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POPULAR NEWS
Gold Futures Settle at a More Than 7-Year High

Gold futures climbed on Monday to settle at their highest in more than seven years. "Fiscal and monetary stimulus will provide a nice backdrop for gold, but safe-haven demand will be high due to upcoming financial stress that will persist over the coming months as the U.S. economy enters a very dangerous place," said Edward Moya, senior market analyst at Oanda, in a market update. June gold rose $48.20, or 2.9%, to settle at $1,693.90 an ounce. That was the highest finish for a most-active...

Gold Futures Finish Lower after Brief Climb Above $1,700

Gold futures finished lower on Tuesday, easing back after briefly climbing above $1,700 an ounce for the first time since late 2012. There was a "follow through short-squeeze" in gold prices early Tuesday following Monday's sharp gain, but that morning squeeze gave way to retracement "as gold became overbought on a near-term basis," said Tyler Richey, co-editor at Sevens Report Research. June gold fell by $10.20, or 0.6%, to settle at $1,683.70 an ounce after trading as high as $1,742.60. It...

Gold slips 1% as small signs of progress against coronavirus boost stocks

Gold prices fell 1% on Tuesday, retreating from a one-month high hit earlier in the session as risk sentiment improved on wider market optimism after there were tentative signs of progress against coronavirus outbreaks in some countries. Spot gold was down 0.5% at $1,653.25 per ounce by 1024 GMT after rising to a one-month high of $1,671.40. The metal had risen as much as 2.8% on Monday. Palladium was 2.3% higher at $2,203.36 per ounce after rising more than 3% in early trading. Platinum...

Gold slips from 4-week high as dollar, equities firm on coronavirus slowdown

Gold prices eased from a four-week high on Tuesday, as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related death. Spot gold was down 0.2% at $1,657.67 per ounce, as of 01:10 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8% on Monday. U.S. gold futures rose 1.7% to $1,723. The dollar was holding close to a near two-week high scaled in the previous session. Source : Reuters

Gold scales more than 3-week peak as coronavirus hits global economies

Gold jumped 1.5% to a more than three-week high on Monday as worries over a global economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal. Spot gold was up 1.5% at $1,640.40 per ounce, after hitting its highest since March 12 earlier in the session. U.S. gold futures were up 1.7% at $1,673.30. Among other precious metals, autocatalyst palladium was down 1.7% at $2,150.87 per ounce after slipping more than 3% in early trade. Platinum gained 1% to $727.50...

RBA's Lowe Says Risk of Rate Cut Now Outweighs Likely Benefit
Friday, 7 February 2020 08:15 WIB | FISCAL & MONETARY |RBA

Australia's central bank chief Philip Lowe signaled his board is firmly on hold for now, saying further cuts to the nation's already historically-low interest rate risk doing more long-term damage to the economy than the short-term benefit they would create.

"While it's plausible that we can move toward our goals, at least right at the moment the risks have slightly tilted to outweigh the benefits," the governor told a parliamentary panel in Canberra Friday. œBut that could turn, particularly if the unemployment rate deteriorates.

He warned of œsignificant areas of uncertainty including the outbreak of coronavirus in China, the nation's largest trading partner, and said signs of rising unemployment and stalled inflation would swing the balance back toward rate cuts.

"If the unemployment rate were to be moving materially in the wrong direction and there was no further progress being made toward the inflation target, the balance of arguments would tilt toward a further easing of monetary policy," he said, in his opening statement to the panel.

The Reserve Bank of Australia kept the cash rate unchanged this week at a record low 0.75% as the labor market holds up and amid resurgent property prices. Lowe cut rates three times last year to boost economic growth and is reluctant to ease further as he fears unleashing a renewed borrowing binge.

Lowe defended the central bank™s rate cuts in recent years, saying it was responding to weakness in the economy, not causing it.

"Household confidence is weak because income growth is weak and housing prices have fallen," he said. "We're responding to that.

The central bank's key concern is consumption, which has weakened as households struggle to come to grips with high debt amid stagnant real wage growth over the past half decade. To date, they™ve used the RBA's rate cuts to pay down their mortgages faster and saved government tax rebates.

