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☆ The marks of the failed Donald Trump assassination attempt are already all over the markets
▼ + stars: | 2024-07-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The failed assassination attempt on Donald Trump is likely to be on investors' minds this week. Bitcoin surged on haven trade following the event, while the dollar also rose as the "Trump trade" returned. AdvertisementThe failed assassination attempt on former President Donald Trump is expected to dominate markets this week as investors focus on the so-called "Trump trade." Even before the weekend events, economists and analysts were already debating what a Trump presidency would mean for the markets. "Judging by historical parallels, this event will galvanize the Trump vote, meaning the markets will gradually price in the so-called 'Trump trade,'" wrote Rodda.

Persons: Donald Trump, Bitcoin, Trump, —, Kyle Rodda, TMTG, Hong, Rong Organizations: Trump, Service, Investors Locations: United States, Tokyo, Paris, Frankfurt

☆ Chinese consumers aren't buying enough stuff, and it's taking a toll on the economy
▼ + stars: | 2024-07-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewChina's belt-tightening consumers are dragging on the country's economy even as external demand supports exports, official data released on Monday shows. The fresh data shows China's economy continues to be bogged down by its real-estate crisis , stock-market volatility, geopolitical headwinds, and demographic challenges. AdvertisementPeople are just not spending enoughEven though disposable income grew in the second quarter of this year, consumers in China are reluctant to spend. Economic outlook for the second half of the yearChina's economic outlook isn't that rosy for the second half of this year either. However, they added that headwinds remain in the second half of the year, including the "tapering of post-COVID pent-up consumer demand."

Persons: —, Nomura, China's, Donald Trump's, Yeap, Rong Organizations: Service, National Bureau, Statistics —, Reuters, Business, Bureau of Statistics, Nomura Locations: China, Beijing

☆ Trump victory trades to swell after shooting, investors say
▼ + stars: | 2024-07-14 | by ( ) www.cnbc.com time to read: +4 min

Saturday's shooting at U.S. former President Donald Trump's election rally raises his odds of winning back the White House, and trades betting on his victory will increase this coming week, investors said on Sunday. Trump was shot in the ear during the rally in Pennsylvania on Saturday in what the authorities were treating as an assassination attempt. The first shooting of a U.S. president or major party candidate since a 1981 assassination attempt on Republican President Ronald Reagan could upend the Nov. 5 rematch between Republican Trump and President Joe Biden, a Democrat, which has been tight in opinion polls. World leaders and U.S. politicians condemned the shooting, while some industry executives, including Tesla chief Elon Musk, declared their support for Trump. Investors also expect an extension of corporate and personal tax cuts expiring next year, fuelling concerns about rising budget deficits under Trump.

Persons: BUTLER, Donald Trump, Donald Trump's, Trump, Rong Ren Goh, Ronald Reagan, Joe Biden, Reagan, Nick Ferres, Elon Musk, Biden, Jerome Powell, Goldman Sachs, Bill Ackman, Musk Organizations: Republican, Secret, U.S, Treasury, Eastspring Investments, Republican Trump, Democrat, Asset Management, Tesla, Trump, Reuters, Investors, Federal, Biden, Dow Jones, Democratic, Goldman Locations: PENNSYLVANIA, Butler , Pennsylvania, Pennsylvania, Singapore

☆ Oil rises on cooling U.S. inflation but heads for weekly dip
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel. Indications of strong summer fuel demand in the U.S. also kept prices buoyed. Jet fuel demand on a four-week average basis was at its strongest since January 2020. The strong fuel demand encouraged U.S. refiners to ramp up activity and draw from crude oil stockpiles.

Persons: Brent, stoking, Jerome Powell, Jun Rong, Emril Jamil Organizations: Brent, . West Texas, Federal Reserve, Fed, IG, Jet, Gulf Locations: United States, U.S

☆ Gold rangebound with spotlight on U.S. inflation reading
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +2 min

Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve's interest rates trajectory. Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve's interest rates trajectory. Spot gold rose 0.2% to $2,367.79 per ounce by 0229 GMT. Non-yielding bullion's appeal tends to shine when interest rates are lower. That may weigh on gold, which could see prices fall back towards the $2,300 level of support," Yeap said.

