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[ad_1] Gold climbed over 1% on Wednesday after the U.S. Federal Reserve indicated they expect to reduce interest rates by three quarters of a percentage point by end-2024, sending the dollar and Treasury yields lower. Spot gold rose 1.2% to $2,183.02 per ounce by 15:23 p.m. EDT (1923 GMT). U.S. gold futures settled 0.1% higher at $2,161. The Federal Reserve held interest rates steady on Wednesday, but policymakers hinted they still expect to reduce them by three quarters of a percentage point by the end of 2024. Congratulations! You have successfully cast your vote Login to view result "Gold is getting a double dose of good news today; the Fed is still projecting three rate cuts this year and the higher interest rate projections moving forward betray a real concern that inflation will be harder to tame," said Tai Wong, a New York-based independent metals trader, Wong added markets are modestly optimistic after the new dot plot maintains three 25 bps rate cuts thi

[ad_1] Oil prices rose on Monday after key producers Saudi Arabia and Russia further cut crude output in a bid to protect their precious revenues, but quickly gave up their gains. Asian stock markets meanwhile advanced as easing inflation data fuelled hopes that central banks could be nearing the end of their interest rate hiking cycle. European stocks ended mostly lower and Wall Street stocks edged up to end a shortened trading session, with investor sentiment subdued on the eve of the Independence Day holiday in the United States. Data showing that the slump in US manufacturing continued for an eighth straight month in June, on the back of weak demand and slowing production, also dampened sentiment. Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut of one million barrels per day (bpd), while Moscow — whose invasion of Ukraine last year sparked oil market turmoil — said it was slashing exports by 500,000 b

[ad_1] Stocks swung to gains on Wall Street following the latest hike to interest rates by the Federal Reserve, which said it's finally seeing improvements in inflation.  The S&P 500 rallied after an early 1% loss and rose 43 points, or 1.1%, to close at 4,119. The Dow Jones Industrial Average also erased an early to drop to rise 7 points, or less than 0.1%, to 34,092. The Nasdaq composite jumped 2%. The Federal Reserve extended its fight against high inflation Wednesday by  raising its key interest rate  by a quarter-point, its eighth consecutive hike since March. It's the smallest such increase in the Fed's blizzard of rate hikes since it began almost a year ago. The Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes. What's more important for markets is where interest rates are heading next. Federal Reser

[ad_1] Last Updated: June 13, 2023, 01:53 IST New York, United States of America (USA) Silver fell 1.3% to $23.95 per ounce, while platinum dipped 1.92% to a two-month low at $989.67. (Reuters File Photo) Spot gold fell 0.4% to $1,953.77 per ounce by 1:40 p.m. EDT (1740 GMT). U.S. gold futures settled 0.4% lower at $1,969.70 Gold prices dipped on Monday as the dollar and bond yields firmed, while traders braced for a busy week of key U.S. inflation prints and major central bank policy meetings, with all eyes on the Federal Reserve. Spot gold fell 0.4% to $1,953.77 per ounce by 1:40 p.m. EDT (1740 GMT). U.S. gold futures settled 0.4% lower at $1,969.70. The dollar index edged up 0.2%, making gold more expensive for overseas buyers, while a rise in U.S. Treasury yields made zero-yielding bullion less attractive. [USD/] [US/] “Going into this week with gold is almost like a coin flip," said Bob Haberkorn, senior market strategist at RJO Futures. The U.S. consumer price index for

[ad_1] The Federal Reserve is raising its benchmark interest rate a quarter of a percentage point, officials with the central bank said on Wednesday, its eighth consecutive hike as policy makers try to subdue inflation. The latest increase in the federal funds rate — what banks charge each other for short-term loans — is smaller than the Fed's 0.5 percentage point increase in December as well as a string of three-quarter point moves over the course of 2022. With the latest increase, the Fed's target interest rate is set in a range between 4.50% and 4.75% — its highest level since late 2007. "Ongoing hikes" The Fed said its campaign to curb prices is working, while indicating it plans to keep rates high for some time. "Over the past year we have taken forceful actions to tighten the stance of monetary policy," Fed Chair Jerome Powell said in a press conference Wednesday."Even so, we have more work to

