NEW DELHI: Gold prices held steady on Friday, after a sharp fall in the previous session. A firmer dollar dented the metal’s appeal as investors await a key US Federal Reserve meeting for clues on the central bank’s taper plan. Gold futures on MCX were marginally down 0.06 per cent, or Rs 26, at Rs
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Dollar jumps sharply in after data shows strong rise in retail sales, versus expectation of a decline. The data also raises optimism that it’s just the start of resurgence in consumer demand, as the world is exiting the pandemic with fast vaccinations. Canadian Dollar is following closely as the second strongest for the day. On
A look at the market moves The S&P 500 has pared some of today’s decline, rising to 4456 from 4443 at the lows. That improvement is spilling over to FX as well as the ‘risk off’ trade fades. This is increasingly looking like an ‘inside day’ where US equities and other assets trade inside of
New Delhi: Gold in the national capital on Thursday plunged Rs 491 to Rs 45,735 per 10 gram amid a decline in international precious metal prices and rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 46,226 per 10 grams. Silver also tumbled Rs 724 to Rs
Yen is trading generally firm today as risk sentiment in Asia is decoupling from that of the US. Nikkei is so far rather resiliently holding above 30k handle, despite slight retreat. But Hong Kong HSI is having another day of heavy selling, breaking to a new low for the year. The fact that Swiss Franc
Reasons for lingering weakness The AUD was gaining strongly due to it’s pro-cyclical bias. Vaccine fuelled optimism helped push AUD higher as did higher Iron ore prices alongside signs of China’s economy rebounding. However, recently that bullish bias has moved to a far more neutral footing.A combination of the delta variant locking down large areas
SINGAPORE: Oil prices slipped on Thursday, but kept most of the previous day’s gains after a larger-than-expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer. Brent crude oil fell 13 cents, or 0.2%, to $75.33 a barrel by 0128 GMT, after settling up 2.5% the previous day. US West
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -8.78 mmb to 1234.64 mmb in the week ended September 10. Crude oil inventory sank -6.42 mmb (consensus: -3.54 mmb) to 417.45 mmb. Stockpile fell in 4 out of 5 PADDs. PADD 3 (Gulf
Power and natural gas prices are skyrocketing I’ve been warning about this for awhile. Things have gotten out of hand quickly in Europe and this is going to be a political crisis in short order as people and companies get slammed with heating and energy bills that they can’t afford to pay — at least
Metals are a key barometer of any country’s economic growth and countries have taken many measures to facilitate the growth and efficiency of metal markets. While trading volume of commodity derivatives has grown at a rapid pace in India, liquidity has remained largely limited to the near-month contracts. The low volume of the long-term contracts
The latest set of economic data reveals that China’s slowdown worsened. The most disappointing reading comes from retail sales growth which moderated to +2.5% y/y in August, compared with consensus of +7.1% and July’s +8.5%. The slowest growth in 12 months can be attributed to delta variant outbreak and the aftermath of July’s huge flood.
NZDCHF in focus New Zealand was all set to become one of the first major central banks to embark on a hiking cycle as the economy began to run hot. Moving into the RBNZ meeting last month the expectations were that the RBNZ were going to hike rates. Unemployment was at a low (4.0%), inflation
NEW DELHI: Gold prices inched lower, little changed, on Wednesday after a tamer-than-expected rise in US inflation led to uncertainty on when the US central bank would begin tapering its asset purchases. Gold futures on MCX were marginally down 0.10 per cent, or Rs 47, at Rs 47,213 per 10 gram. Silver futures declined 0.29
Dollar drops broadly after data shows declining headline consumer inflation in the US, and even quicker fall in core CPI. It’s adding to the Fed’s case that prior surge in inflation was just transitory. DOW futures responde rather positively to the news. Strengthening risk appetite could put Yen under some pressure too. Meanwhile, Sterling is
What will drive the market in the fourth quarter Bank of America Global Research discusses the USD drivers in 4Q. “China has been an important driver of the US dollar in recent months but we expect a transition to more US-specific drivers in 4Q, reasserting its positive correlation with US yields. Much depends upon the
Kolkata: The National Commodity and Derivatives Exchange (NCDEX) has posted 115% rise in the average daily turnover value (ADTV) of Rs 2,444 crore in August 2021 despite restrictions on chana futures, one of its key liquid contracts in the pulses segment, a media release issued by the exchange said. It also added that exchange has
Overall market sentiment is mildly positive with the strong rebound in DOW overnight, followed by slight gain in Nikkei. European majors are having a small edge over the others but Swiss Franc is still clearly lagging behind. Australia Dollar is leading commodity currencies lower for now, after some cautious comments from RBA Governor. Dollar is
Forex news for Asia trading on Tuesday 14th September 2021 With US oil still struggling to recover from the damage done by Hurricane Ida, Tropical Storm Nicholas has been upgraded (just prior to me posting this wrap) to Hurricane Nicholas. Its expected to make landfall on the Texas coast imminently. Oil has inched a little