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On August 27, Swissquote Bank analyst Ipek Ozkardeskaya said Nvidias (NVDA.O) stock price could fall even if its earnings beat expectations after Wednesdays market close. "Investors may take advantage of the positive earnings results to take profits, which could accelerate a correction in the stock price," she said. Ozkardeskaya suggested investors consider diversifying away from expensive US tech stocks into other regions, including Europe and the UK, or into more defensive sectors. She also suggested gold, US Treasuries, and investment-grade bonds, as assets that could benefit from future interest rate cuts.On August 27, Commerzbank analyst Antje Praefcke stated that threats to the Federal Reserves independence and the worsening US budget deficit are structural pressures on the US dollar. US President Trumps dismissal of Federal Reserve Governor Lisa Cook has sparked new concerns about the Feds independence, which she said is "critical to maintaining the value of the currency." Praefcke stated that the central bank must make painful decisions to address economic imbalances. Furthermore, the US dollar is facing pressure from concerns about the sustainability of US debt. Trumps tax and spending bills may end up being more expensive than currently planned. She stated that while some tax breaks should be temporary, past experience has shown that they are difficult to reverse when they are nearing expiration.Market news: Amazon (AMZN.O) plans to provide job opportunities to Whole Foods Market employees.On August 27, a Ukrainian drone attack on a Russian oil export pipeline and the US policy of doubling tariffs on Indian imports appear to be impacting Moscows crude oil exports. Tanker tracking data compiled by the agency shows that weekly crude oil shipments from Russian ports fell by 320,000 barrels per day (bpd) to a four-week low of 2.72 million bpd in the week ending August 24, primarily due to a decrease in loadings at the Baltic port of Ust-Luga. This left the four-week average crude oil shipments essentially flat, with the average daily volume of seaborne cargo at 3.06 million bpd.U.S. Treasury Secretary Benson: We are considering candidates for Federal Reserve Chairman and will talk to the candidates.

Gold Is Poised For A Fourth Straight Week Of Gains Due To Positive CPI Data

Haiden Holmes

Jan 13, 2023 11:31

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Gold prices increased modestly on Friday and were poised for a fourth consecutive week of gains after U.S. consumer inflation data revealed that price pressures softened as expected in December, paving the door for the Federal Reserve to suspend its rate hikes.


As confidence about China's economic reopening intensified, copper prices also increased on Friday and were poised for their best week in more than two months.


As traders anticipated a reduction in pressure from the currency and Treasury yields in the coming months, gold prices soared to a level not seen in almost eight months this week.


As of 19:34 E.T., spot gold rose 0.1% to $1,898.86 per ounce, while gold futures rose 0.2% to $1,9010.10 per ounce (00:34 GMT). This week, it was projected that the value of both assets would increase by around 2%.


The dollar fell to a seven-month low against a basket of currencies on Friday as data showed that U.S. consumer price index inflation in December slowed to its slowest rate in a year. It is anticipated that the trend of lowering inflation will eventually lead to a change in the Fed's aggressive tone.


Since late December, mounting prospects of this move have spurred a substantial recovery in gold, as it portends some relief for the yellow metal following a big increase in interest rates in 2022.


The probability that the Federal Reserve will raise interest rates by 25 basis points at its February meeting has risen to almost 95%, according to the CME Group's Fedwatch tool.


As a result of China's recent reopening of its international borders after a three-year lockdown, copper prices rose little on Friday, but were poised for a record-breaking week of gains.


Copper futures reached a seven-month high of $4.1755 a pound, up 0.1%. It was also anticipated that they would climb by nearly 7 percent this week.


It is projected that China's economic development would return this year, boosting global copper demand as the country raises infrastructure spending. However, the near-term outlook remains uncertain as China battles its worst COVID-19 outbreak ever.


Political unrest in Peru, the world's second-largest copper production, is projected to hike copper prices in the near future.

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