Gold rose to a new record high, as trade war concerns boosted haven demand and there were signs of continued short-term tightness in the market. Bullion rose as much as 1.2% to above $2,877 an ounce on Wednesday. Prices have been supported by concerns about the impact of trade tensions, particularly between the U.S. and China. The market is also waiting to see if there will be a ripple effect for U.S. monetary policy if tariffs rekindle inflation. There are signs of rising demand for gold as primary dealers look to shift the metal to the U.S. before any tariffs are imposed. So-called...
EUR/USD struggles to extend its upside move above 1.0430 in Wednesday's North American session. The upside move in the major currency pair appears to be stalling as the US Dollar (USD) strives to gain ground after the release of upbeat United States (US) ADP Employment Change for January. The ADP Research Institute reported that the private sector hired 183K workers in January, higher than estimates of 150K and the prior release of 176K, revised significantly higher from 122K. Upbeat private employment is expected to boost market expectations that the Federal Reserve (Fed) will keep...
Iran's President Masoud Pezeshkian has called for solidarity among OPEC members in response to potential U.S. sanctions that could target the country's oil exports. This appeal came after U.S. President Donald Trump announced intentions to renew his "maximum pressure" campaign on Iran, which could significantly impact global oil supply. At a meeting with OPEC Secretary General Haitham Al Ghais, Pezeshkian stressed the importance of unity within the organization to withstand possible U.S. sanctions. The Iranian president highlighted that collaborative efforts could prevent the U.S. from...
Gold rose further to surpass the $2,860 per ounce mark in February, a fresh record, tracking the gains for US Treasuries amid growing expectations of lower interest rates and lingering concerns of geopolitical risk and barriers to global trade. US services sector activity tracked by the ISM rose less than expected in January and prices faced by firms decelerated. Consequently, rate traders increased positions that reflect two rate cuts by the Federal Reserve this year, aligning with the last FOMC projections. Also, the ECB and the BoC lowered rates with the latter ending quantitative...
Silver price gives up a majority of intraday gains after the release of the upbeat US private employment data for January.Strong labor demand would force the Fed to maintain the status quo for longer.Investors expect the trade war would be limited between the US and China.Silver price (XAG/USD) surrenders almost its entire intraday gains and falls back to near $32.00 in Wednesday's North American session. The white metal faces selling pressure as the US Dollar (USD) attempts to gain ground on the back of upbeat United States (US) ADP Employment Change data for January. The US Dollar Index...