Persons: Gold, Jerome Powell, Powell, Yeap Jun Rong, Yeap Organizations: Traders, Global, Gold Locations: U.S, Europe, Asia

☆ Gold holds ground as slowing inflation boosts Fed rate-cut bets
▼ + stars: | 2024-07-01 | by ( ) www.cnbc.com time to read: +2 min

Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year. Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year. Data showed on Friday that the personal consumption expenditures index, increased 2.6% after advancing 2.7% in April. But, "any failure to defend the $2,280 level ahead may potentially pave the way for gold prices to head towards the $2,200 next". Spot silver dipped 0.2% to $29.06, platinum fell 0.7% to $986.08 and palladium held steady at $972.74.

Persons: Yeap Jun Rong, Jerome Powell Organizations: Federal Reserve, ANZ

☆ Gold prices muted with U.S. inflation data in focus
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Thursday as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues. Gold prices were subdued on Wednesday ahead of crucial U.S. inflation data due this week, which could offer more clarity on the timing of the Federal Reserve's first interest rate cut this year. Meanwhile, Fed Governor Lisa Cook said "at some point" it will be time to cut interest rates. "Dips in the gold price remain relatively shallow courtesy of buyers stepping in from the sidelines on price retreats," Tim Waterer, chief market analyst at KCM Trade, said in a note. Waterer added that the $2,368 level would need to be breached for gold to surpass the highs from last week.

Persons: Christopher Waller, Yeap Jun Rong, Michelle Bowman, Lisa Cook, IG's, Rong, Tim Waterer, Waterer Organizations: Federal Reserve, Federal, Fed, U.S, KCM Locations: U.S

☆ How China could take Taiwan without even needing to invade
▼ + stars: | 2024-06-21 | by ( Brad Lendon | ) edition.cnn.com time to read: +12 min

“China has significantly increased pressure on Taiwan in recent years, stoking fears that tensions could erupt into outright conflict. China’s escalating gray zone tactics were on stark display this week as China Coast Guard vessels clashed with Philippine Navy boats in the South China Sea. In the 24 hours ending at 6 a.m. Friday, 36 Chinese military aircraft crossed into Taiwan’s air defense identification zone, Taiwan’s Defense Ministry says. Meanwhile, a quarantine, rather than a blockade, would not require China to close or restrict access to the Taiwan Strait, the CSIS report notes. Under its claims that Taiwan is Chinese territory, Beijing could require customs declarations to be filed before vessels can call in Taiwan.

Persons: CNN —, Beijing’s, Xi Jinping’s, Bonny Lin, Brian Hart, Matthew Funaiole, Samantha Lu, Tinsley, stoking, Adm, Dong Jun, ”, Dong, China’s, “, Joe Biden, Rong Xu, Carl Schuster, ” Schuster, Alessio Patalano, Sidharth Kaushal, Patalano Organizations: CNN, Communist Party, Center for Strategic, International Studies, China Coast Guard, CSIS, TAIWAN, GUARD, People’s Liberation Army, PLA, Chinese Defense, Philippine Navy, Taiwan Relations, White, PLA Navy, Maritime Safety Agency, Taiwan’s Defense Ministry, Bloomberg, Getty, “, Pacific Command’s Joint Intelligence Center, Taipei, King’s College, Taiwan’s Ministry of Economic Affairs, Imports, Royal United Services Institute Locations: Taiwan, Ukraine, China, Washington, United States, Pengjia, Beijing, Singapore, South China, Manila, Second, Philippines, Taiwan’s, Taiwan Strait, Port, Taichung, Kaohsiung, London, Covid

☆ Gold ticks up as Fed rate cut bets burnish appeal
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

old prices edged higher on Wednesday after softer U.S. retail sales data boosted expectations that the Federal Reserve will cut interest rates this year. Gold prices edged higher on Wednesday after softer U.S. retail sales data boosted expectations that the Federal Reserve will cut interest rates this year. Data released on Tuesday showed U.S. retail sales barely rose in May, suggesting that economic activity remained lackluster in the second quarter. Further economic weakness may offer a lift for gold prices." Gold prices have entered a consolidation phase after hitting a record high of $2,449.89 on May 20.

