Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials say, as buyers snap up the metal to hedge against geopolitical and economic uncertainty. Spot gold is trading a little over $2,300 per ounce, up about 12% year-to-date and only about 6% shy of the
EUR/JPY trades at 168.43, marking the second consecutive day of losses due to political uncertainty in France. Technical outlook: Consolidation below 170.00 with potential further losses if price drops below the 50-DMA at 167.47. Key support levels: Kumo bottom at 165.92 and 100-DMA at 164.78, indicating acceleration of the downtrend if breached. The Euro tumbled
Russell 2000 daily This is what regime change in the stock market looks like. On Wednesday, the Russell 2000 surged on a soft CPI report and it bumped higher yesterday on PPI. But here we are at the lows of the week and at a six-week low, as it reversed a 2% gain. For 18
UPCOMING EVENTS: Monday: PBoC MLF, New Zealand Services PMI, China Industrial Production and Retail Sales, Eurozone Wage Growth. Tuesday: RBA Policy Decision, Eurozone ZEW, US Retail Sales, US Industrial Production. Wednesday: UK CPI, US NAHB Housing Market Index, BoC Meeting Minutes. Thursday: New Zealand GDP, PBoC LPR, SNB Policy Decision, BoE Policy Decision, US Housing
Spot gold at $2,334 was up nearly 1.29% on Friday at the time of the MCX closing. Gold rallied as the US bonds extended their ongoing rally despite hawkish Federal Reserve on soft inflation data and ongoing political turmoil in Europe. Investors are concerned that a political crisis is brewing in France in the wake
Gold soars above $2,330 as investors bet on Fed rate cuts later this year. Risk aversion due to European political turmoil boosts demand for safe-haven assets like gold. US Consumer Sentiment dips in June, inflation expectations remain above Fed’s 2% target. XAU/USD is underpinned by fall of 10-year US Treasury yield. Gold’s price spiked during
The AUDUSD started the week testing the low of a swing area (going back to early May) near 0.6579 and also the 38.2% retracement of the move up from the April 2024 low to the May high near the same level. Sellers pushed the price below that level early on Monday of this week, but
The NASDAQ index closed at a new record on Monday at 17192.53. It did the same on Tuesday, Wednesday, Thursday and again today to extend the streak of consecutive high close levels to five trading days. The S&P was on a similar move this week, but close marginally lower today snapping it 4-day record close
Oil prices fell in early trade on Wednesday as investors digested news that the U.S. Federal Reserve has opted against cutting interest rates in the near future, while ample U.S. crude and fuel stocks further weighed on the market. Brent crude futures lost 14 cents, or 0.17%, to $82.46 a barrel at 0039 GMT, and
EUR/GBP is climbing on Friday after a dip to the 0.8400 handle. ECB soothing talking points are helping to recover sentiment, but only slightly. BoE rate call looms ahead next week, but rate moves not expected yet. EUR/GBP dipped to a fresh 22-month low on Friday, tapping 0.8400 before finding a thin recovery that still
The USDJPY corrected higher since the start of the US session, and ran into resistance above between 157.40 and 157.464. Buyers turned to sellers against the level. Going forward, that swing area will be close resistance not only today but in the new trading week. If broken, traders would look toward the May 29 high
“Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” That’s the first amendment and may prove to be what
Gold prices pared gains on Wednesday after the U.S. Federal Reserve said it sees only one interest rate cut this year, citing still elevated levels of inflation. Spot gold climbed 0.3% to $2,322.46 per ounce by 3:18 p.m. ET (1918 GMT), after rising as much as 1% earlier in the day, supported by a surprisingly
Global financial markets were abuzz with several high-profile events last week, including critical meetings of Fed and BoJ, alongside release of US inflation data. However, it was the escalating political turmoil in France that captured the most attention, significantly impacting Euro and overshadowing other major economic news. The common currency emerged as the week’s weakest
Broadcom could be the next company to join the trillion dollar club. Wednesday’s earnings release showed another beat-and-raise announcement that has become commonplace. Markets consolidate on Friday after week’s CPI-led fireworks. Michigan Consumer Sentiment drains, sending NASDAQ lower. Broadcom (AVGO) stock exploded 12% on Thursday, quite a feat for a company already valued at more
Apple broke higher this week on the back of the new AII news for the company (and its products announced ar the World Wide Developers Confeence. Fundamentally, the hope is the new AI initiatives will stir a new round of product upgrades for its user base. That is something new vs what has been ho-hum
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Gold prices trimmed losses on Thursday after weaker-than-expected U.S. producer inflation data raised hopes for two rate cuts in 2024, even as the Federal Reserve’s projections called for just one cut this year. Spot gold was down 0.5% at $2,310.89 per ounce, as of 1510 GMT. Prices fell as low as $2303.84 before the data