Gold falls in early Asian trade as U.S.-China trade deal optimism overcomes signs of cooler U.S. inflation. Treasury Secretary Bessent hailed trade talks between the U.S. and China in Malaysia as "constructive." The remarks are likely to diminish the safe-haven appeal of the precious metal. Meanwhile, U.S. consumer prices rose by less-than-expected 3% on year in September. The inflation data is unlikely to influence the gold price, Commerzbank Research's Carsten Fritsch says in a research report. Rate expectations have recently played just a minor role in the development of gold prices, the...
Oil gained as progress between the US and China on trade boosted the outlook for energy demand and lifted risk assets. Brent rose above $66 a barrel, after rallying almost 8% last week, while West Texas Intermediate was near $62. Top negotiators said they came to terms on a range of points, setting the table for President Donald Trump and counterpart Xi Jinping to finalize a deal. The leaders will meet on Thursday. Trump's threat of 100% tariffs on Chinese goods "is effectively off the table," Treasury Secretary Scott Bessent told CBS News. The US and China are the...
Silver prices fell to around $48 per ounce on Monday (October 27th), continuing last week's sharp decline. Safe-haven sentiment began to weaken as the market saw the possibility of a US-China trade truce ahead of the Trump-Xi meeting on Thursday. Negotiators from both countries said they were close to agreement on several previously sensitive issues, and US Treasury Secretary Scott Bessent also said Trump's threat of 100% tariffs was "almost impossible." Beijing was even prepared to hold off on expanding rare earth export controls for a year. So, the market feels global tensions are...
Gold prices fell on Monday, as a stronger dollar and signs of easing U.S.-China trade tensions weighed on the safe-haven metal, while investors awaited major central bank meetings due later this week for monetary policy cues. Spot gold was down 0.8% at $4,077.11 per ounce, as of 0655 GMT. U.S. gold futures for December delivery lost 1.1% to $4,090.90. The U.S. dollar rose to a more than two-week high against the yen, making gold more expensive for other currency holders. On Sunday, top Chinese and U.S. economic officials hashed out the framework of a trade deal for U.S. President Donald...
EUR/USD fell from the 1.1650 area to around 1.1625 on Monday (October 27th), but held onto some of its previous gains after touching 1.1580 last week. Market sentiment has improved somewhat due to hopes for a trade truce between the US and China. Negotiators from both countries are reportedly getting closer to an agreement, and the market hopes that US President Donald Trump and Chinese President Xi Jinping can officially "extend the trade truce" when they meet later this week. Hopes that the tariff war won't escalate have made investors a little more willing to take risks, preventing the...