[ad_1] WASHINGTON : The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two US banks. The move set the US central bank's benchmark overnight interest rate in the 4.75%-5.00% range, with updated projections showing 10 of 18 Fed policymakers still expect rates to rise another quarter of a percentage point by the end of this year, the same endpoint seen in the December projections. But in a key shift driven by the sudden failures this month of Silicon Valley Bank (SVB) and Signature Bank, the Fed's latest policy statement no longer says that "ongoing increases" in rates will likely be appropriate. That language had been in every policy statement since the March 16, 2022 decision to start the rate hiking cycle. Instead, the policy-setting Federal Open Market Committee said only

[ad_1] Last Updated: May 31, 2023, 02:48 IST New York, United States of America (USA) The broad-based S&P 500 was flat at 4,205.52, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 13,017.43. After rallying Friday in anticipation of an agreement, markets were muted as far-right Republicans in the House came out against the compromise Wall Street stocks finished mixed following a choppy session Tuesday, as markets weighed the remaining risk of a US debt default following the White House deal with House Speaker Kevin McCarthy. After rallying Friday in anticipation of an agreement, markets were muted as far-right Republicans in the House came out against the compromise. “McCarthy still has some tricky math to get this through the House," said Art Hogan, an analyst at B. Riley Financial. The Dow Jones Industrial Average finished 0.2 percent lower at 33,042.78. The broad-based S&P 500 was flat at 4,205.52, while the tech-rich Nasdaq Composite Index gained 0

[ad_1] Americans are paying the price for the Federal Reserve's flurry of interest rate hikes, engineered to battle the hottest inflation in 40 years, through sharply higher borrowing costs. But with inflation now receding, the Fed's rate hikes may be drawing to an end, and that has important implications for your finances, according to economists.  The Federal Reserve on Wednesday said it's keeping its benchmark rate steady , the central bank's third consecutive pause. Wall Street is now forecasting that the Fed will stand pat in early 2024 due to cooling inflation and a slower job market. After that, the Fed could begin cutting rates as soon as early 2024, some economists are now predicting. To be sure, Fed Chairman Jerome Powell is keeping mum on the bank's next moves,  saying earlier this month that it's too early to declare victory over inflation or to discuss when it might start cutting rates. But he also noted that consumer prices, excluding volatil

[ad_1] House hunters may be in for sticker shock when it's time to get a home loan: The interest rate on a typical mortgage is now at its highest level since 2000. The Mortgage Bankers Association (MBA)  said Wednesday that the average rate on a conventional 30-year fixed-rate mortgage jumped to 7.31% last week, up from 7.16% the previous week.  Rates slid to well below 3% in 2020 as the housing market ground to a halt because of the pandemic, but began rising sharply the following year as the Federal Reserve launched its ongoing campaign to quash inflation. The spike in borrowing costs has driven many aspiring homebuyers out of the market: Mortgage applications are at a 28-year-low, according to the MBA. "Higher interest rates are continuing to impact homebuyers as their purchasing power has been greatly diminished by the doubling in mortgage rates over the past year and a half," Chris Zaccarelli, Chief Investment Officer for I

[ad_1] Last Updated: July 12, 2023, 01:05 IST New York, United States of America (USA) Ready to be minted 50g gold ingots are pictured at the plant of refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. (Reuters) Gold prices rise as dollar and bond yields decline ahead of U.S. inflation data. Spot gold set for third consecutive gain, eyes on consumer prices report Gold prices edged higher on Tuesday as the dollar and bond yields fell ahead of U.S. inflation data that could offer more cues on the Federal Reserve’s rate-hike path. Spot gold was up 0.4% at $1,931.83 per ounce by 02:11 p.m. EDT (1811 GMT), set for a third consecutive session of gains. U.S. gold futures rose 0.3% to $1,937.10. Making gold cheaper for holders of other currencies, the dollar index fell 0.3% to its lowest level since May 11. Benchmark 10-year U.S. Treasury yields also slipped. [USD/] [US/] “If we have a soft inflation reading, it will be positive for gold and prices might

[ad_1] Last Updated: July 13, 2023, 02:03 IST New York, United States of America (USA) Spot gold was up 1.3% at $1,957.39 per ounce by 10:49 a.m. EDT (1449 GMT), while U.S. gold futures rose 1.3% to $1,963.00. (Reuters) Gold prices surge as cooling US inflation sparks hopes of a sooner-than-expected halt to the Federal Reserve's rate hike cycle Gold prices jumped more than 1% on Wednesday after signs of cooling inflation in the United States boosted hopes that the Federal Reserve could hit the brakes on its rate hike cycle sooner than previously thought. Spot gold was up 1.3% at $1,957.39 per ounce by 10:49 a.m. EDT (1449 GMT), while U.S. gold futures rose 1.3% to $1,963.00. U.S. consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to subside. In the 12 months through June, the CPI advanced 3.0%, compared with Reuters estimates of 3.1%. “Gold gapped $10 higher on the softer-than-expected CPI print on

