Monday, 24 July 2017
Latest news
Main » Gold regains 29K-mark, soars ₹ 450 on global cues

Gold regains 29K-mark, soars ₹ 450 on global cues

19 March 2017

After a much-anticipated meeting the United States central bank lifted borrowing costs by a quarter of a point but suggested only another two rises this year, confounding talk of a possible three or four. It's trading about 2.4% higher on the week, which would be the highest such gain since the week ended February 3, according to FactSet data. PulteGroup rose 1.5% to $23.77, and D.R. Horton rose 1.2% to $33.67.

At 3:13 p.m., the Dow Jones Industrial Average was down 34.93 points, or 0.17 percent, to 20,915.17, the S&P 500 had lost 5.85 points, or 0.25 percent, to 2,379.41, and the Nasdaq Composite had dropped 5.46 points, or 0.09 percent, to 5,894.59.

"Momentum players will shift from equities to gold where there is momentum that is now strengthening", said Nichols. Once the yield gets to 2.60 percent, he said many buyers will likely pounce given still-modest growth in the economy and inflation, which should help keep a lid on rates. The Fed is hoping to gradually raise interest rates off their record lows, where they stayed for seven years following the 2008 financial crisis.

On Thursday, Hong Kong stocks were up 1.7 percent, Shanghai adding 0.8 percent and Seoul advancing 0.8 percent.

EUR/USD slipped 0.29% to 1.0735, just off a five-week high of 1.0783 hit overnight. Although there are lingering concerns about Trump's ability to implement his pro-business agenda, their enactment could cause the Fed to quicken its pace of rate increases-a negative for gold.

"Although bulls have exploited dollar's weakness to elevate gold, gains could be limited in the longer term if the Fed readopts an aggressive stance".

'Iron Fist': How Marvel's New Show Reinvents a 1970's Kung-Fu Superhero
Jones, so bratty and appealing in his brief stint on Game of Thrones, is stymied by his character's American accent. Beyond his martial arts prowess, Iron Fist can summon his energy into a glowing hand capable of shattering walls.

South Korea´s market climbed 0.6 percent, and even Japan´s Nikkei managed a slight rise despite the damage done to exporters by a firmer yen.

Markets also reacted positively after Dutch center-right Prime Minister Mark Rutte fought off a challenge by anti-immigration, anti-European Union rival Geert Wilders to score an election win seen as a victory against populist nationalism.

The US currency has been knocked this week by the Federal Reserve's current outlook.

The two-year Treasury yield rose to 1.31% from 1.30%, and the 30-year yield rose to 3.13% from 3.11%.

Investors snapped up the greenback at the start of European trade, judging it looked cheap after sharp falls following the U.S. Federal Reserve's failure to point aggressively to further rises in the official premium for holding the currency. Brent crude, used to price global oils, fell 6 cents to $51.75 a barrel. If it closes lower Thursday, that would be the eighth decline in the last nine days.

CURRENCIES: The euro from dipped to $1.0746 from $1.0749 late Thursday, and the British pound fell to $1.2367 from $1.2358.

Gold regains 29K-mark, soars ₹ 450 on global cues