Market Update

Gold prices soared on Wednesday, bolstered by a deep cutback in global bond yields and a weaker US dollar. In the afternoon trade, the Gold Index was up about 2% to $1,670, its best level since last Thursday. Gold is trading at 1659.38 at the time of writing, so it …

The European Commission president, Ursula von der Leyen has promised to cap the price of Russian oil and impose further curbs on hi-tech trade, as part of the latest round of sanctions to “make the Kremlin pay” for the escalation of the war against Ukraine.Ursula von der Leyen said Russia …

Bank of England intervened by buying government bonds so as to stabilize the bond market. This move was able to strengthen the Pound whose performance improved on the BoE’s announcement.The EUR/GBP pair is hovering around 0.8940 practically flat for the day after moments of extreme volatility following the surprise announcement …

The EUR/USD pair bounces from two-decade lows recorded during the European session, gaining 1.34% in the day, boosted by improved in market sentiment and a weaker US dollar, despite the Fed’s hawkish stance, opening the door for aggressive tightening by the end of the year.The Euro began trading nearby the …

The International Monetary Fund has joined a wide range of institutions worldwide criticizing the UK’s huge tax cuts in a plan that has exerted mega pressure on the pound which was plunging to a record low.With this rare criticism of the UK’s large developed economy, the International Monetary Fund is …

On Wednesday, US stock indexes turned higher and rebounded, largely helped by sliding Treasury yields from multiyear highs, and a surprise intervention from the Bank of England in the UK gilt, or government-issued bonds market, but Wall Street stocks were still in danger of recording a seven-day losing streak.On Tuesday, …

It was reported on Wednesday that British Finance Minister Kwai Kwarteng will not resign over the market reaction to the fiscal plan and added that there will no reversal of policy.Meanwhile, the Bank of England announced the gilt market intervention amid growing fears overs insolvencies of pension funds by as …

The rise of the dollar against sterling was also affected by British domestic factors, after the British government announced last week a plan to cut taxes and increase borrowing. This decreased sterling to $1.0327 on Monday, a record low, after settling near the $1.1300 level ahead of the UK’s budget …

On Wednesday, gold prices hit a new low, the lowest in 30 months, as the allure of the precious metal was undermined amid the rise in the dollar and US Treasury yields due to expectations of a sharper rate hike by the Federal Reserve. By 0854 GMT, spot gold fell …

Oil prices stabilized on Wednesday as a stronger dollar and rising crude oil inventories offset the decline in US production caused by Hurricane Ian. Brent crude futures rose five cents, or 0.06 percent, to $86.32 a barrel by 0937 GMT, while West Texas Intermediate crude fell nine cents, or 0.1 …