Silver price (XAG/USD) trades near $40.85 per troy ounce, the highest since September 2011, which was marked during the Asian hours on Tuesday. The precious metals like Silver attract buyers amid increased safe-haven demand, driven by US Federal Reserve (Fed) independence concerns, uncertainty surrounding Fed policy outlook, and US President Donald Trump's tariffs. United States (US) July's Personal Consumption Expenditures (PCE) Price Index signaled persistent inflationary pressures and heightened uncertainty over potential Fed rate cuts. However, traders are now pricing in more than 89%...
GBP/USD retraces its recent gains from the previous session, trading around 1.3520 during the Asian hours on Tuesday. The pair depreciates as the US Dollar (USD) gains ground, driven by persistent inflationary pressures in the United States (US), which heightened uncertainty over potential Federal Reserve (Fed) rate cuts. Traders will likely observe the August ISM Manufacturing Purchasing Managers Index (PMI) later in the day. Furthermore, traders will also observe upcoming labor market data this week that could shape the US Federal Reserve's (Fed) policy decision in September. Key reports...
The U.S. dollar clawed back some ground in Asian trading on Tuesday following five days of selling, ahead of the return of U.S. traders from the Labor Day holiday. The dollar index was last up 0.2% at 97.873, having touched its lowest since July 28 on Monday. Gold hit an all-time high. "Capital markets across equities and credit are still optimistic on the U.S., which suggests that foreign holders of U.S. assets are not in retreat," analysts from DBS wrote in a client note. Traders have sold the greenback as U.S. President Donald Trump's attacks on the Federal Reserve, including his...
Oil prices rose to their highest level in nearly a month, driven by technical buying ahead of this weekend's OPEC+ meeting. Brent rose above $69 per barrel, marking its fourth gain in five days. Trend-following Commodity Trading Advisors have been buying crude consistently over the past few weeks, helping push prices higher, according to Nicky Ferguson, head of analytics at Energy Aspects Ltd. Their buying is likely to continue for a few more days, he said. OPEC+ will meet later this week to decide on October production. Most market observers expect the group to opt to keep supply...
Gold briefly hit a record high as the prospect of a US interest rate cut and growing concerns over the Federal Reserve's future provided fresh impetus to the precious metal's multi-year rally. Gold bullion for immediate delivery rose as much as 0.9% on Tuesday to reach $3,508 an ounce, surpassing its previous high set in April before paring gains as the dollar strengthened. The precious metal has gained more than 30% this year, making it one of the best-performing major commodities. The latest rally was driven by expectations that the US central bank will cut interest rates this month,...