Gold is nearing its all-time high of $2,685. A decline in manufacturing activity in New York spurred recent buying interest. A price break above $2,685 would signal a new record high and continue the bullish trend. Market jitters from weaker U.S. manufacturing data led to a drop
The People's Bank of China set the yuan's exchange rate at 7.1191 yuan per US dollar on Wednesday. Analysts had anticipated a rate of 7.1208 yuan. The exchange rate closed at 7.1193 yuan in the previous session. The bank injected 642 billion yuan
Global gold prices are rising, nearing record levels as of Wednesday's trading. Investors are awaiting U.S. economic data to gauge potential Federal Reserve interest rate cuts. ANZ Bank's Sonny Kumari noted that easing U.S. monetary policy could boost gold investment demand. Uncertainty from upcoming
Neel Kashkari emphasized the Fed's data-driven approach, noting progress in reducing inflation while the labor market remains robust. He stated that China is not a major competitor to the U.S. and dismissed the idea of replacing the yuan with the dollar as the global reserve currency. While
Citigroup projects an average Brent crude oil price of $74 per barrel by the end of 2023. The bank anticipates prices will drop to $65 per barrel in Q1 2025. Ongoing Middle East tensions could drive prices up to $120 per barrel due to concerns over supply disruptions from potential
The German ZEW Institute reported improved economic confidence indicators for September. The ZEW economic confidence index in Germany rose to 13.1 points, surpassing market expectations of 10.2 points and increasing by 3.6 points from July. The eurozone's ZEW economic confidence index improved to 20.1
Oil prices fell 4% in Tuesday's trading, continuing a downward trend. Reports that Israel will not attack Iranian oil facilities eased supply concerns in the market. Crude oil prices had already dropped about 3% on Monday due to weak demand signals from China. China's oil imports
Fears of slowing oil demand are negatively affecting prices, particularly due to signals from China. The Chinese Ministry of Finance announced fiscal support measures, but traders are frustrated by unclear timing and lack of focus on private consumption. China’s oil imports have fallen for the fifth consecutive month, indicating
Long-term inflation expectations among Americans have increased; 1-year outlook stable at 3%, 3-year up to 2.7%, and 5-year to 2.9%. Fears of credit defaults have reached the highest levels since April 2020, with the average probability of defaulting on debt rising to 14.2%. The increase in default
Prime Minister Shigeru Ishiba plans a supplementary budget exceeding 13.1 trillion yen (about $87.6 billion) to support the economy. The budget aims to enhance social and economic stability amid current challenges. Last year's supplementary budget was 13 trillion yen. The new package will provide financial aid
Global gold prices have started to rise after recent declines. The US dollar index is at a nearly two-month high. Investors are awaiting updates on potential interest rate cuts from the Federal Reserve. A stronger dollar typically makes gold less appealing to foreign investors.
The Japanese yen fell against multiple currencies in Asian trading on Monday. It extended losses for a second day against the U.S. dollar. The yen is nearing a two-month low due to interest rate differentials. Japan's less aggressive stance lowers chances of a third interest rate hike