Gold continued to decline for the second day on Tuesday after rising above $2,000 an ounce in the last session, as investors turned their attention from the banking crisis to the U.S. Federal Reserve’s interest rate decision. Spot gold was down 0.6% at $1,966.30 per ounce, as of 1149 GMT, while U.S. gold futures slipped
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In a note from commodity analysts at CommerzBank, some snippets pertinent to their oil price outlook: The price slide is chiefly attributable to concerns that oil demand could weaken as a result of the latest market turmoil, even though there has been no sign of this happening as yet Though the latest price slide is
Australian Dollar is declining broadly as RBA minutes hinted at the possibility of a pause during their next meeting. Meanwhile, Yen has managed to hold on to the some gains it made earlier this week and appears poised for further rallying, particularly against commodity-based currencies. Both Euro and Sterling have maintained their strength after being
Silver ETF: Should you buy it as silver prices soar?Silver ETFs or exchange traded funds are relatively new and have to pass the test of time and investors willing to increase exposure in this instrument must do it with caution, personal finance expert Jitendra Solanki told ETMarkets. While Silver ETFs offer an additional avenue for
In case you missed the earlier headline: Well, if they were already considering to pump the brakes on the tightening cycle before all the banking turmoil, then surely now they have the perfect excuse to “wait and see”. That despite the fact that the events in the US and Europe are not expected to have
Market reactions to the ongoing banking crisis reveal a shift away from Swiss Franc, traditionally considered a safe-haven currency, as Credit Suisse shares lose over two-thirds of their value following the acquisition announcement by UBS. The broader markets in Europe are, however, relatively steady. Euro and Sterling are experiencing notable increases today, with the Yen
Oil prices dropped to their lowest in 15 months on Monday, driven down by concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May fell 87 cents, or 1.2%, to $72.10 a
The GBP was the strongest of the major currencies today. The CHF was the weakest. The GBPUSD which rose 0.83% today, saw steady buying in the European and US sessions after the Asian session that consolidated gains from Friday. The pair rose for the 3rd consecutive day. That move higher has seen the price move
Financial markets in today’s Asian session exhibit a risk-averse sentiment, despite attempts on the weekend to stabilize the situation from the recent banking crisis. While UBS’s acquisition of Credit Suisse may have provided slight support to Euro and Swiss Franc, stocks are trading in red, and commodity currencies are weaker. Yen, on the other hand,
Goldman Sachs has cut its forecast on Brent crude oil futures from $100 per bbl amid a sharp fall in crude oil prices on banking and recession worries. The global investment bank now expects crude to average at $94 per bbl in the next 12 months and $97 per bbl in the second half of
Last week the CPI data in the U.S. came in above expectations with headline inflation rising 0.4% and core CPI by 0.5%. The ECB hiked its interest rates by 50bps stressing that inflation is projected to remain too high and refrained from signalling any future policy changes. They also noted the high levels of uncertainty
Gold closed the week with a humongous gain of nearly 7% at $1989.34 as, globally, investors become increasingly concerned about the stability of the financial system due to the shaky and fragile looking banking sector. With the closures of three US banks, and Credit Suisse on the verge of shutting down, the global banking industry
At least four global banks have put restrictions on new dealings with Credit Suisse group AG At least two banks are taking measures that involve cutting unsecured exposure to Credit Suisse in new dealings Deutsche Bank/value it assigns to Credit Suisse securities as collateral on loans to wealth management clients Societe Generale has not changed
Natural gas prices have dropped more than 75% in the last six-month period. Moderate after-winter demand and concerns about industrial consumption because of the US Federal Reserve’s aggressive rate hikes adversely hit the demand outlook. The year 2022 was the most volatile period ever for gas prices. Global supply chain uncertainties due to the Russia-Ukraine
Sources indicate that UBS is close to finalizing a deal to acquire Credit Suisse, as Swiss and global authorities work to mitigate banking sector contagion and restore confidence in the financial system. The agreement could be reached as early as Sunday. The Swiss National Bank (SNB) provided a $50 billion lifeline earlier this week, although
Last week, the world appeared to be on the brink of an international banking crisis. The situation might have stabilized with Silicon Valley Bank filing for Chapter 11 bankruptcy, First Republic Bank receiving aid in the form of deposits from major players, and Credit Suisse obtaining a CHF 50B lifeline from SNB. Despite these developments,
MCX Gold futures hit lifetime highs on Friday on the intraday (Rs 59,461) and closing basis at Rs 59,420 per 10 gram. The April futures settled up by Rs 1,414 or 2.44% from the Thursday closing price. Meanwhile, May Silver futures rallied over 3% and gained Rs 2,118 per kg to close at Rs 68,649.
The major US indices are closing the day with declines across the board. The declines were led by the Dow but the S&P also fell by 1%. The Nasdaq was the best of the worst. For the week, the pattern was the same as flow of funds moved into the big tech cap stocks of