Gold edged higher on Monday, buoyed by a slight pullback in the U.S. dollar as market participants grew more confident the Federal Reserve may have finished raising interest rates. Spot gold rose 0.1% to $1,940.80 per ounce by 1200 GMT. U.S. gold futures for December delivery rose 0.03% to $1,967.50 per ounce. U.S. gold futures
Month: September 2023
The German DAX index has fallen through Friday’s low and is now down 0.1% on the session. It opened solidly higher but there’s been steady selling since that’s accelerated as we move into the final hour of trading. It could be that a pirate has taken over Germany. Olaf Scholz is wearning an eye patch
Japanese Yen and Dollar are experiencing broad declines today, as rebound in Chinese and Hong Kong stocks that buoyed overall market sentiment. The mood lifted on news that Country Garden, a troubled Chinese property giant, has secured an extension for a critical debt payment deadline, effectively avoiding default. Reports suggest that the company’s Chinese creditors
European bank shares dropped significantly in August after a surprise announcement from the Italian government for a new tax. Stefano Montesi – Corbis | Corbis News | Getty Images Italy’s shock tax on banks continues to prove controversial, even as the government insists it can improve it. Europe’s main bank stock index fell almost 3%
Share: Gold price regains positive traction and remains within the striking distance of a one-month top. Expectations that the Federal Reserve is down with its rate-hiking cycle underpin the XAU/USD. A positive risk tone might hold back bulls from placing aggressive bets and cap any further gains. Gold price attracts fresh buying on the first
The strong US data in the past months and the quick rise in Treasury yields and the US Dollar weighed a lot on Gold, which threatened at some point a complete breakdown. Recently, we started to see a turnaround in the data beginning with the miss in the US PMIs last week and the big
Gold firmed on Monday, buoyed by hopes the Federal Reserve would take a pause from interest rate hikes this year after U.S. data showed a jump in unemployment rate, but bullion held below last session’s one-month highs on a strong dollar. FUNDAMENTALS * Spot gold gained 0.2% to $1,941.89 per ounce by 0127 GMT, after
April – June quarter data from Australia. Business Inventories -1.9% expected 0.4%, prior 1.2% the surprise drop in this will drag down Q2 GDP by around 1% Gross Company Profits -13.1% q/q expected -1.9%, prior +0.5% mining company profits slumped, dragging down this number Company Profits Pre-Tax -14.6% q/q prior -7.5% more to come Also
Share: XAG/USD peaked at a daily high of $24.80 then settled near the $24.15 area. US NFPs and PMI figures from August beat expectations. Still, wages decelerated, and Unemployment rose. The USD strength drove the grey metal downwards. At the end of the week, the XAG/USD closed with losses but managed to hold some weekly gains,
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US: The Fed hiked by 25 bps as expected and kept everything unchanged. Fed Chair Powell reaffirmed their data dependency and kept all the options on the table. Inflation expectations and CPI readings continue to show disinflation with the last two Core CPI M/M figures coming in at 0.16%. The US PMIs missed expectations across
COMEX Gold prices saw a second consecutive weekly increase, tracking a decline in US benchmark treasury yields and the dollar value. These declines were prompted by a series of labour market indicators released at the beginning of the week, indicating a softening in the job market. US 2-year treasury yields, often considered a proxy for
UPCOMING EVENTS: Monday: US and Canada Holiday. Tuesday: China Caixin Services PMI, RBA Policy Decision. Wednesday: Eurozone Retail Sales, US ISM Services PMI, BoC Policy Decision. Thursday: China Imports/Exports data, Switzerland Unemployment Rate, US Jobless Claims. Friday: Japan Wage data, Canada Jobs Report. Tuesday The RBA is expected to keep the cash rate unchanged at
Share: Saudi Arabia expected to extend its 1 million bpd output cut into October. Russia agrees with OPEC to cut exports next month. Positive business activity reports from China improve the oil demand outlook. US unemployment rate rises, wage growth slows, potentially pausing interest rate hikes. Western Texas Intermediate (WTI), the US crude oil benchmark,
US: The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting. Inflation expectations and CPI readings continue to show disinflation with the last two Core CPI M/M figures coming in at 0.16%. The US PMIs missed expectations across the board last week. Fed Chair Powell’s speech at the Jackson
Gold prices were trading in the red on Friday amid a surge in the dollar index in the previous session. The MCX October gold futures were trading down by Rs 65 or 0.11% from the Thursday closing price at Rs 59,309 per 10 gram on the MCX while the December Silver futures were trading at