Gold and silver steadied after their steepest selloff in years, as investors locked in profits on concern the recent surges in the precious metals had left them overvalued. Spot gold traded near $4,125 an ounce after tumbling as much as 6.3% on Tuesday — the biggest intraday decline in more than a dozen years — while spot silver slumped as much as 8.7%. Technical indicators had shown a scorching rally in both precious metals was likely overstretched. The pullback brought an abrupt halt to a scorching months-long advance that had seen both precious metals post record highs in...
EUR/USD attempted to hold the 1.1600 area during Wednesday's Asian session after three days of weakness. The euro's rebound attempt faltered as the US dollar remained strong, supported by easing US-China trade tensions following President Donald Trump's comments about the possibility of a consensus after meeting with Xi Jinping in South Korea later this month. The DXY also remained firm near 99.00, while hopes for an end to the US government shutdown, following optimistic signals from the White House, added to the greenback's support. In Europe, market participants tended to be cautious...
Silver rose above $49 per ounce on Wednesday, recouping some losses after tumbling around 7% in the previous session as a wave of profit-taking gripped the market following this year's strong rally. The drop marked the steepest one-day fall since September 2011, leaving the metal down roughly 10% from record highs hit last week. Safe-haven metals also faced pressure as risk appetite improved, supported by easing US-China trade tensions and hopes for an end to the US government shutdown. US President Donald Trump said he expects to reach a favorable trade deal with China but cautioned that...
Gold resumes corrective downside Gold stalls its recovery momentum and returns to the red below $4,100 in European trading on Wednesday. The rebound in Gold faces headwinds from a renewed buying interest seen in the US Dollar amid broad risk aversion. Easing US-China trade tensions also aids the USD's uptick, weighing on Gold once again. Gold gains ground as US Dollar weakensThe US government shutdown has entered its fourth week as the Senate on Monday failed for the 11th time to advance a House-passed measure to fund the government and end the ongoing shutdown. The 50-43 vote fell mostly...
Oil prices pushed higher for a second day on Wednesday, rising by about 2%, buoyed by hopes of progress of a U.S. trade deal with China and India. Brent crude futures rose 96 cents, or 1.6%, to $62.28 a barrel as of 0924 GMT, while U.S. West Texas Intermediate crude futures climbed 95 cents, or 1.7%, to $58.19. "Oil prices climbed after reports suggested the U.S. and India are close to finalising a trade deal that could see India gradually cut imports of Russian crude, potentially lifting demand for other grades," MUFG analyst Soojin Kim said. U.S. President Donald Trump said he spoke...