Three major US indexes closed at new record highs after a lower-than-expected inflation report raised the possibility of a Federal Reserve interest rate cut later this year and prompted investors to shift to riskier assets. The S&P 500 rose 0.8%, the Nasdaq rose 1%, and the Dow Jones Industrial Average rose 470 points. Technology stocks led the rally, with AMD and IBM surging 7.5% and 8.77%, respectively, after IBM said it had successfully implemented a key quantum error correction algorithm on AMD chips, boosting sentiment across the sector. Intel rose 1.6% after returning to...
Silver (XAG/USD) price continues its uptrend, extending the winning streak that began on January 1. The grey metal was trading around $30.20 per troy ounce during European hours on Thursday (9/1). A closer look at the daily chart shows a developing bullish bias, with the XAG/USD pair pushing higher along the nine- and 14-day Exponential Moving Averages (EMAs), indicating strong near-term price momentum. The 14-day Relative Strength Index (RSI) has also risen above the 50 level, strengthening the bullish sentiment. Further upside in Silver price could indicate developing bullish momentum....
Gold (XAU/USD) attracted some dip buyers near $2,655 levels on Thursday and re-emerged near four-week highs touched the previous day. Cautious market sentiment, geopolitical risks, and concerns over US President-elect Donald Trump's tariff plans turned out to be key factors supporting the safe-haven commodity. Further, the flight to safety triggered a modest pullback in the US Treasury bond yields and drove some flows towards the precious metal for the third straight day. Meanwhile, the Federal Reserve's (Fed) hawkish signal that it will slow the pace of interest rate cuts in 2025 helped...
WTI crude prices settled above $73 a barrel on Thursday, paring earlier losses as investors weighed a sharp rise in U.S. fuel inventories against concerns about tighter supplies. The latest EIA report showed a nearly 1 million-barrel drop in U.S. crude inventories last week, the seventh straight decline, but also a significant increase of 6.3 million barrels in gasoline and 6.1 million in distillates. Meanwhile, OPEC production fell in December after two months of growth, as UAE field maintenance offset gains, including an increase in Nigerian output. Russian oil production also fell...
The EUR/USD pair trades in negative territory for the third consecutive day around 1.0310 during the early European session on Thursday. The downbeat German November Factory Orders and the expectation of aggressive rate cuts by the European Central Bank (ECB) this year weigh on the Euro (EUR) against the Greenback. Later on Thursday, the Eurozone Retail Sales for November and the Fedspeak will be in focus. German Factory Orders sank lower unexpectedly in November, with the figure falling by 5.4% MoM in November, compared to a decline of 1.5% in the previous reading, the Federal Statistics...
Gold price (XAU/USD) drifts lower during the Asian session on Thursday and moves away from a four-week top, around the $2,670 area touched the previous day. The US Dollar (USD) stands firm near a two-year peak touched last week in the wake of the Federal Reserve's (Fed) hawkish shift, which, in turn, is seen as a key factor undermining the non-yielding yellow metal. In fact, the Fed indicated that it would slow the pace of interest rate cuts in 2025 amid a still resilient US economy, signs that the US labor market remained robust and sticky inflation. That said, concerns about US...