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Gold rises over 1%, jumps above $1,800

Economies.com
2022-01-11 19:41PM UTC

Gold prices rose on Friday, as the US dollar fell against most currencies, after Federal Reserve Chairman Jerome Powell's statements.

 

Federal Reserve Chairman Jerome Powell in his testimony before the US Congress endorsed Fed management and response to the pandemic, thanking President Joe Biden for nominating him for a second term.

 

Powell added that the Fed is committed to its targets, noting that inflation will drop and some relief would come as the economy returns to its normal state. 

 

Powell stressed that the Fed will speed up the rate hike to contain inflationary pressures.

 

The dollar index fell against a basket of major currencies by 0.4% at 95.5 points as of 19:29 GMT, after hitting a high of 96.07 points and a low of 95.5 points.

 

Gold spot prices rose 1.2% to $1,819.6 an ounce, as of 19:30 GMT.

Dow Jones falls below 36,000 in early trading

Economies.com
2022-01-11 15:31PM UTC

Most of the US stocks fell in early trading on Tuesday, amid anticipation of Federal Reserve Chairman Jerome Powell's testimony.


Fed officials recently stressed that they expect to start raising interest rates by the next March meeting.



Powell will testify before the US Congress on monetary policy, economic developments, the labor market, and the inflation rate.



The Federal Reserve meeting minutes showed discussions between members in December about the possibility of accelerating rate hikes to counter the mounting inflationary pressures.



As for stocks, Dow Jones fell 0.5% or 180 points to 35,888 points as of 15:27 GMT, S&P 500 fell 0.3% or 12 points to 4,657 points, and Nasdaq rose 0.2% or 30 points to 14,973 points.

Palladium rises above the $1,900 mark

Economies.com
2022-01-11 14:45PM UTC

Palladium prices rose on Tuesday, as concerns about central banks' monetary policies receded, and the US dollar's pressure eased on commodities and metals, such as palladium, which breached the $1,900 barrier.

 

Concerns mounted in most global markets after the release of the Federal Reserve meeting minutes, which showed hints of a sooner-than-expected interest rate hike.

 

This resulted in a jump in the US dollar and US Treasury yields, as safe havens from taking risks in assets such as stocks and industrial metals.

 

Coronavirus cases are surging in many countries around the world, as France reported more than 350,000 new cases in a single day.

 

The dollar index held against a basket of major currencies at 95.9 points as of 14:32 GMT, after hitting a high of 96.02 points and a low of 95.7 points.

 

Palladium March futures rose 0.2% to $1,913.5 an ounce as of 14:33 GMT.

Oil near 2-month high ahead of US inventories data

Economies.com
2022-01-11 14:26PM UTC

Oil prices continued to rise as the US market opened on Tuesday, resuming gains after a 2-day pause due to profit-taking, rising again near a 2-month high thanks to improved market sentiment, while the US dollar fell against its peers ahead of Jerome Powell's testimony, in addition to expectations of a drop in the US crude inventories.

 

US crude rose 2.1% to $80.10 a barrel, after opening at $78.43, and hit a low at $78.39, and Brent crude rose 1.9% to $82.58 a barrel, after opening at $80.98, and hit a low at $80.91.

 

The US crude fell 0.6% yesterday, and Brent fell 1%, due to profit-taking from the 2-month high hit on Friday.

 

The market sentiment improved globally on Tuesday, which is  reflected in the recovery of most global stocks, due to the US Treasury yields' drop for the second day in a row.

 

The dollar index fell more than 0.2% today, which lifts prices of dollar-denominated commodities.

 

The US dollar is falling as the US bonds' rally paused, ahead of Federal Reserve Chairman Jerome Powell's testimony before Congress later today.

 

The American Petroleum Institute will release later today its preliminary report on the US crude inventories, and the US Energy Information Administration will release the official data on Wednesday.

 

Otherwise, several analysts said that OPEC-Plus output hikes are less than the increase allowed under the supply cut agreement, as some countries, including Nigeria, produce less than its share.

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What is the price of Gold today?

The price of Gold is $3341.120 (2025-07-04 04:25AM UTC)