Breaking News

Gold hits three-week high as dollar struggles

News Date: 11/4/2016 02:14:04
Safe-haven gold prices rose on Monday as the dollar slid to a fresh 17-year low against Japan's yen, helping the greenback-denominated futures become cheaper to holders of other currencies, while sliding stocks in Asia messed with the investors' risk appetite, pushing them towards safer alternative investments like the precious metal.

Gold futures hut a three-week high at $1,254 an ounce, while last trading at $1,251, up seven dollars on the day, or 0.60%, while silver futures added six cents, or 0.43% to hover around $15.45 an ounce.

The dollar dropped to a fresh 17-month nadir against the revived yen at 107.65, down 0.25% on the day, while the index, which tracks the U.S. currency against a basket of rivals, fell 0.08% to 94.14. The euro inched up 0.06% to move around 1.1408.

Japan's Nikkei suffered losses today as a stronger yen made exports less competitive abroad, with the index falling 0.44%, while Australian shares gave up 0.15%. China's Shanghai index bucked the trend, jumping nearly two percent on hopes of government stimulus.  

Crude prices slipped on profit taking after soaring over six percent in Friday, with Brent down 11 cents, or 0.25% at $41.84 a barrel, while U.S. crude edged down 14 cents, or 0.38% to trade at $39.56 a barrel.

The only noticeable data awaited today is Italia's industrial production in February, expected to have fallen 0.8% m/m, compared to January's 1.9% surge, which would be mildly negative for the common currency.

Latest news

Crude oil futures declined. According to the New York Stock Exchange, crude oil futures were traded in November at a price of 86.12 dollars a barrel, ie, it decreased by 0.46%. And in light of OPEC
10-2022 05 04:16:02

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

More News