West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $64.50 during the early Asian trading hours on Tuesday. The WTI edges lower amid concerns about weaker global demand following US President Donald Trump's doubling of the existing 25% duty on Indian exports. Traders brace for the American Petroleum Institute (API) weekly crude oil stock, which will be published later on Tuesday. The Trump administration's decision to impose steep tariffs on Indian imports took effect, raising fears of slowing trade and weaker global demand, which undermines the WTI price. The Trump...
Gold prices rose to an over four-month high on Tuesday and were close to a record high as safe haven demand was boosted by heightened uncertainty over U.S. President Donald Trump's trade tariffs. Persistent bets that the Federal Reserve will cut interest rates in September kept gold underpinned, as did sustained weakness in the dollar, which hit a one-month low. Spot gold rose 0.2% to $3,483.02 an ounce, while gold futures for December rose 0.2% to $3,554.32/oz by 20:41 ET (00:41 GMT). Spot prices were trading less than $20 away from a late-April record high of $3,500/oz. US tariff...
The spot gold price strengthened again and set a new record in trading on Tuesday (September 2nd) morning, reaching US$3,505 per ounce—its highest level ever. Market sentiment was driven by strong expectations that the Federal Reserve will cut interest rates by 25 basis points at its upcoming September meeting, with a probability of nearly 90 percent. The weakening US dollar also strengthened gold's position as a safe-haven asset, especially following dovish comments from Fed officials and a US court ruling that partially lifted Trump-era tariffs. Meanwhile, holdings of SPDR Gold Trust—the...
The dollar index hovered around 97.8 on Tuesday as investors returned from the holiday weekend and awaited crucial labor market reports this week that could shape the Federal Reserve's policy path. Attention is on Friday's August payrolls release, alongside unemployment, job openings, and private hiring figures. The greenback has faced pressure recently as markets boosted bets on Fed rate cuts despite sticky inflation, with traders pricing in nearly a 90% chance of a 25 basis point reduction later this month. San Francisco Fed President Mary Daly said Friday the central bank is prepared to...
The Australian dollar weakened to around $0.654 on Tuesday, snapping a five-session winning streak, as investors paused amid a mix of domestic economic signals. Notably, Australia's current account deficit narrowed to over one-year low in Q2 2025, coming in better than market expectations. Moreover, manufacturing activity jumped to a near three-year high in August 2025, marking the eighth consecutive month above the 50-point expansion threshold. Meanwhile, business inventories saw their weakest expansion since the contraction in Q3 2024. In the housing sector, private house approvals...