Gold prices rebounded again on Thursday as a weaker dollar and lower US Treasury yields coupled with a drop in risky assets revived demand for the precious metal, which is considered a safe haven for value amid concerns about global growth. The price of gold in spot transactions jumped 0.8 …
Read More »Market Drivers – US Session – Wed. 18 May
The US dollar Index was unable to attract speculative interest, now hovering around $1,816 a troy ounce. Crude oil prices edged lower, with WTI now changing hands at $106.90 a barrel. The yield on the US 10-year Treasury note stands below 2.90%, as investors rushed into bonds’ safety.The EUR/USD pair …
Read More »USD/CAD retreats as oil stabilizes near $106.50
The USD/CAD pair meets sellers around 1.2900, retreating from the previous day’s recovery moves from a two-week low, as traders take a breather from the latest risk-aversion amid a sluggish start to the Asian session. That said, the Canadian dollar pair takes offers to renew intraday low around 1.2875 by …
Read More »Gold Prices Impacted by risk-aversion
On Wednesday, the non-yielding metal is almost flat as investors assess the pace of the Fed’s tightening. A buoyant US Dollar keeps gold defensive, though holding above $1800. Gold ETF holdings have fallen for a ninth consecutive day.The Gold Index is trading negatively in the day, though it remains at …
Read More »WTI crude retreats towards $110 on sentiment deterioration
The American WTI crude oil has retreated back towards $110, with oil prices in downturn on deteriorated risk sentiment. But these dips proved attractive to potential buyers as lockdowns ease in China while Russian OPEC output is still negotiated.Updates about an easing of lockdown restrictions in China failed to hold …
Read More »Moscow: Possible tariffs on Russian oil will force buyers to pay more
A US proposal to impose tariffs on Russian oil means buyers will have to pay more or look for alternative suppliers, Kremlin spokesman Dmitry Peskov said on Wednesday, May 18. And US Treasury Secretary Janet Yellen said on Tuesday, May 17, that the European Union could combine imposing tariffs on …
Read More »Gold is near its lowest level in 3 and a half months
On Wednesday, gold prices settled near their lowest levels since late January, under pressure from the recovery of the dollar and the hawkish stance of the Federal Reserve Chairman on inflation. By 0831 GMT, gold recorded in spot transactions 1815.39 dollars an ounce. And US gold futures fell 0.2 percent …
Read More »Market Drivers – US Session – 17 May
US stocks rose on Tuesday, as Citigroup led a surge in bank shares after Berkshire Hathaway revealed strong retail sales in April to ease some concerns about slowing US economic growth. Ten of the 11 major S&P sectors advanced, with financials and technology up 2% each.Economic DataUS retail sales increased …
Read More »Crude Oil Falls 2% On Powell’s Comments, Prospected Supply
After hitting seven-week highs, crude oil prices fell after Fed Chair Jerome Powell warned the US economy could be hurt by attempts to reduce inflation. Crude oil prices also retreated 2% on Tuesday as the United States decided to ease restrictions on Venezuela, the news has raised hopes that the …
Read More »Gold Price Reacts to Powell’s hawkish comments
Gold goes offered on a hawkish Powell as the US dollar rallies. The US dollar has popped out of a 15-min wedge formation to the upside. The US Dollar Index was down 0.82% at 103.33, a touch away from the low of 103.226 ahead of the Powell event. On hawkish …
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