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On August 5th, the Dow Jones Industrial Average and S&P 500 both extended their gains to 2%, while the Nasdaq Composite rose 2.7%. The Philadelphia Semiconductor Index rose by 7%, with Arm (ARM.O) up 17.4%, Intel (INTC.O) up 10.9%, AMD (AMD.O) up 9.3%, Broadcom (AVGO.O) and Qualcomm (QCOM.O) both up over 7%, and Nvidia (NVDA.O) up 2.5%.Fitch Ratings: New U.S. student visa rules will put pressure on some universities.American Petroleum Institute (API) CEO: Approximately 7 million barrels of oil are transported through the Strait of Hormuz every day.The Federal Reserve accepted a total of $2.551 billion from three counterparties in its fixed-rate reverse repurchase operations.August 5th - According to foreign media reports, a source familiar with the companys performance revealed that Chanel achieved double-digit sales growth in the first half of the year, surpassing luxury competitors including LVMH. Chanels comparable revenue grew by approximately 16% in the first half, with its fashion division, the companys largest business, also achieving a similar level of growth. Chanel releases its annual results; data from May showed that sales are projected to grow by 1.8% to reach $19.3 billion by 2025. The source stated that Chanel achieved revenue growth in all regions in the first half of the year, with the US market leading the way with sales growth exceeding 25%. This trend continued into July; however, due to a higher base of comparison, full-year performance may be lower than the first half.

Gold Exceeds $1,800, Then Declines As the Dollar Strengthens

Skylar Williams

Aug 03, 2022 11:13

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Gold returned slightly on Tuesday to the $1,800 level targeted by market longs after exactly one month.


The gold futures contract for December on the New York Comex rose $2 to $1,787.70 per ounce, after reaching a high of $1,804.95.


In response to China's fury over the U.S. House Speaker Nancy Pelosi's travel to Taiwan, a country Beijing regards as its territory with no sovereignty of its own, the dollar had its greatest spike in over a month.


Gold on the Comex has failed to reclaim the psychologically significant positive level it lost on July 1 as a result of the dollar's meteoric rise on expectations of further Federal Reserve interest rate rises.


Sunil Kumar Dixit, chief technical strategist at skcharts.com, commented, "The futures have blown off some froth at the top, but the upside is still quite strong." "Play will continue until Comex hits $1,830 or $1,835"


The Dollar Index, which measures the dollar to six other major currencies, increased by over 0.7% to 105.95, marking its highest daily rise since July 5, when it increased by 1.3%. The session's highest point was 106.10 On Tuesday, the dollar index touched a near three-week low of 104.92.


Along with the dollar, U.S. bond rates contributed to gold's decline on Tuesday, as the benchmark 10-year Treasury note notched its largest one-day increase since March.


Not reaching $1,800, the spot price of bullion, which is frequently connected with the price of gold futures, peaked at $1,788.12.


Comex gold's turnaround toward $1,800 was sparked by Federal Reserve Chair Jerome Powell's comments last Wednesday that the central bank could not predict whether it will sustain the aggressive rate hikes it has adopted to battle inflation since March.


With the release of the gross domestic product statistics for the second quarter on Friday, the United States officially entered a recession.


The previous week's performance for gold was its best since the week of February 25. The possibility of a recession and the Fed's rate hikes approaching their peak contributed to gold's appreciation.


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