Precious metals prices attempted to recover during the nighttime hours following the sizeable selloff the markets endured yesterday. China’s rate hike had profound effects on the commodity (and other) markets on Tuesday. Gold prices fell by almost 3% in their worst slump since July, while an equally steep decline took place in crude oil values [...]
For the first time in three years the People’s Bank of China decided that the pace at which domestic inflation is has been running is sufficiently unacceptable to warrant an interest rate hike. Thus, the central bank increased its one-year deposit rate to 2.5% (a quarter-point adjustment) and raised its lending rate to 5.56% after learning that the country’s inflation rate rose to 3.5% in August [...]
Additional declines were noted in gold prices during the overnight hours as the emergent resurgence in the US dollar helped prompt additional profit-taking on the back of that already having been witnessed last Friday. The yellow metal appears poised to retrace some of its recent chart steps all the way to possibly the $1,327.00 level, according to analysts at Barclays Capital[...]
Good Morning, Without giving details as to just how, how much or how little, and –most importantly — when, Fed Chairman Bernanke this morning pitched "a case" for further action by the US central bank at a Boston Fed conference. However, the tone being used by the Fed’s head was a bit on the ‘fuzzy’ [...]
Good Morning, Dissecting the minutes of the Fed meeting offered a fresh opportunity to dollar-sellers to do more of the same overnight. The surprisingly dovish language that was contained in the notes ignited expectations of the Fed easing next month among the few remaining holdouts in the market. This, despite Goldman Sachs’ cautionary finding that [...]
Good Morning, The US dollar recovered from the eight-month lows it touched on Monday, rising another 0.22 this morning to reach 77.73 on the trade-weighted index. Such a bounce helped dent crude oil values somewhat more as Tuesday trading got underway (down 86 cents to $81.35 per barrel) and it took some of the energy [...]
Good Morning, Gold prices opened weaker on Monday, after breaking the lower end of the $1,345-$1,355 overnight range in early trading. Spot gold was quoted at $1,343.30 at 8:20 NY time and it subsequently dipped to just under the $1,340.00 mark as a rise in the US dollar and a slippage in crude oil prompted [...]
Good Morning, After having traded some $40 below the $1,266.00 pinnacle that had been achieved just 24 hours ago, gold prices attempted to regain their lost footing during the overnight hours. The advent of a bearish signal on Thursday had market participants on edge and, perhaps more than on many a past Friday, on the [...]
Good Morning, For a change,…fresh records were inked into many a book of records, and fresh profits were booked on long gold positions in many a fund book overnight. The 1,365.70 spot offer figure that gold reached is now within about $20 of the ultimate target that some wave-based analysts have previously targeted for the [...]
Reverberations of the surprise easing by the Bank of Japan continued to buoy a host of assets during the overnight and Wednesday daytime trading hours. Asian equity markets staged strong rallies, as did those in Europe, following yesterday’s hefty US market gains. Commodities also continued to gain in value following Tuesday’s melt-up in gold, copper [...]
