Gold touched its highest in more than three weeks on Wednesday, as traders bought zero-yield bullion in anticipation of U.S. interest rate cuts next year, while a dip in the dollar and bond yields also supported prices. Spot gold was up 0.4% at $2,074.49 per ounce by 10:24 a.m. ET (1524 GMT), hitting its highest
Month: December 2023
In today’s subdued trading environment, Sterling Euro have emerged as the strongest currencies, outperforming Australian Dollar and New Zealand Dollar. The ascendancy of these European currencies does not appear to be driven by any specific fundamental factors. Instead, it seems to be part of a rotational trend where different currencies take turns rallying against Dollar
Share: Russian Deputy PM Alexander Novak expressed his view on oil supply cuts and Brent oil prices in 2024, in his appearance on Wednesday. Key comments Russia is a responsible participant of OPEC+ agreement Our companies are sticking to their obligations on supply cuts. Russia ensures stable work of oil industry and its strategic development.
When Haruhiko Kuroda resigned from his post as Bank of Japan governor in April this year, he laid the groundwork for his successor, Kazuo Ueda, to try and make a change on the policy front. His departing words were that “Japan has made steady progress towards achieving its 2% inflation target”. While those words are
Gold futures traded flat on Wednesday amid weakness in the US dollar and lower Treasury yields on expectations that the Federal Reserve will lower interest rates next year. The February gold futures were trading at Rs 63,042 per 10 grams on the MCX at 10.11 am and were up by Rs 17 or 0.03% from
Yen falls broadly in Asian session today, influenced by the dovish sentiments expressed BoJ’s Summary of Opinions of December meeting. The document indicated a lack of urgency among board members to tighten monetary policy, with a particular emphasis on the minimal risk associated with delaying the exit from negative interest rates. Conversely, the board expressed
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Gold consolidated gains on Tuesday, extending its climb for a third session on a weaker dollar and Treasury yields, in holiday-thinned trading in the last week of the year with traders eyeing an early 2024 start to U.S. rate cuts. Spot gold rose 0.3% to $2,058.85 per ounce by 10:10 a.m. ET (1510 GMT), near
Year after year, it bears repeating that January is seasonally the best month for gold. It is just one of those things in markets and more often than not, that trend delivers as it should. But will it do so again this time around? I touched on that two weeks ago here in relation to
Gold prices gained on Tuesday as the US dollar and bond yields weakened on growing prospects for interest rate cuts by the Federal Reserve as early as March next year. The February gold futures were trading at Rs 63,164 per 10 grams on the MCX at 10.15 am and were up by Rs 210 or
Crude oil futures are settling at $73.89. That’s down $-0.33 or -0.44%. The high price today reached $74.55. The low price reached $72.47. Looking at the daily chart below, the low price today stalled near the low from November at $72.37. That is a close support level for the pair going forward. Crude oil bottoms
The CHEM PLUTO The global shipping market is certainly top of mind as we celebrate a holiday weekend. Yemen continues to threaten the Red Sea but now there are worries about a wider threat to shipping. Iran said it could shut down the Gibraltar Strait, which is something that most people doubt. At the same
Gold prices climbed on Friday to their highest level in nearly three weeks, as rising bets of Federal Reserve interest rate cuts early next year pushed the dollar and bond yields lower ahead of much awaited U.S. inflation data later in the day. FUNDAMENTALS * Spot gold was up 0.1% at $2,047.42 per ounce, as
Grocery items are offered for sale at a supermarket on August 09, 2023 in Chicago, Illinois. Scott Olson | Getty Images When Kyle Connolly looks back at 2023, she sees it as a year defined by changes and challenges. The newly single parent reentered the workforce, only to be laid off from her job at
USDJPY below the 200 day MA and 38.2% retracement The USDJPY is trading toward the low for the day after an up and down run after the data dump at 8:30 AM. The key was the PCE inflation data. Inflation in the US is clearly trending lower. The market is chatting about the shorter term
AI image In a recent push of back-channel diplomacy, Russian President Vlad Putin has been sending a message: He is ready to make a deal for a Ukraine ceasefire. The New York Times made the report yesterday, saying that he’s been signaling through intermediaries since at least Sept that he is open to a cease-fire
Oil prices rose in early trade on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices. Brent crude futures were up 23 cents, or 0.3%, to $79.62 a barrel by 0121 GMT,
Share: The US Dollar is rebounding from Friday’s selloff as investors gear up for holiday. The Loonie briefly rallied to a fresh 19-week high as rate-hungry markets pummel the USD. USD/CAD set for a fifth weekly decline in six straight weeks. The USD/CAD pared back above 1.3260 after plunging to a fresh 19-week low on
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