Gold was trading with minor gains on Friday as a pullback in the dollar index (DXY) below the 104 mark lent some strength. The gains were on account of Philadelphia Federal Reserve President Patrick Harker’s comments, arguing for not undertaking another rate hike when the Fed meets later this month. He said the Central Bank
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Dollar is trying to recover in early US session after much stronger than expected non-farm payroll job growth. Nonetheless, upside is capped so far, considering the surprised jump in unemployment rate too. For now, Aussie remains the strongest one for the day, followed by other commodity currencies. Yen is the worst performer, followed by Swiss
Syzuki often comes out with obvious statements like this. The point is not the substance its that he is making statements. Japanese authorities are wary of rapid yen depreciations. Such comments are meant to slow, and even reverse, this. USD/JPY has fallen back a little this week: More from Minister Suzuki: A weak yen has
Gold prices ticked up in early Asian trade on Thursday, helped by a softer dollar, but were stuck in a tight range as traders focused on the U.S. debt ceiling vote. FUNDAMENTALS * Spot gold edged up 0.2% to $1,965.61 per ounce by 0008 GMT. U.S. gold futures rose 0.2% to $1,965.20. * The dollar
Dollar turned mixed in Asian session as traders are awaiting fresh inspirations from economic data and comments from Fed officials. The FOMC is clearly split in way with some policymakers advocating a “hold” in June. Nevertheless, they’re unified in another way that even a “hold” doesn’t necessarily means a “pause”, not to mention a “peak”.
Construction spending rises strongly in April Prior month 0.3% Total construction spending in April 2023 was estimated at a seasonally adjusted annual rate of $1,908.4 billion, marking an increase of 1.2 percent from the revised March estimate of $1,885.0 billion. The spending figure for April 2023 was up by 7.2 percent from the estimate of
MCX gold futures fell on Thursday fell, taking cues from a lacklustre trade in the international market. While the US House passed the debt bill after the warring Democrats and Republicans arrived at an agreement, investors are eyeing the Federal Reserve’s Open Market Committee meeting scheduled later this month, before taking their calls on the
Dollar falls broadly today, despite strong job data, as near term consolidations continues. The odds of a June Federal Reserve rate hike seem to be dwindling, following recent comments that emphasized the likelihood of a hold. However, the overall landscape could alter significantly following tomorrow’s non-farm payroll report. Notably, the greenback still retains its position
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
MCX Gold futures were trading flat with a positive bias on Wednesday as the strength in Dollar Index (DXY) did not let the yellow metal rise appreciably. The gold is expected to inch higher though the gains may remain capped in the near term. The June gold futures were trading at Rs 60,030 per 10
Asian stocks took a beating today as disappointing economic data from China put a damper on the region’s markets. The bearish mood led to widespread selling of commodity currencies. Despite higher-than-expected CPI figures, Australian Dollar found little support, while an uptick in New Zealand business confidence did little to boost Kiwi. As investors sought safe
OPEC members pumped 28.01m bpd in May Production fell 460k bpd after voluntary cuts took effect Output is down 1.5 mbpd from Sept April output was revised down 150k bpd Nigeria, Angola and Iraq are producing materially under their voluntary and formal cuts. It could be a problem for the oil market if they’re able
Gold prices jumped by Rs 455 to Rs 60,400 per 10 grams in the national capital on Wednesday amid strong global trends, according to HDFC Securities. In the previous trade, the precious metal had finished at Rs 59,945 per 10 grams. Silver also climbed Rs 500 to Rs 72,750 per kg. “Spot gold prices in
Risk aversion is the main theme in the markets today, as selloff in stocks started in Asia following poor data from China, and continued through European session. Dollar and Yen are holding firm as the strongest ones for now. Euro traded a touch lower after lower than expected inflation readings in France and Germany, but
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 bounced back from early losses on Tuesday, as the dollar pulled back and Treasury yields slid on wider market optimism about the U.S. debt ceiling deal. Spot gold rose 0.9% to $1,960.55 per ounce by 11:51 a.m. EDT (1551 GMT), after hitting its lowest since March 17 earlier. U.S. gold futures gained 0.8% at
Trading has remained muted as major markets recuperate from a lengthy weekend. Investors are not reacting dramatically to the agreement regarding US debt ceiling. Instead, they are casting a cautious eye towards Congress, awaiting indications of how the deal will be received. Compounding the apprehension, a slew of significant economic data is slated for release
Gold prices, which touched a two-month low on Tuesday, may witness further correction in the coming days giving some relief to families who have a wedding in this marriage season. Prices of gold had fallen below Rs 60,000 per 10 gm on Tuesday and were hovering around Rs 59,980 per 10 gm. Hareesh V, Head