[ad_1] Last Updated: July 15, 2023, 03:11 IST New York, United States of America (USA) Spot gold fell 0.1% to $1,959.27 per ounce by 01:45 p.m. EDT (1745 GMT), but has gained about 1.8% so far this week. U.S. gold futures settled little changed at $1,964.40. Gold prices ease, poised for biggest weekly gain since April on slowing U.S. inflation and rate hike expectations Gold prices eased on Friday but were on track for their biggest weekly gain since April, after signs of slowing U.S. inflation raised expectations of a pause in Federal Reserve’s interest rate hikes after this month. Spot gold fell 0.1% to $1,959.27 per ounce by 01:45 p.m. EDT (1745 GMT), but has gained about 1.8% so far this week. U.S. gold futures settled little changed at $1,964.40. Bullion hit its highest since June 16 earlier this week after data showed U.S. consumer prices in June registered their smallest annual increase in over two years, prompting bets the Federal Reserve could soon end its rate-hike cycle

[ad_1] Last Updated: July 11, 2023, 01:20 IST United States of America (USA) The U.S. Labor Department reported last Friday the smallest monthly job gain in 2-1/2 years along with strong wage growth. (Photo: Reuters) Oil prices ease on US interest rate hike concerns, but supply cuts from Saudi Arabia and Russia limit losses. CPI data and China reports to impact market Oil prices eased 1% on Monday on the increasing likelihood of more U.S. interest rate hikes, but crude supply cuts from top oil exporters Saudi Arabia and Russia limited the losses. Brent crude futures settled down 78 cents, or 1%, at $77.69 a barrel after touching their highest level in more than two months earlier in the session. US West Texas Intermediate crude fell 87 cents, or 1.2%, at $72.99. “Traders are very nervous about higher interest rates, which could kill demand very quickly," said Dennis Kissler, senior vice president of trading at BOK Financial, adding that some investors were also engaging in

[ad_1] The Federal Reserve appears likely to raise its key interest rate next week, with minutes from the central bank's most recent meeting showing some officials wanted to raise rates last month. While the Fed's rate-setting body ultimately skipped hiking rates in June, minutes of the last meeting show that some officials pushed to raise rates by one-quarter of their percentage points, or said they "could have supported such a proposal," according to the minutes. In the end, the 11 voting members of the Fed's interest-rate setting committee agreed unanimously to pause on hiking rates at the June 13-14 meeting. But they signaled that they might raise rates twice more this year, beginning as soon as this month. In Fed parlance, "some" is less than "most" or "many," evidence that the support for another rate hike was a minority view. And some who held that view were likely unable to vo

[ad_1] Last Updated: July 07, 2023, 02:06 IST New York, United States of America (USA) Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost of holding non-yielding bullion. Spot gold was down 0.4% at $1,910.15 per ounce by 2:08 p.m. EDT (1808 GMT), while U.S. gold futures settled 0.6% lower at $1,915.40 Gold prices slipped to a near one-week low on Thursday after a better-than-expected U.S. private payrolls report fuelled expectations for more rate hikes from the Federal Reserve, lifting Treasury yields higher. Spot gold was down 0.4% at $1,910.15 per ounce by 2:08 p.m. EDT (1808 GMT), while U.S. gold futures settled 0.6% lower at $1,915.40. U.S. private payrolls increased more than expected in June, indicating strength in the labour market despite growing risks of a recession from higher interest rates. Benchmark U.S. 10-year Treasury yields rose to a more than four-month peak, while yield on two-year U.S. Treasury note hit the highest si

[ad_1] WASHINGTON : A united US Federal Reserve agreed to hold interest rates steady at the June meeting as a way to buy time and assess whether further rate hikes would be needed, even as the vast bulk expected they would eventually need to tighten policy further, according to meeting minutes released on Wednesday. While "some participants" wanted to move ahead with a rate hike in June because progress in cooling inflation had been slow, "almost all participants judged it appropriate or acceptable to maintain" the federal funds rate at the existing 5% to 5.25%, the minutes said. "Most of those participants observed that leaving the target range unchanged at this meeting would allow them more time to assess the economy's progress," toward returning inflation to 2% from its current level more than twice that. The minutes added detail to the policy statement and economic projections issued after the June 13-14 session, when the Fed ended its 10-m