Gold edges lower in early Asian trade on possible position adjustments ahead of major U.S. economic data due later today. Investors are turning to the August PCE inflation report for confirmation of the Fed's policy outlook, Kudotrade's Konstantinos Chrysikos says in an email. "Softer data could raise expectations of a dovish stance from the [U.S.] central bank and benefit non-yielding assets like gold," the head of Customer Relationship Management adds. Spot gold is 0.2% lower at $3,741.60/oz. Source: Dow Jones Newswires
Oil headed for its biggest weekly gain in more than three months as US President Donald Trump increased pressure on buyers of Russian energy in a bid to end the war in Ukraine. West Texas Intermediate traded above $65 a barrel after little changed on Thursday while Brent closed above $69. Trump pressed Turkish President Recep Tayyip Erdogan to stop buying oil from Russia and discussed energy security with Hungarian Prime Minister Viktor Orban, after he earlier this week rebuked NATO members for buying fuel from the OPEC+ producer. That comes as Russia's...
The Australian Dollar (AUD) holds ground against the US Dollar (USD) on Friday after two days of losses. The AUD/USD pair depreciated as the Greenback received support from the stronger-than-expected economic data from the United States (US). The AUD also faced downward pressure from risk aversion after the US President Donald Trump shared plans to impose a 100% tariff on imports of branded or patented pharmaceutical products from October 1, unless a pharmaceutical company is building a manufacturing plant in the US, per Reuters. Australia's Monthly Consumer Price Index (CPI), which...
The dollar held on to steep gains on Friday after better-than-forecast U.S. data dampened expectations for further easing by the Federal Reserve this year. The dollar index , which measures the greenback against major peers, was poised for its biggest weekly advance in two months after figures on U.S. economic growth, unemployment claims, durable goods and wholesale inventories all beat expectations on Thursday. The yen traded at an eight-week low following a new raft of tariffs announced by U.S. President Donald Trump. Attention now turns to the release of U.S. consumer spending data...
Gold edged lower on Friday after stronger-than-expected U.S. economic data reduced expectations for further easing this year, bolstering the dollar ahead of a key inflation report due later in the day. Spot gold was down 0.1% at $3,745.67 per ounce, as of 0409 GMT, but up 1.6% so far this week. U.S. gold futures for December delivery were steady at $3,774.80. The U.S. dollar index, opens new tab hovered near a three-week high, and was headed for a weekly gain, making greenback-priced bullion more expensive for overseas buyers. "The dollar's return to form stands as a potential obstacle...