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News
Monday, September 22, 2025
What’s happening: Gold prices settled higher on Friday, recording gains for the fifth straight week.
What happened: Markets responded to the Federal Reserve’s first interest rate cut of 2025 and festive season buying in Asia.
Gold held above the $3,700 resistance level despite strength in the US dollar.
Why it matters: The US Federal Reserve cut its key interest rate by 25 basis points last week on Wednesday, while warning about persistent inflation.
Gold prices surged to a record high following the Fed’s interest rate decision, before giving back gains in a volatile trading session.
Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, said risks related to the jobs market warranted rate cuts at the next two meetings. Lower rates decrease the opportunity cost of holding non-yielding assets, like gold.
Physical gold premiums in India surged to a 10-month high last week ahead of a major festive season. Meanwhile, discounts in China rose to a five-year high. Swiss gold exports to China jumped 254% month-over-month in August.
Strength in the US dollar exerted some pressure on gold prices, as a higher greenback makes metals more expensive for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained around 0.3% to 97.65 on Friday.
US gold prices for December delivery gained 0.7% to close at $3,705.80 an ounce on Friday, rising around 1% last week.
In other metals trading, silver prices surged to $42.952 an ounce, while platinum and palladium closed at $1,416.5 and $1,169.60, respectively.
What to watch: Investors will continue monitoring comments from Fed officials to get some clues on the future course of monetary policy.
Data on S&P Global composite PMI, S&P Global manufacturing PMI and S&P Global services PMI from the US, due to be released on Tuesday, will also remain in focus.
Context: The CAD/USD forex pair edged lower this morning amid strength in the US dollar.
Details: Preliminary data showed that retail sales grew around 1.0% in August, rebounding from a 0.8% decline in July and indicating firmer household demand. The data lowered speculations of the Bank of Canada following an aggressive monetary easing policy.
The better data also gave markets some hope of the Canadian economy being on track for a modest recovery in the third quarter, despite the ongoing trade uncertainty.
Strength in the US dollar weighed on the CAD/USD pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained around 0.2% to 97.80 this morning.
However, higher prices of crude oil, one of Canada’s major exports, lent support to the loonie. WTI crude oil prices jumped 0.6% to trade at $63.07 a barrel this morning.
The CAD/USD forex pair fell around 0.1% to 1.3798 this morning, while the S&P/TSX Composite Index gained 1.07% to close at 29,768.36 on Friday.
What to watch: Data on Canada’s PPI (1630 UAE Time) and raw materials prices (1630 UAE Time) will be released today. Canada’s industrial producer prices, which climbed 0.7% in July, accelerating from a 0.5% rise in June, are expected to surge by 0.9% in August.
Canada’s raw materials price index, which rose 0.3% in July, easing from a 2.7% growth in June, is projected to jump by 1.2% in August.
Other Markets: European indices closed lower on Friday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index down by 0.12%, 0.15%, 0.01% and 0.16%, respectively.
Ukraine’s General Staff said its military forces attacked Russia’s Saratov Oil Refinery, causing fires and explosions. The news sent the RUB/USD pair lower in forex trading this morning.
The International Monetary Fund said it expects Mexico’s economy to expand by 1.0% in 2025, easing from 1.4% last year, which exerted pressure on the MXN/USD forex pair.
The People’s Bank of China held its key lending rates at record lows during the September fixing, which sent the CNY/USD pair higher in forex trading this morning.
Argentina’s consumer confidence index declined 0.3% to 39.81 in September, from 39.94 in the previous month, exerting pressure on the ARS/USD forex pair.
Macau’s number of tourist arrivals surged by 15.5% year-over-year to a record high of 4.22 million in August, compared to a 14.5% gain in the previous month, which sent the MOP/USD pair higher in forex trading this morning.
Germany’s 3-month Bubill auction (1330 UAE Time), 9-month Bubill auction (1330 UAE Time), Eurozone’s 9-month Bubill auction (1345 UAE Time), 2035 EU-Bond auction (1345 UAE Time), 2048 EU-Bond auction (1345 UAE Time) and consumer confidence (1800 UAE Time), US Chicago Fed National Activity Index (1630 UAE Time), 3-month Bill auction (1930 UAE Time) and 6-month Bill auction (1930 UAE Time), as well as France’s 12-month BTF auction (1700 UAE Time), 3-month BTF auction (1700 UAE Time) and 6-month BTF auction (1700 UAE Time).
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