Asian shares achieved shy gains, but European indexes maintained the green the territory with some difficulty, reflecting persistent growth and inflation concerns while Wall Street futures responded to such fears by edging lower.Financial markets witnessed a quiet start of the week, as US markets were closed commemorating the Independence Day …
Read More »Gold steadies in the quiet before the storm
At $1,807.17, gold price is slightly retreating in the midday US session as markets are on holiday. Bond markets are closed on the occasion of the US Independence Day, but the US dollar has seen two-way price action which has both supported and sunk gold at the start of the …
Read More »Gold prices fall as rates rise in July
Gold prices fell on Monday as higher interest rates made the precious metal less attractive but the dollar’s decline helped hold gold above the $1800 support. Spot gold fell 0.2 percent to $1,806.58 an ounce by 1121 GMT, after touching a five-month low of 1,783.50 on Friday. US gold futures …
Read More »Oil prices decline as tight supply continues
Oil prices fell in early Asian trading on Monday, paring gains from the previous session as fears of a global recession weighed on the market while supply shortages persisted amid lower OPEC production, unrest in Libya and sanctions against Russia. Brent crude futures fell 35 cents, or 0.3 percent, to …
Read More »Financial Markets’ Weekly Recap, June 27 – July 1
Financial Markets’ Weekly Recap, June 27 – July 1 Last week, financial markets sent several warnings that global economic growth slowdown is looming and recession has become most probable, however there is no general agreement among market participants on ‘when’ entering into recession could take place. Gold As trading kicks …
Read More »US Active Rig Count Drops
The number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday. The total rig count slid to 750 this week—275 rigs higher than the rig count this time in 2021.Oil rigs in the United States …
Read More »Gold rebounds above $1800 as US yields tumble
Gold prices are trimming daily losses as the dollar soars on markets’ prevalent risk aversion. US yields collapse amid fears of a recession.Silver also trimmed losses dragged to the upside by gold. XAG/USD bottomed at $19.38, level not seen since July 2020 and it is trading at $19.75, down 2.60%. …
Read More »Survey: OPEC oil production fails again to achieve the target in June
A Reuters survey showed on Friday that OPEC did not commit in June to the oil production increase it pledged under an agreement with allies, as involuntary declines in Libya and Nigeria erased the impact of supply increases by Saudi Arabia and other major producers. The survey found that the …
Read More »Gold falls below the $1800 level
Gold prices fell below the $1,800 level on Friday, July 1, and the precious metal is heading for its third consecutive weekly loss, as the tight monetary policies of major central banks and the rising US dollar reduced its attractiveness. And gold fell in spot transactions 0.5% to $ 1797.19 …
Read More »Market Drivers – US Session – Thursday, July 1, 2022
The US Dollar Index extended above 105.000 but sharply retreated together with the Japanese Yen regrouping as yields dropped. The dollar rally remains largely intact, given accelerating concerns about a global recession, although data on Thursday was not positive and did very little to ease concerns about the US economy’s …
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