Silver rose above $49 per ounce on Monday, reaching a three-week high amid growing concerns over the US economy. The rally was supported by a weaker dollar, which makes dollar-denominated commodities cheaper for foreign buyers. The University of Michigan's consumer sentiment index fell to 50.3 in November, the second-lowest reading on record and below expectations of 53.2, as Americans worried about the economic fallout from the longest government shutdown in US history. Private data on Thursday showed the US economy lost 153,000 jobs in October, the highest for the month in 22 years,...
Dollar lower as end to U.S. government shutdown draws nearer The U.S. dollar slipped lower Monday, as rising optimism that the U.S. government shutdown could be coming to an end hit this safe haven. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 99.370, after logging mild declines in the past week. The news that the U.S. Senate voted to advance a measure that could fund the U.S. government through January has boosted risk appetite, with the long-running shutdown, which entered its 40th day on Sunday, seen having a significant...
Gold attracts some buyers on global growth worries, rising Fed rate cut bets Gold price (XAU/USD) jumps to near $4,075 during the early European trading hours on Monday. The precious metal edges higher amid uncertainty over the US economic outlook. Traders ramped up bets on a US rate cut following weak US private jobs data and a downbeat University of Michigan (UoM) Consumer Sentiment Index survey. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal. On the other hand, signs that the US government shutdown may end could...