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POPULAR NEWS
Gold futures log highest finish since September 2011

Gold futures marked their highest finish in nearly nine years, after climbing to nearly $1,810 an ounce during Tuesday's session. Prices had seen a "routine downside correction following recent gains" in early Tuesday action, that was "once again seen as a value-buying opportunity in the yellow metal, on strong notions more price appreciation lies ahead," said Jim Wyckoff, senior analyst at Kitco.com, in a market update. August gold rose $16.40, or 0.9%, to settle at $1,809.90 an ounce. That...

Gold futures up a fourth straight session to mark another finish at the highest since 2011

Gold futures climbed for a fourth straight session on Wednesday to mark another finish at their highest since September 2011. The move for gold above $1,800 is not surprising given "so many positive price drivers in its favor, with the key player being negative real rates," said Peter Spina, president and chief executive officer at GoldSeek.com. He does not expect to see a meaningful pullback in gold until it breaks past $2,000. On Wednesday, August gold rose $10.70, or 0.6%, to settle at...

Oil moves lower as Covid-19 cases spark demand fears

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude futures declined by 24 cents, or 0.56%, to $42.86. West Texas Intermediate crude futures fell 1 cent, or 0.02%, to settle at $40.62 per barrel. œOil prices are lower today on concerns that the surge in coronavirus cases in the U.S. will limit a recovery in fuel demand, RBC said. Sixteen U.S. states have reported record...

Wall Street ends lower after strong recent rally as COVID cases mount

U.S. stocks eased on Tuesday as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as new U.S. coronavirus cases rose further. Large parts of the United States reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida™s greater Miami area rolled back its reopening. Unofficially, the Dow Jones Industrial Average fell 396.5 points, or 1.51%, to...

Gold Prices Extend Climb to 9-Year High as Traders See Few Limits to Central-Bank Stimulus

Gold futures climbed on Wednesday, building on their highest settlement since September 2011 a day earlier and supported by the prospect of a lengthy period of government and central bank stimulus to support economies harmed by the COVID-19 pandemic. On Tuesday, the Federal Reserve's No. 2, Richard Clarida, did little to disabuse investors of the view that the Fed would do whatever it takes to limit the damage from the viral outbreak. Precious metals have benefited from loose monetary policy...

ECB's Lagarde Defends Bond Buys Against Northern Challenge
Tuesday, 9 June 2020 00:00 WIB | FISCAL & MONETARY | ECBLagarde

European Central Bank President Christine Lagarde on Monday defended the aggressive stimulus measures taken by the ECB in response to the coronavirus pandemic, saying they are proportionate to the risk faced by the euro zone.

Lagarde was facing criticism from conservative lawmakers from the Netherlands and Germany at a hearing in the European Parliament, with one comparing her to the ill-fated French queen Marie Antoinette.

The ECB's massive purchases of government bonds have already come under fire from Germany's Constitutional Court, which has given it three months to justify them or lose the German Bundesbank as the main buyer in its flagship debt-buying scheme.

Lagarde emphasised that the ECB took into account "proportionality when making decisions and carried out a "cost-benefit analysis ” two keywords from the German verdict.

"Our crisis-related measures are temporary, targeted and proportionate ... to the severe risks to our mandate that we are facing, Lagarde told EU lawmakers.

She said the ECB would assist the Bundesbank in addressing the court's concerns.

But Derk Jan Eppink, elected in the Netherlands for the European Conservatives and Reformists Group, said the ECB's massive debt purchases served the purpose of keeping southern countries afloat.

He peppered his remarks with references to Charles Dickens' novel David Copperfield, where a character ends up in prison after running up too much debt, and to Marie Antoinette, who was nicknamed 'Madame Deficit' and guillotined during the French Revolution after a life of opulence and excess.

"Had Charles Dickens lived today, he probably would describe you as 'la Marie Antoinette de la dette' (the Marie Antoinette of debt), he said.

The ECB expanded its Pandemic Emergency Purchase Programme (PEPP) to 1.35 trillion euros ($1.53 trillion ) last week and extended it at least until June 2021.

While the German court ruling refers to a different ECB bond-purchase scheme, Markus Kerber, one of the co-plaintiffs in the case, told Reuters on Friday that PEPP may fall foul of a ban on bankrolling governments.

Lagarde said in her testimony the ECB's policy would "make sure that higher borrowing needs by fiscal authorities ... (will) not translate into materially higher interest rates for the private sector.

The ECB gobbled up all of Italy's new debt in April and May but merely managed to keep the country's borrowing costs steady, data showed on Tuesday. Italy, already highly indebted, is among the countries worst-hit by the coronavirus.

Source : Reuters

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POPULAR NEWS
Gold futures log highest finish since September 2011

Gold futures marked their highest finish in nearly nine years, after climbing to nearly $1,810 an ounce during Tuesday's session. Prices had seen a "routine downside correction following recent gains" in early Tuesday action, that was "once again seen as a value-buying opportunity in the yellow metal, on strong notions more price appreciation lies ahead," said Jim Wyckoff, senior analyst at Kitco.com, in a market update. August gold rose $16.40, or 0.9%, to settle at $1,809.90 an ounce. That...

Gold futures up a fourth straight session to mark another finish at the highest since 2011

Gold futures climbed for a fourth straight session on Wednesday to mark another finish at their highest since September 2011. The move for gold above $1,800 is not surprising given "so many positive price drivers in its favor, with the key player being negative real rates," said Peter Spina, president and chief executive officer at GoldSeek.com. He does not expect to see a meaningful pullback in gold until it breaks past $2,000. On Wednesday, August gold rose $10.70, or 0.6%, to settle at...

Oil moves lower as Covid-19 cases spark demand fears

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude futures declined by 24 cents, or 0.56%, to $42.86. West Texas Intermediate crude futures fell 1 cent, or 0.02%, to settle at $40.62 per barrel. œOil prices are lower today on concerns that the surge in coronavirus cases in the U.S. will limit a recovery in fuel demand, RBC said. Sixteen U.S. states have reported record...

Wall Street ends lower after strong recent rally as COVID cases mount

U.S. stocks eased on Tuesday as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as new U.S. coronavirus cases rose further. Large parts of the United States reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida™s greater Miami area rolled back its reopening. Unofficially, the Dow Jones Industrial Average fell 396.5 points, or 1.51%, to...

Gold Prices Extend Climb to 9-Year High as Traders See Few Limits to Central-Bank Stimulus

Gold futures climbed on Wednesday, building on their highest settlement since September 2011 a day earlier and supported by the prospect of a lengthy period of government and central bank stimulus to support economies harmed by the COVID-19 pandemic. On Tuesday, the Federal Reserve's No. 2, Richard Clarida, did little to disabuse investors of the view that the Fed would do whatever it takes to limit the damage from the viral outbreak. Precious metals have benefited from loose monetary policy...

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