Breaking News

Precious metals take a back seat as equities power ahead

News Date: 25/2/2016 09:08:00
Safe havens like precious metals and Japan's yen fell on Thursday as European stocks surged, recovering some of their heavy losses in the previous two days, while ignoring a six-percent slump in China's stock markets, and also shrugging off sliding oil prices, which would have normally dragged stocks lower with them.

Gold futures lost four dollars, or 0.33% to trade at $1,234 an ounce, edging steadily away from a one-year high at $1,260, while silver futures recorded a bigger loss, dropping 13 cents, or nearly 0.90% to hover around $15.16 an ounce.

European shares made deep inroads as short traders take profits from recent tumbles, with the pan-European index FTSEurofirst 300 climbing about two percent to 1,283, while Germany's DAX jumped 186 points, or a little more than two percent to trade at 9,352. Britain's FTSE index surged 150 points, or 2.60% to hover around 6,021, creeping back above 16,000 again for now.

Oil prices returned lower today on oversupply worries, as expectations fade for any near major production cut to ease the glut choking the markets around the world. Brent futures slipped 20 cents, or 0.55% to $34.21 a barrel, while U.S. crude futures fell 24 cents, or 0.80% to trade at $31.88 a barrel.

Safe-haven yen tumbled today as risk sentiment grew alive again, registering a 0.50% loss against the dollar to hover around 112.77, while the Swiss franc similarly gave up half a percentage point to trade at 0.9936. Other than that, the dollar index was largely flat, trading near its closing level at 97.55.

Latest news

The US dollar fell to its lowest level in two weeks at the beginning of trading on Tuesday, due to the high risk sentiment, while the sterling pound maintained its recent gains after the British gove
10-2022 04 07:12:28

Japanese stocks opened today’s trading on a positive note, dragging its indices to the upside, especially chips and energy stocks. So, the Nikkei index rose by 1.07% to reach 26,215.79 points,
10-2022 03 03:36:24

Wall Street closed yesterday evening sharply lower, because of some economic concerns related to inflation, which could reflect negatively on the US economy, not also this, but also the investor's c
09-2022 30 03:07:57

The futures contracts for oil witnessed an increase, as it rose by 0.16%. According to the New York Mercantile Exchange, the futures contracts for crude oil were traded in November at 82.02 dollars p
09-2022 29 02:42:06

Bitcoin, the largest cryptocurrency by market capitalization, managed to exceed the $20,000 level, rising by more than 5%, to $20,286 in particular. Followed by Ether, the second largest cryptocurren
09-2022 27 00:49:52

More News