Persons: Yeap Jun Rong, Tim Waterer Organizations: Federal Reserve, U.S, Federal, KCM

☆ Oil steady amid US stock build but jitters abound
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Wednesday, staying close to their highest levels in seven weeks as the market weighed concerns over escalating conflicts against demand worries following an unexpected rise in U.S. crude inventories. U.S. West Texas Intermediate crude was down 20 cents to $81.37 per barrel. U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said on Tuesday, citing American Petroleum Institute figures. However, gasoline inventories fell by 1.077 million barrels, while distillates rose by 538,000 barrels, the sources said, speaking on condition of anonymity. China data this week showed May industrial output lagged expectations, but retail sales, a gauge of consumption, marked their quickest growth since February.

Persons: Ricardo Evangelista, Israel Katz, Jun Rong Organizations: Brent, . West Texas, American Petroleum Institute, Reuters, U.S . Energy, Administration, Hezbollah, U.S, IG Locations: Ukrainian, Russian, East, Israel, Iran, China, Singapore

☆ Gold treads water ahead of U.S. inflation test, Fed decision
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices were flat on Wednesday as investors awaited the U.S. Federal Reserve's policy announcement for insights into how soon it will cut interest rates this year and the May inflation report due later in the day. "Gold prices have been treading lightly amid the waiting game for greater cues on the Fed's policy path. Any lean towards two rate cuts could be perceived as a more dovish take, which may see gold prices head higher," said IG market strategist Yeap Jun Rong. Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials said.

Persons: Yeap Jun Rong, Jerome Powell's, Tim Waterer Organizations: Co, U.S, Investors, Fed, Strong U.S, People's Bank of, U.S ., KCM Locations: Bangkok, Thailand, U.S . Federal, China, People's Bank of China, Asia

☆ Gold flat ahead of U.S. data, but set for 4th straight monthly gain
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +2 min

One kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices were set for a fourth straight monthly gain, even as the market struggled for momentum on Friday ahead of a key U.S. inflation reading that could provide more indications on how the Federal Reserve might proceed with rate cuts later this year. Bullion prices are up 0.3% so far this week and 2.5% so far in the month. Spot silver fell 0.8% to $30.95 per ounce, but was set for its biggest monthly gain since July 2020. Platinum was down 0.2% at $1,021.94 and palladium lost 0.2% to $945.56.

Persons: Kyle Rodda, Yeap Jun Rong Organizations: Co, Federal Reserve Locations: Bangkok, Thailand, U.S

☆ Gold prices set for second weekly gain on Fed rate-cut optimism
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices appeared set for a second consecutive weekly gain on Friday, after recent U.S. inflation data fueled expectations that the Federal Reserve could cut interest rates this year. The dollar index was down 0.6% for the week so far, against its rivals, making gold less expensive for other currency holders. "The upward bias for gold prices may remain, with the recent run in U.S. economic data offering room for the Fed to consider earlier rate cuts in 2024 while geopolitical tensions rock on. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. "Gold prices may correct lower as markets look to re‑establish the historical relationship between gold and the U.S. dollar.

Persons: Yeap Jun Rong, haven't, Bullion Organizations: Co, Federal, Fed, U.S . Federal Reserve, U.S ., Commonwealth Bank of Australia Locations: Bangkok, Thailand

☆ Dollar nurses losses after another set of soft jobs data
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: +4 min

Against the Japanese yen, the dollar was trading at 155.39 yen , down from highs of 155.95 hit in the previous session. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was flat at 105.25. "We note jobless claims are weekly data that can be very volatile from week to week," Commonwealth Bank of Australia's Joseph Capurso, said in a note. "The BoE's urgency and willingness to cut ahead of the Fed will continue to weigh on the currency," Goh said. Being added to the list makes it harder for U.S. suppliers to ship to the targeted entities.

