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...
Silver is now stable around $57 per ounce after previously hitting a record high near $59 earlier in the week. Selling pressure emerged as many traders opted to take profits after a rally they deemed too strong. The more than 2% drop in the previous session also pushed silver out of "overbought" territory, so this correction looks more like a short-term breather than a major trend reversal. The recent rise in silver prices has been largely supported by expectations that the Federal Reserve will cut interest rates at its meeting next week. Swap contracts indicate the market is almost certain...
Oil prices held steady on Thursday amid investor expectations that the Federal Reserve would cut interest rates, while stalled Ukraine peace talks dampened hopes of a deal to restore Russian oil flows. Brent crude closed up 59 cents, or 0.94%, at $63.26. U.S. West Texas Intermediate crude closed up 72 cents, or 1.22%, at $59.67. U.S. crude futures rose more than $1 per barrel earlier in the session, boosted by expectations that a U.S. interest rate cut would support the world's largest economy and oil demand, after data showed a slowdown in employment. The dollar weakened, poised to post a...
Gold (XAU/USD) posted modest gains on Thursday, despite the latest US jobs data showing that the labor market remains resilient, albeit with signs of easing emerging. High expectations that the Federal Reserve (Fed) will cut interest rates kept bullion prices supported, with XAU/USD trading at $4,212, up 0.25% at the time of writing. The mixed US jobs data kept rate cut speculation high, helping bullion extend its gains despite signs of a stabilizing labor market. Market sentiment was mixed after the release of the latest US economic data showed the labor market weakening, but not as...
Gold prices were largely unchanged on Thursday as rising US Treasury yields offset support from a weaker dollar, while the market awaited Friday's US inflation data for clues on the Federal Reserve's policy outlook ahead of its December meeting. Spot gold fell 0.2% to $4,195.69 an ounce, as of 15:05 GMT. US gold futures for February delivery fell 0.2% to $4,224.10 an ounce. "Higher yields are capping some upside (for gold), and the dollar index is generally providing some support," said Marex analyst Edward Meir. The benchmark 10-year US Treasury yield rose 0.8%, while the US dollar index...
Silver fell from its all-time high, as traders took profits after an eight-day rally deemed too fast and too far. Gold was little changed. The white metal fell as much as 3.4% after the latest US jobs data did little to dent bets on interest rate cuts next week. Applications for unemployment benefits hit their lowest level in more than three years, indicating that companies are retaining workers despite the recent wave of layoffs. Lower interest rates should theoretically boost precious metals, including silver and gold, as they don't pay interest. However, silver's rapid rise to an...