Gold edges lower in early Asian trade, ahead of the three-day Jackson Hole symposium that begins Thursday. Fed Chair Powell's speech on Friday is expected to be an update on the central bank's monetary policy framework, says Jim Wyckoff, a senior analyst at Kitco.com in a commentary. "Powell's speech could give the marketplace a new perspective on how much FOMC support there is to lower U.S. interest rates in September," he says. Higher rates for longer typically blunt non-interest bearing bullion's appeal. Spot gold is 0.2% lower at $3,343.43/oz. Source: Marketwatch
The U.S. dollar drifted on Thursday as investors fretted about the Federal Reserve's independence after yet another attack from President Donald Trump ahead of remarks from Chair Jerome Powell later this week that could influence the outlook for rates. Trump called on Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies about mortgages she holds in Michigan and Georgia, intensifying his effort to gain influence over the U.S. central bank. Cook said she had "no intention of being bullied to step down" from her position at the central bank. Trump...
Silver traded around $37.8 per ounce on Thursday, consolidating after an over 1% rally in the previous session, as investors looked ahead to the Federal Reserve's annual Jackson Hole symposium for policy cues. Market participants are set to focus on Fed Chair Jerome Powell's remarks, searching for indications of whether the central bank may push back against expectations for near-term monetary easing. Minutes from the Fed's July meeting underscored that most policymakers remain more concerned about persistent inflation pressures than about labor market risks, while tariffs and trade policy...
Lower bond yields and a weaker US dollar in recent weeks have failed to fuel a further rally in gold, said BMI, a unit of Fitch Solutions. "On the other hand, despite easing trade uncertainty and geopolitical tensions, gold remains reluctant to collapse," BMI said in a report. BMI revised its 2025 annual average gold price forecast to $3,250/oz, from $3,100/oz previously. BMI expressed a neutral to slightly bullish outlook for the remainder of 2025. Prices are expected to remain elevated in the coming weeks as the market prepares for a Fed rate cut, it said. However, "we believe gold's...
Oil held a gain after US crude stockpiles shrunk the most since mid-June, keeping inventories well below the seasonal average. Brent traded around $67 a barrel after climbing 1.6% on Wednesday, while West Texas Intermediate was near $63. Nationwide holdings fell by 6 million barrels last week, according to Energy Information Administration figures. Gasoline stockpiles also declined for a fifth straight week. Oil is still down more than 10% this year on concerns about the fallout from US trade policies and as OPEC+ returns idled production, raising expectations for a glut...