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Gold rises as Fed rate-cut prospects dent dollar, bond yields

14Dec

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Gold rises as Fed rate-cut prospects dent dollar, bond yields

Gold prices extended gains to a one-week high on Thursday after the US Federal Reserve flagged an end to its tightening cycle and signalled lower borrowing costs in 2024, sending the dollar and Treasury yields tumbling. Spot gold was up 0.2 per cent at USD 2,031.28 per ounce, as of 0130 GMT, after rising 2.4 per cent on Wednesday. US gold futures jumped 2.4 per cent to USD 2,045.50. "The Fed's dovish pivot stuck a rocket under gold prices, which used USD 1,980 support as a springboard to break its USD 2,000 per ounce glass ceiling," said Matt Simpson, a senior analyst at City Index. "This certainly places the US dollar in a weak spot heading into the back of the year, a month which tends to generate bearish returns for USD and benefit gold." The Fed kept interest rates steady for the thir...

Sensex off lows, down 300 pts; LTIMindtree up 5%, Coforge 3%

Stock market LIVE updates: Equities got hammered in Thursday's intraday trade as weak global sentiment, amid escalating war concerns in the Middle East, kept investors on the sidelines. The S&P BSE Sensex fell 474 points to quote at 65,403 levels, while the Nifty50 opened below 19,550-mark. Wipro, Hindalco, Tata Steel, JSW Steel, Power Grid, Bajaj Finance, Bajaj Finserv, Titan, UPL, Grasim, Adani Ports, HDFC Bank, M&M, and L&T lost ground on the bourses with up to 3 per cent slide. Meanwhile, in the broader market, the BSE MidCap and SmallCap indices fell 0.7 per cent and 0.4 per cent, respectively. Amid a broad-based selling, the Nifty Metal index fell 1.5 per cent, the Nifty Realty dropped 1.24 per cent, and the Nifty Financial Services...

Gold Price Rises as Dollar and Yields Slip on US Jobs Data

Last Updated: July 08, 2023, 01:33 ISTNew York, United States of America (USA)Gold remains stubbornly bid - trading higher even before the number. Today's report has given bulls some relief, at least short term, said Tai Wong, a New York-based independent metals trader. Gold prices rise as weaker US nonfarm payrolls cast doubt on interest rate hikes, boosting the appeal of the precious metalGold prices rose on Friday and were on track for their first weekly gain in four as the dollar and bond yields fell after weaker U.S. nonfarm payrolls numbers cast doubts over the trajectory of interest rate hikes beyond July yet again. Spot gold was up 0.8% at $1,926.54 per ounce at 2:06 p.m. EDT (1806 GMT). Bullion was up 0.4% so far this week.U.S. gold futures settled 0.9% higher at $1,932.50. Labou...