The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks. Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in...
Gold prices soared immediately after the Federal Reserve announced its interest rate decision. As soon as the FOMC minutes were released, gold, which had been moving cautiously since the beginning of the session, suddenly rose sharply as the market read signals that the era of high interest rates was nearing its end. Within minutes of the announcement, gold prices surged and held steady near their daily highs as new buying inflows from market participants. Generally speaking, the Fed did cut interest rates as expected, but what triggered the gold surge was Jerome Powell's statement, which...
Gold (XAU/USD) holds firm on Wednesday, with price action contained inside the recent consolidation zone as markets brace for the Federal Reserve's (Fed) interest rate decision. At the time of writing, XAU/USD is hovering near $4,204, down from the intraday high of $4,218. The Fed will announce its policy decision at 19:00 GMT, with markets leaning toward another 25 basis point cut that would lower the Federal Funds Rate to the 3.50%-3.75% range. Expectations for reduced borrowing costs keep Bullion broadly supported, as lower interest rates reduce the opportunity cost of holding...
Gold prices fell slightly on Wednesday (December 10th) as investors awaited expectations of a US Federal Reserve interest rate cut and hints about future policy, while silver extended its rally to a new high. Spot gold prices fell 0.4% to $4,193.60 per ounce at 11:13 GMT. US gold futures for February delivery fell 0.3% to $4,221.60 per ounce. Spot silver prices rose 0.7% to $61.11/ounce after hitting an all-time high of $61.61 earlier in the session, driven by rising industrial demand, declining inventories, and its designation as an essential mineral by the United States. The white metal...
Oil prices were steady on Wednesday (December 10) as investors monitored progress in Russia-Ukraine peace talks and awaited a decision on US interest rates. After a decline of about 1% in the previous session, Brent crude rose 7 cents, or 0.1%, to $62.01 a barrel at 10:39 GMT, while US West Texas Intermediate crude rose 10 cents, or 0.2%, to $58.35. Market sources citing API figures said on Tuesday that US crude inventories fell by 4.78 million barrels last week, while gasoline inventories rose by 7 million barrels and distillate inventories swelled by 1.03 million barrels. Government data...
Silver prices surged past $60 an ounce as traders factored in an imminent Fed rate cut and tightening supply conditions, reinforcing the precious metal's historical tendency to outperform gold during monetary policy easing cycles, ING commodity experts Ewa Manthey and Warren Patterson note. Fed rate cut expectations and tight supply drive silver's outperformance "Silver prices surged above $60 an ounce – a new record high – in Tuesday afternoon trading. This was driven by expectations that the Federal Reserve will cut interest rates this week and concerns over tightening supply....