM Trade. "Gold is hovering near the psychological $3,400 level, with risk assets somewhat swayed by the US president's continued tariff announcements." On...
World oil prices rose slightly on Thursday (August 7th) after experiencing a five-day decline, the longest decline since May. This increase occurred as investors monitored the US's move to impose sanctions on countries buying Russian oil, as well as President Donald Trump's diplomatic efforts to end the war in Ukraine. Brent crude prices rose above $67 per barrel, while West Texas Intermediate (WTI) hovered around $65. Trump previously doubled tariffs on Indian products in response to Russian energy purchases and opened the possibility of similar measures against China. On the supply side,...