Persons: Commonwealth Bank of Australia's Joseph Capurso, Shunichi Suzuki, Rong Ren Goh, Sterling, BoE, Goh Organizations: U.S, Federal Reserve, dovish Bank of England, Commonwealth Bank of Australia's, Tokyo, Japan's Finance, Eastspring Investments, Bank of England, Monetary, Committee, Fed, Treasury, Traders, PPI, Federal Locations: U.S, United States

☆ Gold rises on Fed rate cut hopes, Middle East tensions
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices ticked higher on Monday, as expectations that the Federal Reserve will start cutting interest rates later in the year and tensions in the Middle East lifted bullion's appeal. "Investors will look at the political situation in the Middle East and how the ongoing negotiations for a ceasefire play out. "Weaker U.S. data offers more policy flexibility for the Fed in terms of rate cuts," paving way for gold prices to stabilize, said IG market strategist Yeap Jun Rong. Markets are pricing in a 67% chance of a U.S. rate cut in September, as per CME's FedWatch Tool. Meanwhile, the Perth Mint's gold product sales in April jumped two-fold from a month earlier, while silver sales fell to their lowest since December.

Persons: Kelvin Wong, Benjamin Netanyahu, Yeap Jun Rong, John Williams, Austan Goolsbee Organizations: Co, Federal Reserve, Asia Pacific, New York Fed Bank, Chicago Fed, Perth Locations: Bangkok, Thailand, OANDA, Gaza, U.S

☆ Gold on track for first weekly dip in six; focus on U.S. inflation data
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold was little changed on Friday ahead of a key U.S. inflation report, but prices were on track for their first weekly drop in six weeks on easing concerns of a major escalation of the Middle East crisis. Focus now turns to March's core Personal Consumption Expenditures, or PCE, index data due later on Friday — the Fed's preferred measure of inflation — for further clues on the U.S. rate outlook. The dollar index was headed for its biggest weekly dip since early March, making the greenback-priced bullion less expensive for other currency holders. Spot silver rose 0.2% to $27.49 per ounce, spot platinum rose 0.8% to $921.45 and palladium gained 1.4% to $988.22.

Persons: Gold, Yeap Jun Rong, Jun Rong Organizations: Co, Federal Locations: Bangkok, Thailand, U.S

☆ Why mango sticky rice is one of Thailand’s most beloved summer dishes
▼ + stars: | 2024-04-16 | by ( Karla Cripps | Kocha Olarn | ) edition.cnn.com time to read: +7 min

Better known to the rest of the world as mango sticky rice, it’s a deceptively simple dish. And few have perfected that balance as well as 63-year-old Varee Jeensuwan, the undeniable queen of mango sticky rice in Bangkok. In 2022, she performed at the Coachella music festival in California and ended her show by digging into a bowl of mango sticky rice. K Panich has been dishing out mango sticky rice since 1932. According to R-Haan co-owner/chef Chumpol Jangprai, there’s evidence suggesting mango sticky rice has been around since Thailand’s late Ayutthaya period (1351-1767), with references to the dish found in the centuries to follow.

