Gold prices closed the year on a high note as the precious metal rose over 1% for the week to around $1,822, not far from six months’ high of $1,833/oz it made during the week. Elsewhere, the 10-year treasury note rallied to one month’s high of 3.89% and is up 2.13% for the week, which
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The Dow Industrial average was the best of the worst of the major US indices in 2022. For the year, the major indices showed: Dow industrial average fell -8.78% S&P index fell -19.44% Nasdaq index fell -33.10% Russell 2000 fell -21.55% What stocks in the Dow 30 eased the declines in 2022? The chart below
Mumbai, A yellow glow is likely to stand out amid grey geopolitical clouds in 2023, with gold price projected to touch Rs 60,000 per 10 grams in the Indian market as more investors veer towards safe-haven assets. In a year where volatility was more a norm than an exception, gold prices in the international market
The 2022 year is in the books and the final rankings of the strongest to the weakest of the major currencies is showing the USD as the strongest and the JPY as the weakest. The central bank fundamentals drove both the USD and the JPY to their respective positions. The Federal Reserve hiked rates the
The Russia-Ukraine war, US Fed’s aggressive rate hikes, and persistent worries about China’s economy cast extreme volatility in commodity prices throughout 2022. There was an abrupt rise in commodity prices when Russia invaded Ukraine in the last week of February. Supply constraints and worries about inflation have helped prices to surge to their record or
December PMIs from China’s National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP). Manufacturing 47.0 prior 48.0 Services 41.6 prior 46.7 Composite 42.6 prior 47.1 Languishing with the renewed COVID-19 outbreak as China moved rapidly towards reopening. While widespread lockdowns are a thing of the past self-imposed isolation and illness
India’s leading broking firm ICICIdirect expects gold to touch Rs 62,000 per 10 gm, while silver will reach Rs 80,000 per kg in 2023. “In 2022, base metal prices experienced a roller-coaster ride due to uneven global economic growth and China’s limited trade participation. A deficit in the global base metals market is anticipated in
The number one thing the world has to be thankful at the turn of the year is good weather in Europe, and to a lesser extent North America. Europe is a weather trade right now and the forecast is good. November was remarkably warm in Europe, December had a short-lived cold snap but the next
Wealthtech platform ICICIdirect has predicted that in 2023 gold will rise towards Rs 62,000 per 10 gms touching all-time high and silver to rebound towards Rs 80,000 per kg. Other metals like copper will rally towards Rs 850/ kg and aluminium to remain elevated towards ₹ 260/ kg. Zinc will test at Rs 350 per
Yen’s rebound continues in Asian session today, and looks set to end as the best performer for the month. Swiss Franc follows as the next strongest with much help from buying against Euro and Sterling, and overall bearish market sentiment. Canadian and Australian Dollars are the worst in December for the same reason while Dollar
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Gold held steady on Friday, but was headed for a second straight yearly loss as aggressive rate hikes by the U.S. Federal Reserve dented the non-yielding bullion’s appeal. * Spot gold was little changed at $1,815.20 per ounce as of 0042 GMT. U.S. gold futures fell 0.2% to $1,821.90. * Bullion was headed for an
The financial markets are trading more on the risk-on side as the year-end is approaching. But reactions in the forex markets are relatively mild. Yen continues to be the worst performer for the week but selloff is somewhat slowing. Euro and Sterling are soft with Dollar. Commodity currencies are the relatively stronger ones but have
Xie is said to have expressed disappointment with the result of the digital yuan trial in select provinces and cities, noting that “the cumulative circulation of the digital currency in the two years of trial has been only ¥100 billion”. Adding that the usage has been “low and highly inactive”. Despite China being among the
Oil prices pared losses after falling by over $2 earlier in the session, as a weaker dollar partially offset demand fears resulting from surging COVID-19 cases in China. Brent futures for February fell 96 cents, or 1.15%, to $82.30 a barrel by 1208 GMT. The more active March contract fell 1.2% to $82.98/bbl, after falling
Trading in the forex markets remain mixed and non-committal. Yen’s pull back appeared to have run its course already, and recover broadly today. Euro and Swiss Franc are now on the firmer side. On the other hand, Dollar is weak together with Aussie and Sterling. Canadian and New Zealand Dollar are mixed. Meanwhile, European stock
Blackrock, the world’s largest money manager, from their “2023 Global Outlook”. It builds on views expressed here: It’s a long piece, I’ve pulled out this snippet. We expect to turn more positive on risk assets at some point in 2023 – but we are not there yet. What matters most, we think, is how much
Oil prices ticked down on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand in the world’s second-biggest oil consumer. The scale of the latest outbreak and doubts over official data prompted some countries to enact new travel rules on Chinese visitors, even as China began dismantling the world’s