Continued Rise in Gold Prices

Gold prices maintained their gains above the $2,100 level during Wednesday’s trading,
nearing the previous session’s record high,
due to increasing expectations of a mid-year cut in U.S. interest rates.

Topic

Gold

Nikkei

Market News

Gold

Traders await statements from Federal Reserve Chairman Jerome Powell regarding the health of the economy for further clarity.
Spot gold prices reached a record level at $2,141.59 per ounce during Tuesday’s trading, rising for the fifth consecutive session.
The surge in gold prices is attributed to positive sentiments influenced by weak U.S. economic data last week,
indicating the possibility of an interest rate cut in June.
Traders expect gold to experience profit-taking in the absence of other influential factors,
such as dollar movements or geopolitical tensions.

Nikkei

Rise in Japanese Nikkei Index:

The Japanese Nikkei index closed at an extremely marginal high in the second session on Wednesday,
influenced by the decline in technology stocks following weak performance by their U.S. counterparts on Tuesday.
The technology sector performed the worst on the Nikkei index and the broader market overall.
Additionally, the machinery and electrical appliances sectors topped the list of
the three lowest-performing sectors among the 33 sub-sectors on the Tokyo Stock Exchange.
The Nikkei index ended Wednesday with a slight decline of 0.02% at 40,090.78 points,
after surpassing the previous all-time closing high on Monday at 40,109.23 points on multiple occasions.
However, the index did not quite approach the challenge of the record high set during Monday’s session at 40,314.64 points.

Market News

Markets Await Several Key News:

Traders are cautious ahead of Federal Reserve Chairman Jerome Powell’s testimony before Congress,
in addition to the European Central Bank’s decision on interest rates and U.S. job reports this week.
Regarding cryptocurrencies, Bitcoin regained some new momentum,
although it did not reach its highest record levels during the volatile previous trading session.
The dollar was affected by a lack of stimuli, leading to narrow trading after its Tuesday decline following
data indicating a slowdown in the growth of the U.S. service sector last month.
The U.S. job reports for February, scheduled for release on Friday,
are seen as a test for interest rate expectations and could disrupt markets if they bring positive surprises.
Traders are also awaiting the first session of Federal Reserve Chairman Jerome Powell’s testimony before Congress to discuss the economic situation.
The U.S. central bank is expected to reaffirm its stance of waiting for more data before making any decisions regarding interest rates.
The movement of the dollar index, which measures the performance of the U.S. currency against a basket of six currencies,
revolves around the level of 103.76.

Continued Rise in Gold Prices

Continued Rise in Gold Prices

Related Topics