Gold News – 21.May.2024

Gold News – 21.May.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

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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