Gold was steady after rising almost 2% in the previous session, as traders weighed an uncertain US economic outlook that's been compounded by an absence of reliable data. Bullion was trading just below $4,200 an ounce on Thursday, consolidating four days of gains — the longest winning streak in a month. While US lawmakers are expected to end the longest government shutdown in history, the White House has warned that official jobs and inflation reports for October are unlikely to be released. The data void throughout the shutdown has caused investors to fly blind or rely on...
The US dollar index held steady around 99.5 on Thursday, moving sideways after the US House of Representatives passed a short-term funding bill to end the longest government shutdown in history. This measure is expected to be signed by President Donald Trump soon, allowing government operations to resume in the coming days. The end of the shutdown will also pave the way for the release of delayed economic reports, although the White House indicated that October employment and inflation data may not be released. In monetary markets, market participants estimate there is about a 60% chance...
Silver (XAG/USD) is expected to consolidate the strong gains recorded in recent days, moving within a narrower price range during the Asian session on Thursday (November 13th). The precious metal is currently trading slightly below its highest level in nearly four weeks and appears poised to continue its rally. Technically, the upward movement from the previous support level is a positive signal for silver, while indicators on the daily chart show that the price is still far from overbought territory, indicating potential for further upside. If silver manages to break through the previous...
Gold prices rose on Thursday, hitting a more than three-week high, on expectations that the U.S. government reopening would increase debt levels, while delayed economic data could bolster the case for a Federal Reserve rate cut next month. Spot gold gained 0.7% at $4,227.15 per ounce, as of 0809 GMT, its highest since October 21. U.S. gold futures for December delivery rose 0.4% at $4,232.30 per ounce. "Precious metals are rallying alongside equities as traders continue to front run dovishness and the resolution of the U.S. government shutdown will not significantly alter the trajectory,...
The US dollar weakened on Thursday (November 13th) as risk appetite improved after the US federal government reopened after a 43-day shutdown, while recent gains driven by declining interest rate cut expectations continued to fade. The US government is scheduled to reopen on Thursday after its longest-ever shutdown, which disrupted air traffic, cut food aid for low-income Americans, and left more than 1 million workers without pay for more than a month. "Risk has responded positively to the shutdown news, and the dollar has been a bit bid," said Sarah Ying, chief FX strategist at CIBC...