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POPULAR NEWS
Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Hong Kong stocks open lower on Monday trading

Hong Kong stocks eased in the first few minutes of trade on Monday following big losses at the end of last week, while investors ignored a record lead from Wall Street. The Hang Seng Index dipped 0.07 percent, or 19.34 points, to 28,828.77. The benchmark Shanghai Composite Index inched up 0.06 percent, or 1.89 points, to 3,268.03 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.11 percent, or 2.01 points, to 1,899.19. Source: AFP

Gold is spiking as North Korea tension rises - but if war breaks out things could change
Saturday, 12 August 2017 04:44 WIB | GOLD CORNER |HANG SENGSaham Hong KongIndeks Hang Seng

Gold has rallied 2.3% this week on the heels of renewed tension with North Korea. It is trading at its best level in two months, and is threatening to crack the $1,300 level for the first time since the day following the US presidential election.

Gold is viewed as a safe haven asset that investors flock to during periods of uncertainty. Amid this renewed flare-up in tensions with North Korea, Capital Economics decided to take a look at how the precious metal has responded to geopolitical risk events since 1985. What the research firm found might surprise you.

According to analyst Simona Gambarini, the price of gold œtends to rise in anticipation of a conflict but often falls when tensions turn into a full-blown war.

Additionally, US-focused events tend to have a bigger impact. œThis is mainly due to the fact that in the event of a crisis involving the US directly, investors are more likely to seek refuge in an asset like gold which bears no country risk and also benefits when the dollar depreciates, Gambarini writes.

Finally, not every conflict impacts the price of gold. œIndeed, the biggest increases in the price of gold have occurred when the US bombed Libya in 1986, in the wake of the Gulf War in 1990, and, more recently, when ISIS attacks put oil supplies in the Middle East at risk.

As for where gold can go from here, Capital Economics says that œuntil there is some certainty as to how the current geopolitical situation will evolve, gold prices are likely to remain well supported and could even rise above $1,350 per ounce.

Interestingly, the charts are also pointing to the possibility of a jump in gold prices. On Thursday, DoubleLine Capital CEO Jeffrey Gundlach noted that gold™s chart had a cup and handle pattern, and said it was œone of the most bullish chart patterns out there.

Doing some basic technical analysis, a breakout above the $1,300 level puts a move into the $1,460 area in the crosshairs.

Gold is up 11% so far this year.

Source: Business Insider

 

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POPULAR NEWS
Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Hong Kong stocks open lower on Monday trading

Hong Kong stocks eased in the first few minutes of trade on Monday following big losses at the end of last week, while investors ignored a record lead from Wall Street. The Hang Seng Index dipped 0.07 percent, or 19.34 points, to 28,828.77. The benchmark Shanghai Composite Index inched up 0.06 percent, or 1.89 points, to 3,268.03 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.11 percent, or 2.01 points, to 1,899.19. Source: AFP

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