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Gold price looks for a fresh trigger to break above the key resistance of $3,400.Fed officials turn dovish on the monetary policy outlook.US President Trump is expected to announce the tariff penalty on China for buying Oil from Russia.Gold price (XAU/USD) struggles to break above $3,400.00 after testing this key level early Thursday. The precious metal hesitates to extend upside even as Federal Reserve (Fed) officials have shown support for interest rate cuts in the remainder of the year.On Wednesday, Minneapolis Fed President Neel Kashkari, San Francisco Fed President Mary Daly and Fed Governor Lisa Cook argued in favor of…

The Bank of England (BoE) announced on Thursday that it lowered the policy rate by 25 basis points (bps) to 4% after the August meeting, as widely anticipated.According to the policy statement, policymakers voted 5-4 in favor of the rate cut after the second round of voting. Policymaker Taylor voted to cut rates by 0.5 percentage points in first round, voted for 0.25 percentage point cut in second round of voting to avoid hold.Follow our live coverage of the BoE policy announcements and the market reaction.Key takeaways from BoE policy statement “It was first time MPC had two rounds of…

The Indian rupee shrugged off U.S. President Donald Trump’s additional tariffs on Indian goods on Thursday, as traders and analysts bet on central bank support to steady the currency. The rupee closed largely flat at 87.7025 against the U.S. dollar, up 0.03% from 87.7325 on Wednesday. U.S. President Donald Trump followed through on his threat and imposed an additional 25% tariff on Indian goods over continued purchases of Russian oil.”…Considering the recent moves, it appears that the central bank is committed to preventing the rupee from depreciating further,” said Abhishek Goenka, founder and chief executive of IFA Global. Meanwhile, the…

The rupee consolidated in a narrow range and settled for the day higher by just 3 paise at 87.69 (provisional) against the US dollar on Thursday, after US President Donald Trump slapped an additional 25 per cent duty — doubling it to 50 per cent — on Indian goods, denting market sentiments. Forex traders said weak crude oil prices and a decline in the US Dollar index supported the rupee. However, muted domestic markets and foreign fund outflows capped sharp gains. Moreover, Trump’s aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to…

Gold price attracts some safe-haven flows in reaction to Trump’s fresh tariff threats.Rising bets for a Fed rate cut in September also benefit the non-yielding commodity.The USD drops to a nearly two-week low and offers additional support to XAU/USD.Gold price (XAU/USD) climbs to the top end of the weekly range during the early part of the European session on Thursday as fresh trade concerns boost demand for traditional safe-haven assets. Apart from this, the growing acceptance that the US Federal Reserve (Fed) will resume its rate-cutting cycle in September turns out to be another factor driving flows towards the non-yielding…

At the interbank foreign exchange, the domestic unit opened at 87.69 against the US dollar then touched an initial high of 87.67, higher by 5 paise over its previous close | Photo Credit: Akash Gupta The rupee traded in a narrow range and appreciated 5 paise to 87.67 against the US dollar in early trade on Thursday, after US President Donald Trump slapped an additional 25 per cent duty — doubling it to 50 per cent — on Indian goods over New Delhi’s continued imports of Russian oil. Forex traders said Trump’s aggressive move, which kicks in 21 days, threatens…

Gold eases after a four-day rally with prices stalling below $3,400 as bulls faced key resistance.US Treasury yields rise modestly, with the 10-year yield climbing from a three-month low ahead of the debt auction.US President Donald Trump revives tariff threats, targets pharma, semiconductors, India and Russia.Gold (XAU/USD) edges higher on Wednesday after rebounding from an intraday low of $3,358, supported by a weaker US Dollar and subdued Treasury yields. At the time of writing, Gold is trading around $3,380 during American trading hours, though it continues to move within its broader weekly range, with bulls still struggling to clear the…

Neel Kashkari, the President of the Minneapolis Fed, suggests that there could be two rate cuts this year due to the current slowdown in the US economy.Key QuotesThe economy is slowing.Still not clear what impact tariffs will have on inflation.It may still be appropriate in the near term to begin adjusting the policy rate.The Fed needs to respond to the slowing economy.Will not know the answer to inflation for a while; meanwhile, data on slowing is clear.Two rate cuts this year still seem appropriate.If inflation does rise because of tariffs, the Fed could pause or even hike.The unemployment number is…

The Canadian Dollar strengthens modestly against the US Dollar, with USD/CAD hovering around 1.3750.Fitch Ratings warns of a weaker Canadian consumer outlook amid labor market and trade headwinds.The BoC is expected to cut rates to 2.25% by year-end, but elevated core inflation clouds the outlook.The Canadian Dollar (CAD) is trading with a mild bid tone against the US Dollar (USD) on Wednesday, albeit within a narrow range, as the Greenback remains on the defensive but holds firm near the lower end of its range established following last week’s Nonfarm Payrolls (NFP) report.A subdued US Dollar, a mildly supportive risk tone,…

The rupee recovered from record low level and closed 15 paise higher at 87.73 (provisional) against the US dollar on Wednesday, supported by a volatile greenback and the Reserve Bank’s decision to hold interest rate steady.However, increasing crude oil prices, negative domestic equity markets, and uncertainties around the US tariff on India restricted gains in the local unit, according to forex traders.At the interbank foreign exchange, the domestic unit opened at 87.72 and moved in a range of 87.63-87.80 during the day before settling at 87.73 (provisional), up 15 paise from its previous close.The rupee revisited its lowest-ever intra-day level…