Persons: Mae Varee, “, Bangkok's Mae Varee, Lauren DeCicca, Rong, ”, Nam Dok Mai, Chiang Rai, Milli, Panich, Pongpat, – it’s, Bib, Khun Nan, Mai, it’s, It’s, Haan, Chumpol Jangprai, Rama V’s Organizations: CNN, Bangkok CNN, Coachella, Haan Locations: Bangkok, Thailand, Bangkok’s, Thonglor, Mae, Bangkok's, province’s Bangkhla, Damnoen Saduak, Ratchaburi province, “, nieow, Thailand’s, Suratthani, China , Hong Kong, Singapore, Thai, California

☆ Gold drifts higher as geopolitical tensions lift safe-haven appeal
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices climbed on Thursday, recouping losses from the previous session, as geopolitical tensions bolstered demand for the safe-haven metal. Spot gold was up 0.6% at $2,345.56 per ounce, as of 0317 GMT. Strong central bank buying, safe-haven inflows amid continued geopolitical risks, and demand from momentum-following funds have fueled bullion's 14% gain so far this year. Spot silver edged 0.2% higher to $28.03 per ounce, after hitting its highest levels since June 2021 on Wednesday.

Persons: Yeap Jun Rong, Jun Rong Organizations: Co Locations: Bangkok, Thailand, U.S

☆ Oil prices fall for a second day as U.S. crude inventories increase
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week. Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Earlier this month, OPEC+ members agreed to extend their output cuts of about 2.2 million barrels per day to the end of June. Highlighting that Iraq is among the OPEC+ members that have admitted to overproducing in recent months, analysts at ANZ said in a report on Wednesday, "traders are also watching OPEC members for any sign they may be altering their stance on production quotas."

Persons: Rong Yeap, overproducing Organizations: Brent, . West Texas, IG, American Petroleum Institute, of, Petroleum, Ministerial, Reuters, ANZ Locations: U.S, Singapore . U.S, Russia, OPEC, Iraq

☆ China is trying to connect Southeast Asia by high-speed rail. Here’s how that’s going
▼ + stars: | 2024-03-25 | by ( Heather Chen | ) edition.cnn.com time to read: +10 min

CNN —Imagine jumping on a train in southwestern China, traveling some 2,000 miles and arriving in Singapore – less than 30 hours later. Southeast Asia is the “obvious” choice because of its “proximity to China,” Bowerman adds. “Beijing, I think, ultimately wants to see Southeast Asian countries within its sphere of geopolitical influence. A staff member waits for passengers to board the Jakarta-Bandung high-speed train during a week-long public trial phase at the Halim station in Jakarta on September 17, 2023. “In the example of a high-speed railway line between Malaysia and Singapore, Singapore would likely have just one stop – Malaysia would have more,” Wong told CNN.

Persons: China’s, Gary Bowerman, ” Bowerman, ”, Pon Souvannaseng, Peerapon Boonyakiat, Bowerman, Pan Wenbo, Pan, Mei Wei, Wei, “ I’m, Xi Jinping’s, Souvannaseng, Hong Kong –, Hong Kong’s, Yasuyoshi Chiba, Wong Muh Rong, ” Wong Organizations: CNN, Initiative, China Railway, Reuters, East Japan Railway Co, Malaysian, Bentley University, of, Communist Party, Laos Railway, Laos Railway cumulatively, Orient Express, Getty Locations: China, Singapore, Asia, Laos, Kunming, Vientiane –, Indonesia, Jakarta, Bandung, West Java, Thailand, Bangkok, Thai, Malaysia, Kuala Lumpur, Southeast Asia, “ China, Peerapon, Cities, Penang, Malacca, Phuket Old Town, Beijing, Vietnam, Philippines, Cambodia, Wat, Siem Reap, ”, Kowloon, Hong Kong, Shanghai, Halim, AFP, “

☆ Gold retreats from near record-high levels ahead of U.S. inflation data
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices slipped from near record-high levels on Tuesday, as traders braced for key U.S. inflation report that could give more clarity on when the Federal Reserve might start cutting its interest rates. Spot gold fell 0.2% to $2,178.53 per ounce, as of 0424 GMT, after rising for nine consecutive sessions. "Following the stellar run-up in gold prices, it does call for some near-term breather," IG market strategist Yeap Jun Rong said. Another surprise run of hotter-than-expected inflation data for February will likely challenge that, which could drive some near-term unwinding in gold prices." Traders are pricing in three to four quarter-point (25 bps) U.S. rate cuts, with a 70% chance for the first in June, as per LSEG's interest rate probability app.

