The dollar is gaining further ground now in European morning trade and among the bigger losers today is gold. The yellow metal is down 0.7% to just under $1,956 currently as it erases the advance from Friday. Gold is now threatening a steeper fall towards its 100-day moving average (red line) once again: Gold (XAU/USD)
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Yellow metal slipped for the second day in a row on MCX as lower demand coupled with a lack of direction due to uncertainty over the US debt ceiling crisis took a toll on the prospects of the precious metal. The June gold futures were trading at Rs 59,893 per 10 grams on the MCX
In today’s quiet Asian session, forex markets have largely stayed within a narrow range, with minimal response to positive PMI data from Australia and Japan. Yen has seen a slight recovery but continues to be the weakest performer of the week, followed closely by Sterling and Dollar. On the flip side, New Zealand Dollar remains
more to come US President Biden and US House Speaker McCarthy met on debt ceiling negotiations. McCarthy holding a news conference says no agreement reached he feels discussions were productive tone of discussion was improved from previous times was productive in areas where we had differences of opinion not willing to talk about raising revenue,
Gold prices eased by Rs 120 to Rs 60,580 per 10 grams in the national capital on Monday amid weak global trends, according to HDFC Securities. The precious metal had settled at Rs 60,700 per 10 grams in the previous trade. Silver also plunged by Rs 500 to Rs 73,600 per kg. “Spot gold prices
Yen is once again back under selling pressure today, with the selloff mainly concentrated against Swiss Franc, and to a lesser extent Euro. Risk-on sentiment, rising benchmark treasury yields, and the expectation of BoJ keeping policy ultra-loose will likely keep Yen weak for the time being. The only question is whether selling would intensify again.
Similar to EUR/USD and USD/JPY last week, it looked like gold was facing a technical break lower as price fell through the support region of $1,975-81. However, with the dollar getting checked back on Friday and in trading today, we are seeing price action consolidate a little as traders call into question the breakout move
Gold prices edged higher on Monday after rising over 1% in the previous session following less-hawkish comments from the U.S. Federal Reserve Chair Jerome Powell, with uncertainty around the U.S. debt ceiling outcome and over the banking sector’s stability adding to safe-haven bullion’s gains. FUNDAMENTALS * Spot gold was up 0.2% at $1,979.79 per ounce
Mood is generally positive in Asian session today, with Hong Kong HSI leading other major indexes higher. While the G7 communique released after the meeting in Hiroshima drew furious response from both China and Russia, there was little reactions among investors. Dollar is trading mildly lower, followed by Canadian and Aussie. Kiwi is currently the
A snippet from a Bank of America strategist on the US benchmark equity index: Looking circa 4200 says “we still fade” around here as the index has been nudging up against that level a few time this year with no significant break above: on the latest test of the level – “would be so ‘on-brand’
Oil prices edged lower on Thursday, easing on concerns over plentiful supply after surging nearly 3% during the previous session. Brent crude futures dipped 24 cents to $76.72 a barrel. U.S. West Texas Intermediate crude dropped 21 cents to $72.62. Both benchmarks rose nearly 3% on Wednesday on optimism over oil demand and U.S. debt
US President Biden is in Japan for the G7 leaders’ summit. While the cat’s away the mice are not making progress. This is the latest out of Washington politics surrounding the debt ceiling negotiations: US House Speaker Republican Kevin McCarthy said he is not seeing progress while the President is away – “Unfortunately, the White
Spot gold closed with a loss of nearly 1.70% on the week as the metal closed at $1977.80 Friday. Gold continues to be highly volatile on sharp moves in yields, shifting risk sentiments, and incessant reassessment of the Federal Reserve’s monetary policy path. In a dramatic development on Friday, the US House Speaker Kevin McCarthy’s
Gold prices were flat in early Asian trade on Thursday as markets focused on the U.S. debt-limit negotiations, with a firmer dollar capping gains after traders dialled back expectations of a rate cut this year by the Federal Reserve. FUNDAMENTALS * Spot gold steadied at $1,982.85 per ounce by 0046 GMT, while U.S. gold futures
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Last week, the financial markets made a dramatic U-turn, as many key global stock indexes recorded substantial gains. Despite underlying concerns, the looming issue of US debt ceiling seems on track to be resolved, thus avoiding a default. US Treasury Secretary Janet Yellen’s explicit warnings appear to have had the intended effect. Simultaneously, NASDAQ’s significant
The yellow metal has been in a continuous downtrend since the start of the week and is poised for the biggest weekly loss since February 2023, as progressive talks towards the resolution of the US debt ceiling crisis have dampened safe-haven demand. The US House Speaker Kevin McCarthy said that negotiators on the federal debt
The major US stock indices are ending the day lower. The excuse will be the debt ceiling talks stalling (for now), but if there was a lot of worry, the stock market would be down much more. Technically, however, the S&P index could not close above the 4200 natural level (it is closing at 4191.99),