EUR/USD 1.12377
0.164%
Gold 4168.72
-0.043%
Oil 98.821
2.843%
USD/JPY 157.991
0.009%
GBP/USD 1.33278
0.397%
GBP/JPY 210.572
0.390%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
French President Macron: The rise in fuel prices is due to the war with Iran.Market news: Anthropic has pledged to donate 5% of its shares to a charitable foundation and has committed to donating an additional 2% of its shares for every 50% increase in the companys valuation.On October 19th, U.S. Energy Secretary Frank Wright stated in an interview that the U.S. allowed Russian diesel to enter the global market to de-escalate the conflict between Russia and Ukraine, not to provide economic support to Russia. Wright said that if Russia could reduce its conflict with Ukraine and restore diesel exports, the U.S. would allow the energy to flow into the global market. He emphasized that this deal was a "carrot to end the war," not "Russias economic lifeline."On October 19th, Houthi military spokesman Yahya Sarreya stated that Saudi warplanes launched 110 airstrikes and missile attacks in the past 24 hours, targeting civilian targets in the capital Sanaa, as well as the provinces of Hodeidah, Taiz, Amran, Hajj, Saada, Jawf, Daliah, and Marib. Saudi Arabia deployed F-15 and Typhoon fighter jets from its bases in Khamis Mushait and Taif to carry out the airstrikes, and also launched missile attacks from the direction of Najran, resulting in more than 30 deaths and injuries, mostly women and children. Since Saudi Arabia launched its latest escalation campaign in Yemen, the total number of airstrikes and missile attacks has reached 2,652.Lebanese Deputy Prime Minister: We have requested Iran to appoint a new ambassador to Beirut and are currently working to resolve the relevant diplomatic issues.

Gold is trapped below $1750, the dollar is rising, and yields are rising

Haiden Holmes

Aug 23, 2022 11:08

107.png


Gold prices rose somewhat on Tuesday after seven straight sessions of losses, but remained under pressure as increased expectations of a hawkish Federal Reserve boosted the dollar and Treasury yields.


As of 20:39 ET, spot gold was up 0.1% to $1,738.52 per ounce, while gold futures were up 0.2% to $1,751.55 per ounce (00:39 GMT). Expectations that the Fed will continue to hike interest rates at a quick pace have pushed traders into the dollar over the last seven sessions, causing both currencies to fall.


The dollar index fell slightly on Tuesday, but it was still trading at six-week highs. The dollar was mainly boosted by Fed members' hawkish views last week, which signaled that the central bank had no plans to reduce the pace of interest rate hikes.


On Monday, 10-year US Treasury yields jumped by more than 1% and reached a one-month high.


Fed Chair Jerome Powell is set to speak at the Jackson Hole Symposium on Friday, when he is expected to debunk suspicions that the Fed is planning to go dovish.


Softer-than-expected US inflation numbers for July fueled speculation that the Fed may scale back its interest rate hikes beginning in September. However, signs of a strong labor market and hawkish comments from Fed members have dampened this optimism.


Traders are split about evenly between a 50 basis point increase and a 75 basis point increase at the Fed's upcoming meeting.


Gold has given up the majority of its gains for the year as a result of the Fed's four rate hikes to combat out-of-control inflation. The yellow metal has greatly trailed the US inflation rate in 2022.


Copper prices rose little among industrial metals as the world's top importer, China, announced fresh stimulus measures.


Copper futures increased 0.2% to $3.6620 per pound.


On Monday, the People's Bank of China slashed interest rates for the second week in a row, indicating that Beijing is likely to pursue additional economic stimulus measures.


A stimulus-driven revival in Chinese industrial activity might boost copper demand, benefiting prices.

Suggestion