Persons: Bullion, Yeap Jun Rong, there's, Tim Waterer Organizations: Co, Federal Reserve, Traders, U.S . Treasury, KCM Trade Locations: Bangkok, Thailand, U.S

TOKYO (AP) — Asian shares were trading mixed Thursday, after Wall Street recovered some losses from the day before. Japan's benchmark Nikkei 225 momentarily reached a record high in early trading but slipped later to finish at 39,598.71, down 1.2%. “The positive handover from Wall Street, alongside lower Treasury yields and a weaker U.S. dollar, may offer some relief as Fed Chair’s testimony failed to drive much hawkish deviation from his usual script,” said Yeap Jun Rong, market analyst at IG. As always, Wall Street scrutinized each of Powell's words for hints about when the Federal Reserve could begin cutting its main interest rate, which is at its highest level since 2001. “We want to see a little more data so we can become more confident.”Traders have already shelved earlier expectations for a cut in March, and they’re now eyeing June as the likeliest beginning.

Persons: Australia's, ”, Yeap Jun Rong, Jerome Powell, CrowdStrike, Steven Mnuchin, Donald Trump, Powell, ” Powell, Rubeela Farooqi, Locker, Brent, Stan Choe Organizations: TOKYO, Wall, Nikkei, IG, Federal, Dow Jones, Nasdaq, Nvidia, Big Tech, New York Community Bancorp, U.S, Treasury, Federal Reserve, Fed, Traders, AP Locations: Hong, Shanghai

☆ Gold at one-week high as soft dollar, Middle East turmoil lift demand
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Spot gold was up 0.3% at $2,019.99 per ounce, as of 0530 GMT, hitting its highest since Feb. 13. U.S. gold futures rose 0.4% to $2,031.50 per ounce. Spot platinum dipped 0.3% to $903.04, palladium rose 0.7% to $956.66, while silver fell 1.2% to $23.12 per ounce.

Persons: Yeap Jun Rong, Wang Tao, Jun Rong, Raphael Bostic Organizations: U.S ., Maritime Trade Operations, Market, Fed Bank of Atlanta, CME Locations: Mandab, Yemen, China

That may relieve pressure on the central bank to alter its longstanding ultra-lax monetary policy and raise its benchmark interest rate from minus 0.1%. Inflation has been cooling enough that the Federal Reserve has hinted it may cut its main interest rate several times this year. Reports showing the U.S. economy and job market remain remarkably solid, along with some comments from Fed officials, have been forcing the delays. In energy trading, benchmark U.S. crude rose 27 cents to $77.19 a barrel in electronic trading on the New York Mercantile Exchange. In currency trading, the U.S. dollar rose to 149.67 Japanese yen from 149.34 yen.

Persons: Germany's DAX, Australia's, Korea's Kospi, ” Yeap Jun Rong, that’s Organizations: TOKYO, CAC, FTSE, Dow Jones, Nikkei, Bank of Japan, IG, Federal Reserve, New York Mercantile Exchange, Brent, U.S Locations: Asia, China , Hong Kong, Taiwan, United States

☆ Gold slips as strong U.S. data dampens Fed rate cut bets
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +2 min

Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. Gold prices inched lower on Wednesday as strong U.S. economic data doused hopes for early interest rate cuts by the Federal Reserve, while investors awaited a slew of economic reports this week. "Recent economic data out of the U.S. has called for some recalibration in dovish market rate expectations, with some pushback on the timeline for Fed rate cut weighing on gold's appeal," said IG market strategist Yeap Jun Rong. Traders are pricing in five quarter-point Fed rate cuts in 2024, down from six cuts two weeks ago.

Persons: Yeap Jun Rong, Rong Organizations: Federal Reserve, Treasury, Traders, Fed Locations: Birmingham, England, Ukraine, Israel, dovish, U.S

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