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 held above the $4,000 level on Thursday (October 9th), as investors assessed the Israel-Hamas ceasefire agreement, while broader geopolitical and economic uncertainty and expectations of a US interest rate cut maintained bullish sentiment for the precious metal. Spot gold was steady at $4,035.70 per ounce, as of 08:32 GMT. US gold futures for December delivery fell 0.4% to $4,055.20. Bullion broke through the $4,000 per ounce level for the first time on Wednesday, hitting a record high of $4,059.05. Silver also followed gold's rally, rising 0.7% to $49.21 per ounce, after...
Gold fell slightly after breaking its all-time record above $4,000/oz. At the start of Thursday's Asian session, prices fell ±0.7% to around $4,015 after rising 1.4% the previous day. Technical indicators pointed to overbought conditions for nearly a month, triggering profit-taking after a four-day rally. Some of its safe-haven appeal eased after US President Donald Trump called a Middle East peace deal "very close," with Israeli and Hamas officials signaling positive progress in talks in Egypt. Despite the correction, gold is still up more than 50% year-to-date thanks to global trade...
Oil fell for the first time in five sessions, as traders focused on the prospect of cooling tensions in the Middle East and higher US inventories. West Texas Intermediate fell below $62 a barrel, with Brent crude closing above $66. US President Donald Trump said both Israel and Hamas had agreed to terms for the release of all hostages still held by the militant group in Gaza in a breakthrough in the push to end the two-year war. Elsewhere, US nationwide crude stockpiles expanded for a second week, although they remained near seasonal lows, according to official...
Oil prices edged up about 1% to a one-week high on Wednesday as traders expected a lack of progress on a Ukraine peace deal to keep sanctions in place against Moscow, while a weekly report showed growing U.S. oil consumption. Brent crude futures rose 80 cents, or 1.2%, to settle at $66.25 a barrel. U.S. West Texas Intermediate (WTI) crude rose 82 cents, or 1.3%, to settle at $62.55. That was the highest close for Brent since September 30 and for WTI since September 29. A top Russian diplomat said the impetus to reach a peace deal with Ukraine was largely exhausted. Analysts have said a...
Gold (XAU/USD) marks another milestone on Wednesday, smashing through the $4,000 level for the first time as investors flock to the precious metal amid global economic and political uncertainty, coupled with a dovish Federal Reserve (Fed) outlook. At the time of writing, XAU/USD is trading around $4,039, hovering below record territory after hitting an all-time high of $4,049 earlier in the day, with prices up more than 4% so far this week. The latest leg higher comes despite a stronger US Dollar (USD) as political turmoil in France and Japan fuels safe haven demand, driving flows into...