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22 Apr 2025

Gold surges to fresh record high – ING

Gold surged to new record highs as President Trump threatened to fire US Federal Reserve Chair Jerome Powell, sparking a flight to safe-haven assets, ING's commodity experts Ewa Manthey and Warren Patterson note.

COMEX Gold inventories continue to trend lower

"Spot Gold settled more than 2.9% higher yesterday. The strength has continued in early morning trading today, with prices briefly breaking above US$3,440/oz. This comes as Trump ratchets up pressure on Powell to ease monetary policy, raising concerns about Fed independence. Exchange-traded fund (ETF) holdings in Gold are at their highest levels since September 2023."

"In US dollar terms, though, this position is at a record high, given the strength in prices. Spot Gold is up more than 30% so far this year, making it the best-performing commodity. Meanwhile, COMEX Gold inventories continue to trend lower, falling by almost 2moz since early April to a little under 43.1moz."

"This decline comes as the arb into New York turns negative at times following news that Gold is exempt from tariffs."

Apr 22, 2025

EUR/GBP today: Euro cross rates mixed at the start of the European session

Euro (EUR) crosses trade mixed at the start of Tuesday, according to FXStreet data.
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Apr 22, 2025

WTI rises to near $63.50 due to covering short positions

West Texas Intermediate (WTI) Oil price retraces its recent losses from the previous session, trading around $63.30 per barrel during the European hours on Tuesday. The uptick in crude Oil prices came as investors took advantage of Monday’s sharp sell-off to cover short positions.
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