4 May, 2016
Gold prices ticked higher as the greenback slid to 16-month lows during the session earlier.
On the Comex division of the New York Mercantile Exchange, gold delivery for June rallied at $1,303.85 per troy ounce, advancing $6.55 or 0.51 percent. Gold has soared for almost 22 percent as the investors expect the Federal Reserve to raise interest rate slowly.
Silver futures for May delivery changed hands to $17.68 per troy ounce, up 2.4 cents or 0.14 percent, while copper futures lost 1.5 cents or 0.64 percent to end at $2.252 per pound.
Earlier today, China’s Caixin manufacturing purchasing index failed to meet the expectation of the analysts as it reported 49.4 PMI for the month of April, lower than the projected 49.9.
The downfall of the dollar pushed the yellow metal higher as dollar priced commodities turn out to be cheaper for holders of other currencies as the appeal of the precious metal soars.
Meanwhile, the greenback traded lower against a basket of currencies as the statement of the Bank of Japan and the Federal Reserve weighed on the currency.
The U.S. currency lost 0.62 percent against the yen to change at 105.77, hitting the 18-month lows. After the BOJ decided to keep the interest rate unchanged, the yen remained even stronger. Prior to this, the Federal Reserve held its interest rate as well.
Also, the U.S. dollar index has gone down to its lowest so far this year. The index has slumped to almost 6 percent since January. Before the market close, the index lost 0.45 percent at 92.11
The Federal Reserve reiterated its decision not to rush in raising the interest rate as it focused on the concerns over the global economic slowdown.
The greenback went lower against the euro at 1.1595, up by 0.53 percent. AUD/USD dropped 1.23 percent to change hands at 0.7575 and the NZD/USD declined 0.37 percent to end at 0.06995.
On the other hand, GBP/USD climbed 0.18 percent to 1.4699 while USD/CHF was down by 0.85 percent to 0.9463 at the close. The U.S. dollar remained steady against the Canadian dollar at 1.2524.
Market players kept their guards up as they await the US labor data report, a strong reading of which could urge the Federal Reserve to increase interest rates this month – a decision that would be bearish for non-interest bearing gold...
The US economic growth has been sluggish in the first quarter, although not as strongly as initially expected, amid an increase in spending on home architecture and a constant increase in inventory investment by business...
Oil prices increased more than 1 percent on Monday after Goldman Sachs stated that the market has ended for nearly two years of oversupply subsequent to a global oil disruptions and a market deficit...
The Australian and New Zealand dollars rallied against the greenback on Wednesday, but gains were anticipated to stay capped by lower prices of crude oil...
World stock markets rallied on Tuesday, fueled by a strong corporate earnings in Europe, including improvements on Greek debt talks and Japan’s new pledge in preparation to a weaker currency...
Analysts forecast that Germany DAX would hit 0.06 percent higher when the market opens, while France’s CAC 40 was anticipated to remain steady. Meanwhile, UK markets are closed due to a public holiday.
Shares in the U.S. plummeted following the decline of the stocks in the Asian market as the Bank of Japan left the interest rate unchanged...
Wall Street futures dropped on Friday after the Dow issued its first decline of more than 1% in two months, while investors are closely watching on data...
International Energy Agency claimed that the oil prices would be stable again in 2017 as the non-OPEC oil producers were expected to limit their production this year...