Breaking News

Precious metals surge to multi-week highs after Fed

News Date: 28/7/2016 05:05:08
Gold and silver prices surged after the Federal Reserve kept overnight interest rates unchanged for the fifth meeting in a row, while failing to signal a hike in the coming September meeting, pushing the dollar lower and sending safe havens sharply higher.

Gold futures jumped to a two-week high at $1,348 an ounce, up 15 dollars on the day, or 1.08%, while silver futures rallies nearly two percent to trade at $20.38 an ounce, after touching a multi-week high earlier at $20.57.

The dollar on the other hand suffered losses following the Fed's meeting, with the greenback tumbling 0.37% to 96.39, with a two-week trough at 96.25., while sliding 0.57% against the yen to hover around 104.78.

Global shares dipped, with Japan's Nikkei down 1.13% at 16,476, while the pan-European FTSEurofirst 300 index gave up 0.20% at the open to trade at 1,349. Germany's DAX bucked the trend, inching up 0.05%.

Investors await some U.S. data later today, with unemployment claims expected to rise to 261 thousand last week from the previous week's 253K, which would be an added negative on the dollar.

U.S. natural gas storage is forecast to add 29 billion cubic feet, adding to the previous reading's 34B, which indicate weak demand on energy in the world's largest consumer of the commodity.

Latest news

The number of global Coronavirus infections is increasing at an unexpected speed, and German Chancellor Angela Merkel said yesterday that the pace of new infections is advancing day after day, and at
11-2020 17 08:37:57

Japanese stock indices closed lower today, due to undermining investor sentiment for fear of a rise in Corona cases, and the Nikkei index fell by 0.53% to 25385.87 points, and over the course of a we
11-2020 13 05:10:43

The US dollar manage this morning, to achieve progress during the trading session, as the « safe currency » rose by 0.04% to indicate 93.073, and the dollar fell against the Japanese yen
11-2020 12 08:11:42

Trump is still trying to raise the curtain on the corruption – as he claims – which was defined by the polling process in the last major US election that was sorted by Democrat Joe Biden,
11-2020 11 08:58:20

Most of the global markets rebounded on Monday, right after the opening of the weekly trading session, after Democrat Joe Biden won the US presidential elections, and both stocks and commodities rebo
11-2020 10 09:23:45

More News