Bullion prices traded in the red in Monday’s early trade, extending its weakness from the last week as the dollar held firm and investors assessed the path ahead for interest rates after the US Federal Reserve’s hawkish tone. Following the commentary of the US Fed last week, gold prices had fallen sharply, though the yellow
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Dollar and Japanese Yen saw a modest bounce back in today’s Asian session, making up for some of their steep losses from last week. However, the buying momentum for both currencies remains relatively weak. Due to a light economic calendar today, coupled with public holiday in the US, trading could be relatively quiet. But, the
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Gold prices were flat on Thursday following the Federal Reserve’s widely expected pause on interest rate hikes, although hints of a further increase pinned bullion near previous session’s lows. FUNDAMENTALS * Spot gold was listless at $1,942.19 per ounce by 0024 GMT. U.S. gold futures lost 0.7% to $1,954.50. * The Fed, in new economic
It is triple witching hour this week which can increase the end of day volatility. It is also the start of a three-day weekend in the US maybe there is some liquidation/profit-taking. As a result, indices are trading to new session lows. A snapshot of the market currently shows: Dow industrial average -88 points or
Oil prices edged lower in early trade on Friday, taking a pause from the previous session when futures gained steeply on optimism around higher energy demand from top crude importer China. Brent futures dipped 13 cents to $75.54 a barrel by 00:08 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 10 cents to $70.52
Although the major indices are closing lower on the day, each enjoyed solid gains this week. The S&P index is higher for the 5th consecutive week. The NASDAQ index is up for the 8th consecutive week. The Dow Industrial average is up for the 3rd consecutive week. The small-cap Russell index lagged, but still closed
Gold held steady in early Asian trading on Friday, supported by a relatively weaker dollar as investors digested a host of U.S. economic data and the Federal Reserve‘s “hawkish pause” on interest rate hikes. FUNDAMENTALS * Spot gold was flat at $1,959.03 per ounce by 0015 GMT. U.S. gold futures too were little changed at
Despite policy tightening from ECB and Fed’s hawkish hold last week, global markets largely shrugged off the central banks’ actions. Investors’ sentiment remained buoyant, propelling many global markets to impressive rallies. Germany’s DAX index even recorded a new all-time high. In the forex market, Yen took a significant hit and emerged as the week’s worst
The strongest to the weakest of the major currencies The day and week is ending with the GBP as the strongest and the JPY as the weakest. The JPY sharp fall was triggered by the Bank of Japan rate decision. The Bank of Japan (BOJ) decided to keep its short-term interest rate target at -0.1%
COMEX Gold prices moved between gains and losses during the central bank week and is poised to close relatively flat near $1,975 per troy ounce. The yellow metal declined during the first half of the week, as investors remained wary ahead of the June FOMC meeting. Despite a 1% decline in the dollar index, gold
In the wake of BoJ’s decision to hold its monetary policy steady, we have seen an amplified sell-off in Yen, which is not surprising given the ongoing divergence in monetary policy with other major global central banks. The breaking of key levels in some crosses suggests that we might witness further declines in Yen, at
AI image China, South Korea, Germany, Malaysia, Singapore, Switzerland and Taiwan remain on the list Japan was removed from the list Switzerland exceeded just one of three thresholds in four quarters through Dec 2022 Reiterates call for increased FX transparency from China A number of countries had shifted to position of selling forex reserves to
Gold rose on Friday as the dollar hovered near a month’s low, but expectations of more U.S. interest rate hikes this year capped gains. Spot gold gained 0.5% to $1,967.29 per ounce by 1217 GMT, en route a 0.3% advance for the week. U.S. gold futures was up 0.4% to $1,978.20. “The market turned a
Euro’s broad based rally continues today as supported by a chorus of hawkish comments from ECB officials. But Sterling is outperforming on anticipation that BoE will continue with tightening next week, and probably more afterwards. Despite the strong showings by European majors, Australian Dollar still leads the pack for the week. With the week drawing
In case you missed it: BNP Paribas now sees the terminal rate at 4.00%, up from its previous forecast of 3.75%, and that view is also shared by UniCredit as they also lift their peak rate forecast for the ECB to 4.00% as well. In terms of market pricing, roughly 40 bps more worth of
Gold prices traded in the red on Friday but managed to trade off two-month lows following a fall in the dollar index to levels below 103. MCX August gold futures were trading at Rs 59,330 per 10 grams, down Rs 25 or 0.04% while July silver futures rose Rs 192 per kg or 0.27% to
Fed clearly delivered a hawkish hold overnight, signaling that two more rate hikes are underway. However, market participants appear skeptical about the Fed’s aggressive posture. According to Fed funds futures, markets are still projecting interest rate to peak at 5.25-5.00%, anticipating just one more 25-basis point rate hike in July. Moreover, there’s over 60% chance