Market Update

The gold rally continued on Tuesday with strong gains on the second session of 2021, amid increased demand amid concerns about the rising number of new Coronavirus cases in many countries. Gold futures for February delivery rose by $7.8, or 0.4%, to settle at $1,954.4 per ounce. On Monday, the …

Bitcoin has recently recorded multiple new all-time highs and now more increases by the world’s largest cryptocurrency are expected. Researchers at JPMorgan Chase expect Bitcoin could hit $146,000 in the near future, Dow Jones’s MarketWatch reported. If the largest digital currency was to draw demand away from gold investors, new …

Germany is prolonging a nationwide lockdown until the end of January 2021, introducing new preventive measures against the resurgence of new Coronavirus cases, German Chancellor Angela Merkel announced on Tuesday, Reuters reported. “We ask all citizens to restrict contact to the absolute minimum,” Merkel said. Moreover, travelers arriving in Germany …

The World Bank Group believes that the global economic recovery in 2021, from the Coronavirus pandemic, is set to be slower than initially expected due to the rising number of new cases and renewed lockdown measures. The global gross domestic product (GDP) is expected to expand by 4% in 2021, …

Ripple Labs is being sued by Tetragon Financial, an investment company in the United Kingdom (UK), after the United States Securities and Exchange Commission (SEC) claimed that XRP was sold improperly, Bloomberg reported. The lawsuit was filed under seal late on Monday in the Delaware Chancery Court. Tetragon Financial Group …

Saudi Arabia is reportedly proposing more output cuts during the month of February during the OPEC+ summit, Reuters reported. The Kingdom believes maintaining production curbs is essential to restoring the global oil market balance, despite an improved outlook due to the rollout of Coronavirus vaccines. This comes as worries about …

The International Monetary Fund (IMF) is seeing the global economy beginning 2021 in a better position compared to what was expected in 2020 due to the Coronavirus pandemic. The IMG chief economist Gita Gopinath told CNBC on Tuesday that the world’s economy is starting the New Year at a somewhat …

General Motors (GM), which is listed on the New York Stock Exchange (NYSE) on Tuesday reported a 4.8% rise in sales across the United States during the fourth quarter (Q4) of 2020, Reuters reported. The rise in sales is supported by increased demand for new motor vehicles during the Coronavirus …

Factory activity in the United States expanded to its highest level in nearly two and a half years during December, with the American economy recovering from the impact of the Coronavirus pandemic. The pandemic is reportedly leading to increased demand for goods compared with services, however, the rising number of …

European stocks closed lower on Tuesday, after a mixed performance and fluctuating through the second session of 2021. The STOXX Europe 600 index finished down by 0.2%. In the UK. The FTSE100 index rose by 0.61%, showing a positive performance supported by an improved sentiment after the completion of the …