Gold prices in the national capital rose by Rs 138 to Rs 49,786 per 10 grams on Monday, according to Securities. In the previous trade, the precious metal had closed at Rs 49,648 per 10 grams. Silver also jumped by Rs 224 to Rs 56,514 per kilogram from Rs 56,290 per kg in the previous
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Dollar is extending its broad-based rally today. But other positions are somewhat changing. Sterling is now recovering as traders take profit, while awaiting an unconfirmed statement from BoE. Euro is also paring some recent losses. Meanwhile, Swiss Franc, Yen and Canadian soften in general. Australian and New Zealand Dollar are mixed. Technically, while Sterling recovers,
The low earlier hit 1.0357 (this may vary depending on your platform but definitely under 1.0400), which was an all-time low for the currency in the modern era so to speak. In part, a stronger dollar has definitely pushed GBP/USD over the edge from a technical perspective but there is also plenty to scrutinise about
Oil prices fell for a second day on Monday on fears of lower fuel demand from an expected global recession sparked by rising worldwide interest rates and as a surging U.S. dollar limits the ability of non-dollar consumers to purchase crude. Brent crude futures for November settlement slipped $1.35, or 1.57%, to $84.80 a barrel
Sterling’s free fall extends into Asian session today, even against the weak Euro which is pressured against all other major currencies. Dollar is currently the strongest one and would likely remain so for now. Yen, Swiss Franc and Canadian Dollar are also firm. Australian and New Zealand Dollar are mixed for now, but both are
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Base metals had an eventful week. The complex held up relatively well this week, despite several central banks hiking rates and the stronger dollar. The Fed hiked rates by 75 bps and offered hawkish future guidance. The sentiment was also hit by Moscow’s new mobilization campaign in its invasion of Ukraine. Earlier in the week,
This is the time of year when C-suites and corporate boards meet to discuss growth plans for the year ahead. In light of the price action in financial markets, those dicussions are going to be much different than they would have been a month ago. Borrowing costs are skyrocketing and uncertainty about the economy is
Globally, gold prices are languishing near a two-and-a-half-year low, weighed down by a rapid rise in global interest rates and a surging US dollar. The benchmark London gold has corrected by about 20 per cent from its March high when the Russian-Ukraine tensions shot up gold prices to near record peaks. Meanwhile, domestic prices are
Regions of Ukraine are holding referendums on joining Russia at the moment and Ukraine has said anyone who participates will be liable for a 5 year prison sentence. The votes have been widely characterized as a sham. In any case, the votes will be used by Russia to annex the areas. In turn, that will
New Delhi: Origo Commodities, an e-platform for agri-commodities, in its first report on Khari crop estimates indicated that production is likely to take a hit in the coming months. Key highlights of the estimates by Origo Commodities As per the latest estimate of Origo Commodities, India’s total Kharif crop production for the crop year 2022-23
It’s such a week of surprises. The biggest one was probably the free fall in Sterling, as markets reaction to the “mini-budget” of the new UK government was overwhelmingly negative. Commodity currencies and Euro were also pressured on risk aversion. Dollar emerged as the strongest one after hawkish Fed hike, selloff in risk assets, and
Markets: WTI crude oil down $4.64 to 78.84 US 10-year yields down 2.7 bps to 3.68% UK 10-year yields up 33 bps to 3.83% Gold down $27 to $1643 S&P 500 down 1.7% USD leads, GBP lags (badly) Today’s price action was probably just an extension of the FOMC trade and the growing belief that
Risk-off sentiment continued in the commodities market, whether bullion, base metals, energy or agri commodities. US Central bank continued with mega-size rate hikes and gave the message they would do everything to bring the inflation down to within their comfort zone of 2 per cent, even if it leads to a path of a painful
The major US stock indices are closing lower for the 4th consecutive day. For the week, the majors major indices are also down sharply. Recall from this time last week, Adam warned that this week is the worst week on the calendar seasonally for equities, over the past 50 years.It lived up to that distinction
Gold prices dropped more than 1% to their lowest since April 2020 on Friday as a cocktail of factors from a robust dollar and elevated U.S. bond yields to worries around more U.S. interest rate hikes diminished bullion’s appeal. Spot gold XAU= was down 1.7% at $1,642.79 per ounce by 1058 GMT and was heading
Sterling is in free fall today as markets reacted negatively to the “mini-budget” of the new government. Selloff came after Finance Minister Kwasi Kwarteng announced to cancel and planned rise in corporation tax, reverse a recent rise in income tax, and cut taxes for businesses in designated investment zones. Swiss Franc is currently the biggest
Prior 50.9 Manufacturing PMI 48.5 vs 47.5 expected Prior 47.3 Composite PMI 48.4 vs 49.0 expected Prior 49.6 UK economic activity is seen declining at its quickest pace since January 2021, as cost pressures remain high and demand conditions wane. This arguably confirms that the economy is already in a (technical) recession and with the