Oil prices fell in Asian trade on Thursday, extending losses amid uncertainty over how U.S. President Donald Trump's proposed tariffs and energy policies will affect global economic growth and energy demand. Brent crude futures fell 38 cents, or 0.5%, to $78.62 a barrel by 0716 GMT for a sixth straight day of losses, while U.S. West Texas Intermediate (WTI) crude fell for a fifth day, down 39 cents, or 0.5%, to $75.05. "The oil market has given back some of its recent gains on a combination of factors," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Key factors include...
Gold slips as traders await clarity on Trump's policiesGold prices dipped on Thursday after hitting a near three-month high in the previous session, while market participants awaited further clarity on policies from U.S. President Donald Trump's administration. Spot gold was down 0.4% at $2,744.49 per ounce, having hit its highest since Oct. 31 on Wednesday. U.S. gold futures shed 0.7% to $2,751.20. "Spot prices are flirting with technically overbought conditions, which suggests that a slight technical pullback is due," said Exinity Group chief market analyst Han Tan. Gold's relative...
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, goes nowhere in the US session after some earlier gains this Thursday ahead of some US economic data. Still, there is a long road to recovery, although after a few days with an almost empty US data calendar, traders can brace for a pickup in the next releases. Positive and upbeat data could put inflation concerns back on the agenda, which would fuel higher rates and a stronger US Dollar again. Meanwhile, the US economic calendar is starting to take shape with the weekly Jobless Claims and the Kansas...
Pound Sterling (GBP) consolidates around 1.2300 against the US Dollar (USD) in Thursday's European session. The GBP/USD pair consolidates as investors await US President Donald Trump's concrete tariff plans to build fresh positions. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, oscillates in a tight range above 108.00. Until now, Donald Trump has threatened to raise 25% tariffs on his neighbors Mexico and Canada and 10% on China, which could come into effect on February 1. He has also commented that he is considering imposing tariffs on Europe...
Gold's price holds firm after sliding to a daily low of $2,735 amid elevated US Treasury bond yields. Economic data from the United States (US) showed the labor market is cooling, while market participants continued to digest US President Trump's trade policy rhetoric. The XAU/USD trades at $2,755, virtually unchanged.Bullion prices are set to finish the week with solid gains despite trimming some of their gains on Thursday.Data from the US Department of Labor revealed that more Americans applied for jobless benefits during the week ending January 18, which usually would signal a weakening...