DIRS.INFO The most relevant business & tech news

☆ Gold extends rally to hit new record as Powell hints at rate cut in 2024
▼ + stars: | 2024-03-07 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rallied to hit new records on Thursday, on track for their seventh consecutive daily rise, led by weak U.S. economic data and Federal Reserve Chair Jerome Powell's indications of potential rate cuts in the coming months if inflation eases. Spot gold rose 0.5% to $2,159.79 per ounce, as of 0432 GMT, after hitting an all-time high of $2,161.09 earlier in the session. Gold got a boost on Wednesday after Powell indicated that interest rate cuts were likely in the coming months "if the economy evolves broadly as expected," along with further evidence of falling inflation. Hence, in an uncertain financial environment, gold will remain safe investment for banks," said Jigar Pandit, head of commodity and currency business at BNP Paribas' Sharekhan. Spot silver rose 0.4% to $24.25, while platinum fell 0.1% to $906.82 per ounce, and palladium slipped 0.8% to $1,033.44.

Persons: Jerome, Marcus Garvey, Gold, Powell, Powell's, Macquarie's Garvey, Jigar Pandit Organizations: Federal, Macquarie, Treasury, BNP Locations: U.S, China, Turkey, Russia, Poland

☆ Watch out Hong Kong – India's stock market is fast catching up
▼ + stars: | 2023-12-06 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

India's stock market hit a $4 trillion valuation for the first time on Tuesday, per Bloomberg. It's narrowing the gap with Hong Kong, the world's fourth-largest stock market. AdvertisementThe value of companies listed on India's stock exchanges hit $4 trillion for the first time on Tuesday – narrowing the gap with Hong Kong, Bloomberg reported. Hong Kong is the world's fourth-largest stock market, but is now worth less than $4.7 trillion following an 18% slide in the Hang Seng Index this year. The Indian market was worth less than $1.5 trillion in pandemic-affected 2020, according to Bloomberg, but has since made significant gains.

Persons: —, Narendra Modi, Sanjeev, Sharekhan, Goldman Sachs Organizations: Bloomberg, Service, Reuters, IMF, Apple Locations: Hong Kong, India, China, Japan

☆ Gold softens on caution ahead of Fed's policy decision
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: +2 min

Spot gold fell 0.2% to $1,978.36 per ounce by 0351 GMT on Wednesday, while U.S. gold futures dropped 0.4% to $1,987.00. Spot gold posted a 7.3% jump in October, with prices hitting an over five-month high of $2,009.29 last week. Markets now await the outcome of the Fed's monetary policy meeting concluding later in the day, followed by the U.S. monthly jobs report on Friday. "Although no change in the interest rates is expected, the focus will be on the Fed's assessment of the U.S. economy and clues to the monetary policy going forward," said Praveen Singh, associate vice president at BNP Paribas' Sharekhan. Spot silver dropped 1% to $22.662 per ounce, platinum slipped 0.6% to $927.77, while palladium rose 0.5% to $1,120.91.

Persons: Alexander Manzyuk Gold, Christopher Wong, Praveen Singh Organizations: REUTERS, U.S, BNP Locations: Siberian, Krasnoyarsk, Russia, U.S . Federal, Gaza, U.S, China

☆ Gold edges down as markets assess Fed's rate outlook
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +2 min

Gold edged lower on Monday after eking out a narrow gain last week, as investors assessed the U.S. Federal Reserve officials' decision to flag further interest rate hikes ahead of a consumer inflation print later this week. Spot gold was down 0.1% at $1,922.76 per ounce by 0525 GMT, while U.S. gold futures fell 0.2% to $1,942.30. SPDR Gold Trust , the world's largest gold-backed ETF, said its holdings fell on Friday to their lowest level since Jan. 2020. U.S. business activity showed little change in September, a survey published Friday showed, while a separate survey showed the euro zone economy is likely to contract this quarter and won't return to growth anytime soon. The Bank of Japan maintained ultra-low interest rates on Friday and pledged to bring inflation sustainably to its 2% target.

Persons: eking, Praveen Singh Organizations: U.S . Federal Reserve, Trust, Bank of Japan Locations: Washington

Search resuls for: "Sharekhan"

4 mentions found