Silver (XAG/USD) trades on the back foot on Thursday amid cautious sentiment as US-Iran nuclear talks get underway in Geneva, discouraging aggressive positioning.
BNY’s Geoff Yu highlights that U.K. political uncertainty and potential populist outcomes may trigger short-term volatility in Gilts and GBP, but questions the longer-term impact on U.K. government paper.
EUR/GBP moves higher and trades around 0.8720 on Thursday at the time of writing, up 0.13% on the day.
Gold (XAU/USD) trades with a mild upside bias on Thursday but remains confined within this week’s trading range as markets stay cautious ahead of key geopolitical developments. At the time of writing, XAU/USD trades at $5,174 as bulls struggle to sustain gains above the $5,200 level.
DBS Group Research economist Philip Wee argues that recent political developments in the United States are creating downside risks for the Dollar.