Skip to main content

Gold Set for Super Thursday

Gold trended weaker on Wednesday in Asia as investors braced for a big day on Thursday with the European Central Bank, testimony by fired FBI chief James Comey and the U.K. election.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell 0.24% to $1,294.37 a troy ounce.
Overnight, gold rose to seven-week highs on Tuesday, as safe-haven demand soared, ahead of risk events that could rattle markets while the dollar fell to its lowest level since November as investors questioned the strength of the U.S. economy amid weak economic data.
Investors piled to into safe havens, such as U.S. treasuries, the yen, and gold, ahead of a flurry of risk events on Thursday that could spark turmoil in markets.
On Thursday, investors will contend with Britain’s general election, the European Central Bank’s policy meeting and former FBI chief James Comey’s testimony before the Senate Intelligence Committee.
Gold had achieved its longest winning streak since 2010 in May, advancing 0.05% for the month, despite rising expectations that the Federal Reserve would increase its benchmark rate at its June 13-14 meeting.
Investor optimism about the pace of U.S. interest rate hikes over the longer-term, however, has been pegged back recently, as investors question whether recent economic data has deterred the Federal Reserve from its view that two additional rate hikes this year are appropriate.
According to investing.com’s Fed rate monitor tool, over 80% of the traders expect the Federal Reserve to hike interest rates next week.
Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
The slump in the dollar to seven-month lows supported an uptick in commodities across the board.

Comments

Post a Comment

Popular posts from this blog

Wizard of Dalal Street: Govind Parikh's investment mantra

Wizard of Dalal Street: Govind Parikh's investment mantra Govind Parikh of Govind Parikh Securities says selling right is more important than correct buying. He says it is necessary to keep a lot of cash. "We keep an average 10 percent cash in our portfolio," he says I like to buy things in a bad market. Additionally, don't look current cash flow, concentrate on future cash flows — that is what  I look at," says Govind Parikh of Govind Parikh Securities. He advises investors to buy good quality stocks when the market crashes. While sharing his investment philosophy with ace investor Ramesh Damani, on the Wizards of Dalal Street, Parikh says management integrity is very important when deciding which stock to bet on. He tells investors not to buy stocks impulsively. According to him, selling right is more important than correct buying. He says it is necessary to keep a lot of cash. "We keep an average 10 percent cash in our portfolio," he says. He al...
2 comments
Read more

Market Crash -Nifty below 9000

Yesterday, the Indian benchmark was opened on a gap up note at 9,285.40 levels, witnessed some selling pressure that drifted it to a low near the psychological support of 9,000 levels. However, a pullback was witnessed and index made a high of 9,403 levels but index started erasing gains in last hour of the trading session and closed below the psychological support of 9,000 levels for the very first time since March, 2016. Most of the indices were closed on a negative note out of which media stocks eased 5.95%. Market breadth was negative as 621 stocks were advanced while 1,206 stocks were closed in the red.  Maximum Call open interest (OI) of 15.35 lakh contracts was seen at the 10000 strike price followed by a 10500-strike price which 13 Lakhs. Highest call writing was seen at the strike price of 9500, at which 4.61 lakh contracts traded. Call option suggests 9500 will be next hurdle. Maximum Put open interest of 10 -lakh contract was seen at the 8100-Strike price followed by ...
Post a Comment
Read more

How to increase your tax savings

How to increase your tax savings  Now that both houses of Parliament have passed the Finance Bill 2014, you can start taking advantage of the new tax proposals of Budget 2014-15. Revisit your tax-saving strategy for the year to maximise yo ur take-home pay. Reduce your tax outgo Most organisations have already asked their employees to send revised investment declarations for the year to reassess their tax liabilities following the changes in tax laws. The sooner you do so, the better it will be. "If you do not revise your earlier declaration, you will continue facing a higher tax outgo every month. Sending a revised declaration this month will allow you to fetch a higher takehome pay right away," says Kuldip Kumar, executive director, tax & regulatory services, PWC. For More Source :  http://economictimes.indiatimes.com/wealth/tax-savers/tax-news/how-to-increase-your-tax-savings/articleshow/42394282.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cp...
Post a Comment
Read more