The Gold price has lost momentum below the $2,400 barrier on Monday due to the Chinese central bank halting its gold buying for the second month in June. China, being the world’s biggest bullion consumer, plays a significant role in influencing the price of gold. This pause in gold buying could weigh on the price
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The article discusses how the Labour Party’s victory in the UK parliamentary election is impacting the EUR/GBP pair. The party won 337 seats, giving it a majority in the House of Commons. This news seems to have a positive effect on the Pound Sterling as it edges higher. It is noted that a Labour victory
The gold price is making a comeback, heading closer to a two-week high after attracting fresh buyers during the Asian session. The US Dollar remains subdued for the fourth consecutive day, hovering near a multi-week low as speculation mounts over an upcoming rate cut by the Federal Reserve in September. This anticipation has been fueled
The UK’s Labour Party, under the leadership of Keir Starmer, is projected to secure a significant majority in the upcoming 2024 UK election, according to an exit poll. The poll forecasts that Labour is poised to claim approximately 410 seats out of the 650-seat House of Commons, while the Conservative Party is expected to win
As the US celebrates its independence from a monarch, there is widespread speculation in the media about whether President Biden will run for re-election. However, experts suggest that the markets are unlikely to react significantly to such speculation at this point. Instead, the focus remains on the potential impact of economic policy changes on the
The EUR/JPY cross is currently trading around 173.80 in the European session, showing a 0.20% increase for the day. This positive momentum can be attributed to the weakening of the Japanese Yen (JPY) against the Euro (EUR) as Japanese business activity turned contractionary in June. The final reading of Japan’s Services PMI fell to 49.4
Federal Reserve (Fed) Chairman Jerome Powell and European Central Bank (ECB) President Christine Lagarde recently shared their insights on the monetary policy outlook during the ECB Forum on Central Banking in Sintra. Powell emphasized that “Services inflation is usually stickier,” indicating that the inflation in the services sector tends to be more persistent. Lagarde pointed
Gold prices are currently experiencing a period of uncertainty and range-bound trading as various fundamental factors exert influence on the precious metal’s value. The price of gold has been unable to break above the $2,330 level, as traders adopt a cautious approach due to uncertainties surrounding the Federal Reserve’s rate-cut path. The recent hawkish comments
Gold prices are seeing a decline in early Asian trading hours, hovering near $2,325. The recent data on inflation in the US has shown a decrease to its lowest annual rate in over three years. This has impacted the market sentiment and contributed to the drop in gold prices. The upcoming US June ISM Purchasing
The US Dollar (USD) has seen a resurgence in buyer interest as it climbs to a fresh two-month peak amidst softer US macroeconomic data. The USD Index (DXY) is currently trading above the 106.00 mark, showing a 0.15% increase for the day. Investors are closely watching the upcoming US inflation data for direction as they
Gold prices in India have been relatively stable, with minimal fluctuations in recent days. The price of Gold per gram and per tola has remained largely unchanged, reflecting the overall stability in the market. Gold has a rich history and has served as a store of value and medium of exchange for centuries. In addition
The Indian Rupee has been showing signs of strength against the US Dollar due to the weaker performance of the greenback in recent trading sessions. This has been attributed to the potential boost in India’s inflows, which could contribute to the appreciation of the INR. However, the upside for the Indian Rupee may be limited