The Japanese yen remains under pressure against the strengthening US dollar, reaching its lowest level since last February. Markets remain uncertain about when the Bank of Japan (BoJ) will raise interest rates, while Japan's new Prime Minister, Sanae Takaichi, is leaning towards continuing its massive fiscal spending policy and postponing policy tightening. This, despite strong inflation data in Tokyo, continues to pressure the yen. Meanwhile, the US dollar remains strong near its highest level since August, driven by the Federal Reserve's hawkish stance, which increases the likelihood of...
Silver prices stabilized around $48.8 per ounce on Monday (November 3rd) after experiencing high volatility last week. Investors are now focused on the Federal Reserve's policy outlook after the Fed cut interest rates by 25 basis points last week. Although Chairman Powell stated that further interest rate increases in December are uncertain, the market is awaiting the release of key US data, such as the ADP employment data and the ISM PMI report, for further guidance. In addition, easing trade tensions between the US and China have also reduced demand for silver as a safe-haven asset. The...
China ended a long-standing tax exemption policy for some gold retailers on Saturday, potentially discouraging purchases of the precious metal in the world's largest consumer market. Beijing will remove the full 13% value-added tax (VAT) exemption on gold sold by retailers to consumers, initially purchased from the Shanghai Gold Exchange or the Shanghai Futures Exchange. The exemption was lowered to 6% on November 1, according to a new policy announced by the Ministry of Finance on Saturday. This lower exemption will be in effect until December 31, 2027. Joni Teves, a strategist at UBS...