Gold inches higher as USA dollar eases

22 July, 2018, 22:55 | Author: Brooke Harris
  • Gold Price Falls; Look at Factors Governing the Rates This Week

Among his predecessors, former Chairman Ben Bernanke pointedly told lawmakers in an early 2013 congressional appearance that Congress' forced spending cuts would hurt a still-weak recovery.

Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on his nomination to become chairman of the U.S. Federal Reserve in Washington, U.S., November 28, 2017.

Earnings optimism was boosted by a report from the Federal Reserve showing an increase in USA industrial production led by a rebound in manufacturing.

The kiwi rose to 51.97 British pence from 51.65 pence yesterday after United Kingdom inflation data missed forecast at an annual pace of 2.4 percent, prompting investors to pare back their expectations for future rate hikes.

MSCI's gauge of stocks across the globe gained 0.17 percent and touched its highest point in a month.

After a solid start to the year, growth appears to have accelerated as "robust job gains, rising after-tax incomes, and optimism among households have lifted consumer spending in recent months".

Palladium was down 0.1 percent at $905.47 per ounce. At the Multi Commodity Exchange, gold prices for delivery in August declined by Rs 29, or 0.10 percent, to Rs 29,700 per 10 grams in a business turnover of 1,255 lots, it further said.

Dhadak Movie review: Will Ishaan and Janhvi win your heart?
Director Shashank Khaitan was all praise for Janhvi Kapoor and Ishaan Khatter, who he says, have done a "fantastic job". The film saw a significant growth of 26.75% on Saturday and earned Rs 11.04 crore.

Powell says if the retaliatory tariffs imposed by other countries caused the US economy to slow, the Fed could employ its normal tools, such as lowering interest rates. The Shanghai Composite Index fell 1.1 percent, as did Hong Kong's Hang Seng.

Australian shares rose, led by material stocks after BHP Billiton posted record annual output for fiscal 2018.

The index shed 0.25 percent on Monday, nudging away from a two-week high of 95.241 scaled on Friday ahead of Fed Chairman Powell's testimony. Financials closed broadly higher, with the big four banks rising between 0.2 percent and 0.7 percent.

With the Dollars price dynamics turning out to be an exclusive driver of the bearish momentum, the commodity seems unlikely to find any respite from today's second-tier United States economic data.

Spot gold was at $1,277.78 an ounce, close to its one-year low as per a Reuters report. Index heavyweight Samsung Electronics rose 1.85 percent and SK Hynix jumped 1.24 percent. The company and its rival News Corp. have agreed to use each other's printing networks under a deal that will deliver cost savings, .

Overnight on Wall Street, the Dow edged up 0.2 percent but the S&P 500 lost 0.1 percent as energy shares were hit by the drop in oil that offset a jump in financials.

Elsewhere, the S&P/ASX 200 added 0.79 percent, with health care and materials among the top-performing sectors in morning trade.

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