Global gold prices hit highest in more than a week on Wednesday as the dollar softened and demand for the safe-haven metal got a boost on concerns surrounding Italy’s plans to tackle budgetary deficit. Risk appetite was hit after European Union (EU) officials expressed concerns about Italy’s budget plan, which would widen the deficit significantly.
markets
Rupee Breaches 73/$ For First Time, Nifty Opens Below 10,950
Indian equity benchmarks declined after the rupee breached 73 per dollar mark for the first time.
The S&P BSE Sensex fell 0.5 percent or 198 points to 36,628 and the NSE Nifty 50 Index declined 0.6 percent or 71 points to 10,937.
Nikkei Hits 27 Year High on Strong Dollar, Wall Street Gains
Japan’s Nikkei hit a 27-year high on Friday, taking heart from a boost for the dollar after the Federal Reserve chairman said he did not expect a near-term recession, and strong gains on Wall Street overnight.
Gold Prices Slip Today on Weak Demand, Silver Follows – GSR
Gold Silver Reports (GSR) — Gold prices declined by Rs 100 to Rs 31,550 per 10 gram following slowing demand from local jewellers amid a weak global trend, reported PTI. Global gold prices rose marginally as investors largely discounted a US interest rate hike, but gains were limited as the dollar gained following reports of a row in Italy’s new government.
What Would Happen To USD If Oil Hits $100 A Barrel?
Technical Perspective
The main focus is now on a retest of the year to date high (and 2011 low) around 75.15. Above here and the next technical resistance level will be the 61.8% retracement from 2014 highs around 79.51. To the downside, support is seen along the bullish channel base which, while intact, keeps focus on the further upside.
Fed Set to Raise Rates Again, other Central Banks Sound Ready to End the Easy Money, too
Fed Set to Raise Rates Again
✅ Draghi’s comments come ahead of the Fed’s two-day meeting and anticipated rate hike Wednesday, but they also come as the Bank of Japan sounds slightly less dovish and other central banks raise their interest rates.
Crude Oil Imports may be Cut as Price Forecast Put at $100 a Barrel
With Brent crude already jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President Donald Trump has been seeking to prevent by pressuring the Organization of Petroleum Exporting Countries to raise production. Yet the cartel and its allies gave mixed signals at a meeting in Algiers on Sunday, ultimately showing little sign they would heed U.S. demands to rapidly push down crude prices.