Gold was set for a third straight weekly drop on Friday, weighed down by signals from Federal Reserve officials that the central bank could end its pandemic-era asset purchases and raise interest rates faster than expected to combat surging inflation. FUNDAMENTALS * Spot gold rose 0.1% to $1,771.04 per ounce by 0056 GMT after hitting
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Both official and Caixin’s PMI reports suggest that China’s economic recovery remains fragile. Slipping into the contractionary territory, Caixin’s manufacturing PMI dropped -0.7 point to 49.9 in November. The official manufacturing PMI, however, climbed +0.9 point to 50.1 during the month, reclaiming expansion for the first time in 3 months. Both reports suggested stronger output
What to look for today from the NFP Trading gold has been relatively straight forward as of late. See here. When real yields and the USD fall together gold rises. When real yields and the USD rises then gold falls. This is why gold has been falling recently Powell has made a hawkish tilt by
NEW DELHI: Gold prices were trading higher on Friday, but were set for a third weekly fall, weighed down by hawkish signals from the Federal Reserve officials. The central bank hinted that it could end its pandemic-era asset purchases and raise interest rates faster than expected to combat surging inflation. Reduced stimulus and interest rate
Commodity currencies are turning weaker again in otherwise range trading markets. As for today, European majors are the stronger ones, as lead by Sterling. But there is no clear sign of follow through movements. Omicron seems to have slipped to the backstage. Traders are probably looking through to tomorrow’s non-farm payroll report to gauge how
US nonfarm payroll to add 550K jobs in November The US jobs report will be released at 8:30 AM ET. The expectations are for: Non Farm Payroll to add 550K jobs. That comes after a rise of 531K in October. That gain was above the 425K estimate. Job gains in September came in at 312K and August it was at 483K
New Delhi: Gold in the national capital on Thursday rose by Rs 112 to Rs 47,050 per 10 gram in-line with a recovery in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 46,938 per 10 gram. In contrast, silver slipped Rs 203 to Rs
While the US stock extended the near term steep pull back overnight, Asian markets are relatively steady and are just mixed. Major currency pairs and crosses are also stuck in tight range for consolidation. As for the week, Swiss Franc and Yen are the stronger ones on risk off sentiment, on both Omicron and talk
Media coverage was never this concerned about the delta variant Invest in yourself. See our forex education hub. The science involved in the omicron variant certainly piques more interests as it pokes at curiosity considering the many mutations but outside of that, what exactly is causing omicron to exude a much stronger threat than the
NEW DELHI: Gold prices eased on Thursday hurt by a strong dollar but concerns on virus uncertainty capped downside. Meanwhile, investors also assessed central bankers’ next moves as they are likely to respond to surging inflation and concerns over economic growth spurred by the new Omicron variant. Gold futures on MCX were down 0.20 per
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +4.27 mmb to 1222.16 mmb in the week ended November 26. Crude oil inventory dropped -0.91 mmb to 433 mmb, compared with consensus of a -1.24 mmb decrease. Inventory increased in 3 out of
The 1st Omicron case in the US The CDC/Dr. Fauci has added that The omicron patient was fully vaccinated and has mild symptoms. The individual is a travelers from So Africa on November 22. The individual is self quarantining and those in contact have not contacted the virus The individual had mild symptoms The indivdual was fully vaccinated.
New Delhi: Gold in the national capital on Wednesday tumbled Rs 302 to Rs 46,848 per 10 gram reflecting an overnight decline in international precious metal prices along with rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 47,150 per 10 gram. Silver also dipped Rs 81
Dollar attempted for a rally overnight after hawkish comments from Fed Chair Jerome Powell, but momentum quickly faded. Instead, the greenback was dragged down by extended weakness in benchmark treasury yields. Overall market sentiment is stable in Asian session, helping commodity currencies rebound. Aussie is additionally lifted by better than expected GDP data. But then,
The health office of the German state of Baden-Wuerttemberg reports Three of the infected persons are said to have returned from a business trip to South Africa on 26-27 November respectively, with the fourth person a family member of one of the returnees. The statement reads: “All four people are fully vaccinated. A mutation analysis
MELBOURNE: Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant. U.S. West Texas Intermediate (WTI) crude futures rose 78 cents, or 1.2 per cent, to $66.96 a
Despite concerns over the new coronavirus variant Omicron, Fed Chair Jay Powell’s testimony before the Senate was hawkish. He suggested that the Fed could accelerate the tapering of asset purchases in order to curb strong inflation. US dollar extended rally against major currencies, with the exception of Japanese yen and Swiss franc. The testimony is
Numbers to watch out of South Africa The epicentre of covid cases in South Africa is where I’m watching for some real-world data on covid cases. I highlighted the earlier numbers, which were promising. Today’s data was just published and aren’t as good. They show 3143 new cases compared to a 1909 a day earlier.