EUR/USD 1.17092
-0.103%
Gold 4339.50
0.156%
Oil 56.513
1.153%
USD/JPY 157.685
1.371%
GBP/USD 1.33734
-0.060%
GBP/JPY 210.883
1.325%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Kremlin: The idea of a trilateral meeting between Russia, the United States, and Ukraine has not yet been discussed.On December 21, the Communist Party of Cuba issued a statement on its official website on the 20th, condemning the US governments escalation of aggression against Venezuela in the strongest terms and accusing the US of its recent actions in Venezuela of being a deliberately planned and dangerous act.SpaceX: Public safety is always our top priority during flight tests. We will continue to ensure that public safety is maximized.On December 21, six sources familiar with U.S. intelligence said that a U.S. intelligence report continues to warn that Russian President Vladimir Putin has not abandoned his goal of occupying the whole of Ukraine and reclaiming the European parts of the former Soviet Union. This report contrasts sharply with the account given by U.S. President Donald Trump and his Ukrainian peace negotiators, who claim Putin wants to end the conflict. According to one of the sources, the latest report was dated late September. This intelligence also contradicts Putins denial of posing a threat to Europe. According to the sources, this intelligence is largely consistent with the views of European leaders and intelligence agencies that Putin covets the entire territory of Ukraine and former Soviet states, including some NATO member states.December 21 - According to the Japan Meteorological Agency, a 5.5-magnitude earthquake struck off the eastern coast of Aomori Prefecture, Japan, at approximately 10:29 a.m. local time on December 21. The maximum tremor was felt as a 4, and the epicenter was 50 kilometers deep.

Gold Maintains Its Position Above $1,700 Despite Dollar Decline; ECB Anticipation

Charlie Brooks

Sep 08, 2022 11:28

28.png


Gold prices stayed constant over $1,700 on Thursday, as a pause in the dollar's recent ascent relieved some pressure on metal prices, with attention shifting to an upcoming meeting of the European Central Bank for more cues.


At 11:18 p.m. ET (19:18 GMT) on Thursday, spot gold was essentially unchanged at $1,717.40, after gaining about 1% on Wednesday. Gold futures rose marginally to $1,728.65, after gaining around 1% in the previous session.


As investors awaited a rate hike by the European Central Bank (ECB) later in the day, the dollar slid further from its 20-year highs on Thursday. It is anticipated that the central bank will hike interest rates by 50 basis points for the first time in eleven years as it struggles to curb growing inflation and a weakened euro.


It is anticipated that the increase in interest rates will strengthen the euro and weaken the dollar, which might be beneficial for gold prices.


"The increase of the U.S. dollar has been halted pending the ECB rate announcement, which is positive for gold." Gold is tentatively holding near the $1,700 mark, which might be tested... According to research by OANDA analysts, gold remains susceptible to another significant decline.


The dollar's strength and U.S. Treasury yields have severely weighed on gold prices over the past month, as good U.S. economic data and hawkish signals from the Federal Reserve have raised expectations for future sharp interest rate hikes by the central bank. As a result of the Federal Reserve's decision to increase interest rates this year, gold's price has decreased since its peak in 2022.


This has caused gold returns to lag behind inflation, casting doubt on the yellow metal's efficacy as a hedge against inflation.


Copper prices were muted, continuing a fall in the prior session, as concerns about China's faltering economy increased.


Despite Chinese trade data indicating that the nation continued to increase copper imports in August, investors are afraid that this trend may reverse as economic activity continues to decline.


As a result of a fall in imports and exports, China's overall trade balance in August was severely below expectations.

Suggestion