• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Hang Seng Index in Hong Kong closed at 24,740.57 points on March 18 (Tuesday), up 595.0 points, or 2.46%. The Hang Seng Tech Index in Hong Kong closed at 6,105.5 points on March 18 (Tuesday), up 232.69 points, or 3.96%. The CSI 300 Index closed at 9,177.8 points on March 18 (Tuesday), up 249.35 points, or 2.79%. The H-share Index closed at 4,024.91 points on March 18 (Tuesday), up 79.22 points, or 2.01%.Tiger Securities (TIGR.O) had revenue of US$124.1 million in Q4 2024, compared with US$69.98 million in the same period last year.Some popular Chinese stocks rose before the market opened, with Li Auto (LI.O) and NIO (NIO.N) rising more than 5%; Kingsoft Cloud (KC.O) rising more than 4%; and Baidu (BIDU.O) rising more than 3%.Germanys DAX30 index opened up 130.77 points, or 0.57%, at 23,260.82 points on March 18 (Tuesday); Britains FTSE 100 index opened up 27.17 points, or 0.31%, at 8,707.46 points on March 18 (Tuesday); Europes STOXX 50 index opened up 20.60 points, or 0.38%, at 5,466.15 points on March 18 (Tuesday); Spains The IBEX35 index of Spain opened up 44.86 points, or 0.34%, at 13,173.46 points on Tuesday, March 18; the FTSE MIB index of Italy opened up 172.60 points, or 0.44%, at 39,195.00 points on Tuesday, March 18; the CAC40 index of France opened up 29.53 points, or 0.37%, at 8,103.51 points on Tuesday, March 18.ECB Executive Board members Schnabel and Buch: Banks need to ensure they are operationally prepared for changes in the way the central bank provides reserves.

During the Fed's "Silence," gold maintains a delicate dance

Aria Thomas

Jul 19, 2022 10:28

g3.png


A few dollars here, a few dollars there: gold maintained its delicate dance on Monday, climbing little despite the Federal Reserve's utter silence following two weeks of relative hubbub over the possibility of a major rate increase in July.


Gold bulls and bears were left to choose their next moves on their own, as the central bank adhered to its regular 'blackout' period for comments before its rate announcement on July 27.


A week of relatively sparse U.S. economic data offered traders greater control over market flows.


Despite the insignificance of the climb itself, the Dollar Index's steepest one-day loss since mid-June helped establish the direction in favor of longs.


The most commonly traded gold futures contract on the New York Comex, August, finished at $1,710.20 per ounce, up $6.60, or 0.5 percent.


Thursday's price of $1,695 for the August gold contract was the lowest level in 27 months.


The U.S. gold standard has dropped for five straight weeks, shedding 9% in total. It has declined by 7 percent year-to-date.


Since the Consumer Price Index for the year to June hit a new four-decade high of 9.1 percent on Wednesday, rate betting has been unpredictable, with the pendulum swinging between an unusual hike of 100 basis points for July and the wider consensus of a 75 basis point increase.


Prior to Monday, the dollar had also repeatedly reached two-decade highs, dealing a severe blow to non-dollar consumer oil demand.


Ed Moya, an analyst at the online trading platform OANDA, said, "The dollar is falling to begin the trading week, but this may not be the high." "As a result, gold may have difficulty surpassing $1,750," he added.


According to Sunil Kumar Dixit, the chief technical strategist at skchart.com, if gold is able to break out over $1745 it might proceed to $1770-$1800 and $1815 from there.


"As a previous safe haven, gold is not yet out of the woods, and its doors remain open for another slide below $1,700, this time targeting $1683, $1,666, and $1,652," Dixit added.