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
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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
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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
The yield on the benchmark 10-year Treasury note fell below 2% for the first time since November 2016 on Wednesday.Bondsread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
Gold hit its highest in nearly a week on Thursday as the dollar slumped, its safe-haven appeal lessened by fading fears over Sino-U.S. trade tensions and as investors opted for assets perceived as more risky, like stocks.
The dollar hit a nine-week low against a basket of major currencies, while world stocks bounced up amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.
"America is killing itself with these trade tariffs. (They) actually hit America far harder than (they) hit China. The idea that the dollar is all mighty and going to continue to rise is not true," said Alasdair Macleod, head of research at GoldMoney.com.
"Gold traders are sitting on short positions (but) if the dollar comes down another notch or two, shorts in gold will start to panic. When gold starts moving, it (could) start moving very sharply (higher)."
A weak dollar makes dollar-priced gold cheaper for non-U.S. investors.
Spot gold was up 0.2 percent at $1,206.36, having hit its highest since last Thursday at $1,207.83.
U.S. gold futures were up 0.2 percent at $1,211 an ounce.
Investors have been buying the dollar and selling gold in recent months believing the United States has less to lose from a trade dispute than China. But they may be losing faith in the ability of the U.S. economy to withstand a trade war with China.
A new Reuters poll showed unanimous agreement that a trade war with China was bad economic policy for the United States, predicting U.S. growth would slow to 2.0 percent in the fourth quarter, less than half the last reported rate of 4.2 percent.
Gold has declined around 12 percent from a peak in April amid the intensifying U.S.-China trade dispute, the dollar rally and rising U.S. interest rates.
Investors are waiting for what is expected to be a hawkish meeting of the U.S. Federal Reserve next week, where the central bank is widely expected to raise benchmark interest rates.
Platinum gained 1.4 percent to $832, after hitting its highest since mid-August at $829.50 in the previous session.