A surface-to-air missile shot down a U.S. military drone over the Strait of Hormuz, a U.S. official said Thursday.World Politicsread more
President Donald Trump has publicly blamed the Federal Reserve's interest rates hikes for holding back U.S. economic growth.The Fedread more
China's President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. Experts say the move...Asia Politicsread more
Gold prices spiked in the afternoon of Asian trading hours on Thursday after a dovish U.S Federal Reserve opened the door to further rate cuts, and the 10-year Treasury yield...Metalsread more
The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Waymo has signed a deal with Renault and Nissan to develop self-driving cars and trucks for use in France, Japan and possibly other countries in Asia, including China, the...Autosread more
It's crucial to note that the culprit behind attacks on two commercial tankers last week has not been conclusively proven.World Politicsread more
"No U.S. drone was operating in Iranian airspace today," a U.S. Central Command spokesman said, according to NBC News.World Politicsread more
The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word "patient " from its statement and said it would "act as...Asia Marketsread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Gold climbed on Tuesday, having drifted near $1,200 an ounce this week, as the dollar fell versus the yuan while investors focused on strong corporate earnings rather than China-U.S. trade tensions.
"At the moment gold is more sensitive to the yuan than the dollar (index), so if the dollar is rallying but not against the yuan, gold is stable. The correlation (with the yuan) is almost one on one," ABN Amro commodities strategist Georgette Boele said.
Chinese shares jumped the most in more than two years on hopes of fresh government spending and amid a pause in trade tensions, while the dollar slid versus the yuan and a currency basket. A weak dollar makes dollar-priced gold cheaper for non-U.S. investors.
"We should start bottoming out around $1,200 because we don't expect a sell-off in the yuan from these levels. We think the authorities will (act to) stabilize it," Boele said.
Gold has dropped nearly 12 percent since mid-April, largely failing to benefit from trade tensions that have directed safety flows into the dollar away from other traditional safe havens such as gold.
World shares edged towards a six-month high amid the rally in Chinese stocks and strong corporate earnings, with investors setting aside for now a host of simmering global feuds including a U.S. move to reimpose some sanctions on Iran. Those sanctions include precious metals, U.S. banknotes, steel and coal.
"We believe a reversal in gold prices is in the offing, as speculation of a trade war and Iranian sanctions are turning into reality. Further, record short investors positions in gold strengthen our conviction of a price recovery in H2," ANZ analysts said in a note.
U.S. data from last week showed investors added 13,931 contracts to their net short position in the week to July 31, bringing it to 41,087 contracts, the biggest since records became publicly available in 2006.