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On October 16, local time, on October 15, the U.S. Senate again failed to advance the Republican temporary appropriations bill with a vote of 51 to 44. It is reported that 60 votes are needed to advance this bill that will provide funding for the government until the end of November.On October 16, according to AXIOS, Vought, director of the U.S. Office of Management and Budget, said on Wednesday that more than 10,000 federal workers could be laid off during the government shutdown. This is more than double the number of layoffs the White House said in court documents last week. In documents submitted to the court last week, the White House said it planned to lay off at least 4,100 federal workers. When asked about this, Vought said: "The number may be higher. I think we may end up with more than 10,000 (layoffs)."Intel (INTC.O) shares rose as much as 5% in late trading.According to a report in the Guardian on October 16th, British Chancellor of the Exchequer Reeves said that tax increases on the UKs wealthy will be part of next months budget, brushing off critics comments and reiterating her determination to repair the public finances. In an interview, Reeves said there will be "no return to austerity" and hinted at higher taxes on the wealthiest. Reeves is expected to announce a package of tax increases on November 26th in response to a downward revision of future growth forecasts by the independent forecaster, the Office for Budget Responsibility (OBR).Hang Seng Index futures closed down 0.19% at 25,848 points in the night session, 63 points below the spot price.

Gold Up Over Weakening U.S. Dollar

Charlie Brooks

Jun 21, 2022 11:24

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Asia's gold prices rose on Monday morning as the U.S. dollar sagged ahead of a vacation.


Gold futures rose 0.34 percent to $1,846.80 around 12:30 AM ET, an increase of 0.34 percent (4:30 AM GMT).


On Monday, U.S. markets are closed for a holiday.


"Because today is a U.S. public holiday, liquidity – and consequently volatility – are expected to be lower, making directional moves on gold difficult in the absence of a new impetus," said City Index senior market analyst Matt Simpson to Reuters.


Since May 19, gold has essentially fluctuated between $1,805 and $1,880. This makes it more of a market for traders than for investors. We believe that investors will choose to purchase dips above $1,800 and sell rallies below $1,880," Simpson added.


Concerns that tightening monetary policy could hinder economic development weighed on Asian markets.


Gold finished the previous week lower as a result of a stronger dollar in response to interest rate increases by major central banks. Wednesday, the U.S. Federal Reserve announced a 75 basis point increase in interest rates, the largest increase since 1994. The Swiss National Bank unexpectedly increased interest rates by 50 basis points on Thursday, the same day that the Bank of England lifted its rates to 1.25 percent.


In comparison to other precious metals, silver increased 0.64 percent. Platinum increased by 0.14 percent, while palladium increased by 2.25 percent.


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