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Gold prices inch higher on Monday, supported by a weaker dollar and on the prospect of a more aggressive rate reduction by the U.S. Federal Reserve at its upcoming policy meeting. FUNDAMENTALS * Spot gold was up 0.2% at $2,580.81 per ounce, as of 0020 GMT. Bullion rose to a record high of $2,585.99 on

Traders continue to ramp up bets on a 50bps rate cut by Fed this Wednesday, with market odds now sitting at 65%. This increasing expectation is driving DOW futures higher, positioning the index for a potential new record high in the upcoming regular trading session. However, S&P 500 and NASDAQ are showing less momentum, struggling

USD/JPY daily chart The pair is testing waters last seen back in July last year. The dip below 140.00 today is threatening to firmly take out the low from December last year on the daily chart. And from a psychological perspective, a firm break below 140.00 itself will keep sellers very much in control to

Gold October futures contracts at MCX opened on Monday at Rs 73,645 per 10 gram, which is up by 0.18% or Rs 130 while silver December futures contracts were trading nearly 1% highest at Rs 90,008/kg, up Rs 828. In the last one week, the prices of gold have gained Rs 2,200/10 gm while silver

Market activity in Asia has been unusually subdued today, with trading volumes even quieter than expected for the first session of the week. The holiday closures in Japan and China are partly responsible for the reduced momentum, but a larger factor looms over the markets: the upcoming FOMC meeting, which is one of the most

UPCOMING EVENTS: Monday: New Zealand Services PMI. Tuesday: Eurozone ZEW, Canada CPI, US Retail Sales, US Industrial Production and Capacity Utilization, US NAHB Housing Market Index. Wednesday: UK CPI, US Housing Starts and Building Permits, BoC Summary of Deliberations, FOMC Policy Decision. Thursday: New Zealand Q2 GDP, Australia Labour Market report, BoE Policy Decision, US

Gold October futures contracts at MCX opened higher today at Rs 72,230 per 10 gram, which is up by 0.56% or Rs 406 while silver December futures contracts were trading at Rs 87,727/kg, down by 0.73% or Rs 632. In the last 2 days, the prices of gold have gained Rs 1,300/10 gm while silver

The major US stock indices closed the day with gains. The NASDAQ and the S&P had a perfect week with five straight winning days. The NASDAQ index erased it -5.77% decline from last week with a gain of 5.95%. A snapshot of the closing levels today shows: Dow industrial average rose 297.01 points or 0.72%

Gold prices soared to an all-time high on Friday as the dollar weakened amid prospects of super-sized reduction in U.S. interest rates next week, while palladium has gained over 15% so far this week. Spot gold was up hitting a record 0.3% at $2,567.23 per ounce by 0703 GMT, after high of $2,570.21 earlier in

NASDAQ and S&P indices end the week with five straight days of gains As the day and week comes to a close, the JPY is ending the day as the strongest of the major currencies and the NZD is the weakest. The US is ending the day mixed with most of the declines coming vs

Gold prices powered higher on Friday, beating record levels, as a boost in bullish momentum fuelled by optimism that the U.S. Federal Reserve is on the brink of trimming interest rates was catalysed by fund inflows and a drop in the dollar. Spot gold was trading at record levels, up 0.9% at $2,582.04 per ounce

The financial markets have been more influenced by speculations than by concrete economic data, as anticipation builds ahead of Fed’s interest rate decision on September 18. Recent US economic indicators, including the latest CPI report and the prior week’s non-farm payrolls, pointed toward a cautious and modest 25bps rate cut. However, traders and investors chose

China retail sales, industrial output, investment data for August 2024 – another round of disappointing results. Retail Sales +2.1% (YoY) (Aug) expected 2.5%, prior 2.7% Industrial Production +4.5% (YoY) (Aug) expected 4.8%, prior 5.1% Fixed Asset Investment +3.4$(YTD) (YoY) (Aug) expected 3.5%, prior 3.6% Unemployment 5.3% expected 5.2%, prior 5.2% Also published were home prices

Oil prices fell on Friday as U.S. Gulf of Mexico crude production resumed following Hurricane Francine and rising data showed a weekly rise in U.S. rig count. Brent crude futures settled at $71.61 a barrel, down 36 cents, or 0.5%. U.S. West Texas Intermediate crude (WTI) settled at $68.65 a barrel, down 32 cents, or

Chair Powell preparing for a BIG cut? To cut, or not to cut 50 basis points. As the Federal Reserve’s September meeting approaches, JP Morgan reiterates its call for a 50 basis point cut, scheduled for Wednesday at 2 PM ET. Following Nick Timiraos’ article highlighting the Fed’s predicament, market odds have shifted from 20-80

China, the world’s largest metals consumer, and uncertainty about the timing of interest rate cuts. However, the market reversed course in the following month, with most metals rebounding strongly, particularly aluminium, which managed to recover its earlier losses. After plunging to near six-month lows, aluminium prices staged an impressive comeback, climbing to nearly one-month highs.

Yen continues to strengthen broadly today, maintaining its position as the best-performing currency of the week so far. Renewed speculation around a possible 50bps rate cut by the Fed has provided an extra lift to the Japanese currency. Additionally, renewed weakness in US and European benchmark yields further supports the Yen’s rally. BoJ is widely

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