Lowe maintains that this is a normal response and suggests that once Australians have consolidated their financial position, they will resume spending. Household debt has indeed fallen recently from a record high.

The governor™s other key challenge is to push the jobless rate down sufficiently to spur wage growth and rekindle inflation, with a level of 4.5% seen as needed rather than the current 5.1%. While the economy has recorded strong employment over the past three years, it has mainly been absorbed by a swelling labor force.

All this comes against the backdrop of a disastrous summer of drought and wildfires that smashed tourism and consumption as land and wildlife were incinerated and cities inundated with acrid smoke.

The RBA estimates blazes that devastated Australia™s east coast will cut 0.2 percentage point from GDP across the final quarter of 2019 and first quarter of this year, before reconstruction efforts take hold. The upshot is it™s unlikely to impact overall annual growth.

Compounding this is coronavirus. Australia™s economic fortunes are heavily dependent on the world™s number 2 economy: China buys one-third of Australian goods and services. Halting flights to limit the spread of the virus will strike at the heart of education and tourism, some of the nation™s most valuable exports. A weaker Chinese economy also has less need for iron ore, and the price is tumbling accordingly.

œThe outbreak of the coronavirus represents a new source of uncertainty, Lowe said on Friday, adding that œmuch will depend on the success of the various efforts to control the virus. Under questioning from lawmakers, he said the virus posed a greater threat to the Australian economy than the SARs virus almost two decades ago, with reports of disruption to trading supply chains and the tourism industry.

Source : Bloomberg

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Fed and Other Top Central Banks Take Steps to Enhance Dollar-Swap Lines...
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The Federal Reserve on Friday announced it was taking steps with five major central banks to enhance the dollar swap lines designed to make dollars available to foreign institutions. In a statement, ...

POPULAR NEWS
Gold Futures Settle at a More Than 7-Year High

Gold futures climbed on Monday to settle at their highest in more than seven years. "Fiscal and monetary stimulus will provide a nice backdrop for gold, but safe-haven demand will be high due to upcoming financial stress that will persist over the coming months as the U.S. economy enters a very dangerous place," said Edward Moya, senior market analyst at Oanda, in a market update. June gold rose $48.20, or 2.9%, to settle at $1,693.90 an ounce. That was the highest finish for a most-active...

Gold Futures Finish Lower after Brief Climb Above $1,700

Gold futures finished lower on Tuesday, easing back after briefly climbing above $1,700 an ounce for the first time since late 2012. There was a "follow through short-squeeze" in gold prices early Tuesday following Monday's sharp gain, but that morning squeeze gave way to retracement "as gold became overbought on a near-term basis," said Tyler Richey, co-editor at Sevens Report Research. June gold fell by $10.20, or 0.6%, to settle at $1,683.70 an ounce after trading as high as $1,742.60. It...

Gold slips 1% as small signs of progress against coronavirus boost stocks

Gold prices fell 1% on Tuesday, retreating from a one-month high hit earlier in the session as risk sentiment improved on wider market optimism after there were tentative signs of progress against coronavirus outbreaks in some countries. Spot gold was down 0.5% at $1,653.25 per ounce by 1024 GMT after rising to a one-month high of $1,671.40. The metal had risen as much as 2.8% on Monday. Palladium was 2.3% higher at $2,203.36 per ounce after rising more than 3% in early trading. Platinum...

Gold slips from 4-week high as dollar, equities firm on coronavirus slowdown

Gold prices eased from a four-week high on Tuesday, as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related death. Spot gold was down 0.2% at $1,657.67 per ounce, as of 01:10 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8% on Monday. U.S. gold futures rose 1.7% to $1,723. The dollar was holding close to a near two-week high scaled in the previous session. Source : Reuters

Gold scales more than 3-week peak as coronavirus hits global economies

Gold jumped 1.5% to a more than three-week high on Monday as worries over a global economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal. Spot gold was up 1.5% at $1,640.40 per ounce, after hitting its highest since March 12 earlier in the session. U.S. gold futures were up 1.7% at $1,673.30. Among other precious metals, autocatalyst palladium was down 1.7% at $2,150.87 per ounce after slipping more than 3% in early trade. Platinum gained 1% to $727.50...

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