Gold Prices Decline Amid Ongoing Gulf War Concerns

RTTNews | 122 days ago
Gold Prices Decline Amid Ongoing Gulf War Concerns

(RTTNews) - Gold dipped toward $4,700 an ounce on Tuesday as the U.S. dollar index climbed above 98.00 due to rising geopolitical tensions linked to the Iran conflict.

Spot gold fell 0.7 percent to $4,702.72 an ounce as stalled U.S.-Iran peace talks pointed to a continued closure of the Strait of Hormuz and investors priced out Federal Reserve rate cuts this year. U.S. gold futures were down 0.4 percent at $4,711.25.

The dollar extended gains for a second straight session, bonds remained under pressure and Brent crude prices climbed above $107 a barrel as investors monitor the latest developments in the Middle East war and awaited the release of April's U.S. consumer price index reading later in the day for directional cues.

Reports on U.S. producer prices, retail sales and industrial production due later in the week may also provide fresh insights into the impact of recent spike in oil prices on inflation and consumer spending.

U.S. President Donald Trump will travel to Beijing this week for summit talks with his counterpart Xi Jinping, with issues related to Iran, tariffs, artificial intelligence, Taiwan and critical minerals agreements on the agenda.

On the geopolitical front, President Trump said the fragile ceasefire between Washinton and Tehran was on "massive life support," raising fresh doubts over the chances of a lasting truce.

Trump called Iran's response to his peace proposal a "piece of garbage" and said he "didn't even finish reading it."

Saudi Aramco officials have warned that even if the Strait of Hormuz blockade ended immediately, global oil markets may not fully stabilize until 2027.

read more
Swiss Market Ends Modestly Higher

Swiss Market Ends Modestly Higher

The Switzerland stock market closed modestly higher on Friday, in line with markets across Europe, as a sharp drop in oil prices helped lift sentiment.
RTTNews | 16 minutes ago
European Markets Rise As Oil Prices Fall On IEA Demand Cut

European Markets Rise As Oil Prices Fall On IEA Demand Cut

European markets gained ground Friday after the International Energy Agency cut its global oil demand forecast, sending Brent crude futures down 3.5% to $103.50. The IEA now projects world oil demand will drop 2.5 million barrels per day this year versus its prior estimate of 1.6 million bpd.
RTTNews | 39 minutes ago
U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index slumped to 47.8 in September after tumbling to 51.7 in August. Economists had expected the index to edge down to 51.0.
RTTNews | 4h 0min ago
CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

The U.S. Consumer Product safety Commission or CPSC has announced various recalls including more than 2.3 million sour crush candy bottles, motorcycles, six-drawer dressers, dual fuel ranges, hair dryer brushes, and fire spray canisters, among others. In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair
RTTNews | 4h 9min ago
U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August, although core prices rose by slightly more than expected. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.1 percent in July.
RTTNews | 4h 49min ago
IEA Cuts Oil Demand Forecast; Canadian Markets Eye Recovery

IEA Cuts Oil Demand Forecast; Canadian Markets Eye Recovery

Canadian stocks may open with positive bias Friday as oil prices decline following the International Energy Agency's downward revision of global oil demand. Investors seek bargains after six consecutive days of losses. U.S. consumer price data could impact sentiment.
RTTNews | 5h 59min ago
Canadian Dollar Falls As Oil Prices Edge Lower

Canadian Dollar Falls As Oil Prices Edge Lower

The Canadian dollar weakened against other major currencies in the European session on Friday, as the crude oil prices traded lower amid escalating U.S.-Iran tensions and concerns over prolonged disruption to global energy supplies.
RTTNews | 6h 14min ago