The Hong Kong stock market posted moderate gains on Thursday (October 16th), with the Hang Seng Index rising 96 points, or 0.37%, to 26,007. This increase occurred despite mixed performance in the technology and financial sectors. Major tech stocks like Tencent and Alibaba rose slightly, while Xiaomi fell more than 2%. In the financial sector, HSBC and AIA weakened, but Ping An Insurance and the Hong Kong Stock Exchange posted gains. Gold-linked stocks were the market's stars, boosted by the continued record-breaking global gold price. Zijin Mining and Zhaojin Mining both rallied, while a...
Silver traded around $48.10 per ounce, retreating from the multi-year high touched on October 6th amid profit-taking as a firmer yield backdrop raised the metal's opportunity cost. The Treasury curve ticked up, making a non-yielding asset less attractive to yield-sensitive capital. Physical demand from solar and electronics remains constructive but not large enough to offset the financial unwind, and modest recoveries in mine output and recycling have eased prompt tightness in deliverable markets. That pullback follows a rally that had been powered by safe-haven buying during the US...
The dollar continued its strengthening for a second day, pressuring all G-10 currencies; the Japanese yen slumped for a fourth session to its weakest level since March before paring losses. The Bloomberg Dollar Spot Index rose about 0.6% in two days. USD/JPY strengthened 0.4% to 150.89. It reached its Tuesday session high of 151.03, a level last seen on March 28. Further gains in the pair would put the March high of 151.30 in sight. EUR/USD fell 0.4% to 1.167, falling for the fourth time in five days. GBP/USD fell 0.6% to 1.3407 after two days of gains. USD/CAD rose 0.1% to 1.3955. US...
Gold prices hit another record high on Tuesday (December 7th), driven by strong investment demand amid widespread geopolitical and economic uncertainty, with additional support from expectations of further US interest rate cuts. Spot gold held at $3,959.82 per ounce at 11:11 GMT, after hitting an all-time high of $3,977.19 earlier in the session. US gold futures for December delivery rose 0.2% to $3,983.10. "Strong ETF demand remains key, driven by 'FOMO' and eroding confidence in traditional safe-haven assets," said Ole Hansen, head of commodity strategy at Saxo Bank, adding that...
Oil prices were steady on Tuesday (October 7th) as investors assessed a smaller-than-expected OPEC+ production increase in November amid expectations of oversupply. Brent crude futures fell 9 cents, or 0.14%, to $65.38 a barrel at 10:07 GMT. U.S. West Texas Intermediate crude fell 10 cents, or 0.16%, to $61.59. Both contracts closed more than 1% higher in the previous session after the Organization of the Petroleum Exporting Countries (OPEC), Russia, and several smaller producers, known as OPEC+, decided to increase their collective oil output by 137,000 barrels per day, starting in...
Gold (XAU/USD) retreats slightly after touching a fresh all-time high earlier this Tuesday, though any meaningful corrective slide seems elusive amid a supportive fundamental backdrop. The US Dollar (USD) attracts some buyers for the second straight day and turns out to be a key factor undermining demand for the commodity. Apart from this, the underlying bullish sentiment contributes to capping the safe-haven bullion amid still overbought conditions on short-term charts. However, the growing acceptance that the US Federal Reserve (Fed) will lower borrowing costs two more times this year...