The week started positively for the gold price, hovering around $2,360 on Monday. This surge can be attributed to the escalating tensions in the Middle East, which are driving safe-haven flows towards precious metals. However, despite this initial uptick, there are potential factors that could hamper the price of gold in the near future. Last
In a significant development, Chinese companies have emerged victorious in five more bids to explore oil and gas fields in Iraq. This announcement came from the country’s oil minister, highlighting the dominance of Chinese players in the ongoing hydrocarbon exploration licensing round. So far, these companies have been the exclusive foreign winners, securing licenses for
Australia’s government, gearing up to unveil the federal budget, has expressed optimism regarding inflation, stating that it could moderate to the central bank’s 2%-3% target range by the year’s end. This forecast suggests a more rapid easing compared to previous expectations outlined in December. The Labor government has also revised its economic growth projections downward.
The year 2024 has seen a remarkable strength in gold prices, defying expectations influenced by a strong U.S. dollar and hawkish sentiments from the Federal Reserve. While these factors typically exert downward pressure on gold, the sustained performance of the precious metal indicates a more complex picture. The growth in global demand for gold has
As investors eagerly await the release of CPI numbers on 13 May 2024, speculations are rife about how this data could potentially impact market sentiments in the upcoming week. The projected retail inflation rate in India for April 2024 is expected to hover around 4.8%, following a slight dip in March due to lower gasoline
The recent downgrade in inflation forecasts has added a dovish tilt to the economic outlook. The central bank’s projections show a slower increase in inflation levels than previously expected. This change has implications for monetary policy decisions and market expectations. With lower inflation forecasts, there could be increased pressure for further stimulus measures to boost
The analysis of the monthly chart indicates that while there may be arguments for an uptrend, the high at $1.3142 needs to be surpassed for a long-term uptrend confirmation. The next layer of resistance at $1.3111 is also a significant level to watch. However, the support level at $1.2173 is seen as a potential downside
Australian Treasurer Jim Chalmers highlighted his expectations for the upcoming federal budget, emphasizing its potential to alleviate the country’s persistently high inflation rates. According to Chalmers, the budget is anticipated to exert downward pressure on inflation rather than exacerbating the existing challenges faced by many Australians in managing cost-of-living expenses. The Reserve Bank of Australia
In the wake of the collapse of the Francis Scott Key Bridge in Baltimore, body camera footage has captured the stunned reactions of first responders. The footage obtained by local media highlights the disbelief and shock experienced by officers from the Maryland Natural Resources Police as they arrived at the site where the bridge had
Billionaire investor Kenneth Griffin, in a recent interview with the Financial Times, highlighted the importance of embracing Western values in education. According to Griffin, Harvard University, his alma mater, should prioritize standing for meritocracy in America. He expressed concerns that the U.S. education system has veered off course in the pursuit of truth and knowledge,
In a market environment where inflation rates are on the rise, Horizon Kinetics’ Inflation Beneficiaries ETF (INFL) has been strategically positioned to capitalize on this trend. Despite potential cuts by the Federal Reserve, James Davolos, the firm’s portfolio manager, remains optimistic about the fund’s performance, stating that they are entering the mature phase of inflation
Today, we witnessed a notable increase in the gold price, starting from the $2,300 zone against the US Dollar. This movement broke a key descending channel with resistance at $2,315. The price then surged above $2,345, indicating bullish momentum in the market. Currently, gold is consolidating near the $2,355 zone, with the RSI above 70.