Gold News – 21.May.2024
Gold News
Asian stocks dipped, while the dollar remained stable as investors awaited the Federal Reserve’s meeting minutes for clues on potential rate cuts.
Gold retreated from its all-time high, and crude oil fell due to concerns over prolonged high U.S. interest rates.
Cryptocurrencies like ether and bitcoin reached six-week highs, fueled by rumors of a potential SEC approval for an ether ETF.
Market predictions include a 41 basis point reduction in Fed rates this year, with a quarter-point cut expected in November.
Despite April’s data showing reduced consumer price pressures, Fed officials hesitate to confirm a lasting inflation slowdown.
The MSCI Asia-Pacific index fell by 0.9%, and the Hang Seng index saw a 1.9% decline from its recent peak.
Japan’s Nikkei initially followed the Nasdaq’s record gains but then dropped slightly.
Nasdaq and S&P 500 futures showed minimal changes, indicating stable market sentiment.
Gold prices decreased slightly to around $2,417 per ounce, and the dollar index was flat at 104.62.
10-year Treasury yield remained nearly unchanged at 4.4433%.
Brent crude and WTI crude prices both declined by 0.7%.
Cryptocurrency prices surged, with bitcoin potentially approaching its all-time high, driven by speculation about the ether ETF’s approval.
Author : Arman Shaban
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