Breaking News

Amid the global turmoil, safe-haven gold sneaks higher

News Date: 20/1/2016 09:37:19
Global equity markets were hammered once again by crashing oil prices, spelling more misery and fanning recession fears around the world. In Europe, the pan-European index FTSEurofirst skidded below the 1,300 mark to a 13-month trough at 1,275, down 2.65% for the day and a massive 11.20% for the month.

Energy shares led the decliners everywhere, with Britain's FTSE index down 156 points, or 2.65% to 5,722, while Germany's DAX plunged 222 points, or 2.31% to 9,437. France's CAC 40 index plummeted 123 points, or 2.90% to 4,147.

Amid all the doom and gloom, safe havens had a field day, with gold prices jumping 14 dollars, or 1.20% to a nine-day high at $1,101.70 an ounce. The precious metal's gains come as a crucial respite after three days of continuous losses, but uniquely though, silver futures didn't tag along their yellow counterpart, dipping 4 cents, or 0.25% to $14.08 an ounce.

Safe-haven yen also had it great, surging to a year high versus the dollar at 115.98, before trimming gains to trade at 116.81, still up an impressive 0.71%. Yen advanced 0.61% against the euro to 127.47, while flirting with a two-year peak versus sterling at 165.66.

Dollar limped lower after a spate of weak data, with inflation unexpectedly dropping 0.1% m/m, while Housing Starts fell to 1.15 million in December from November's 1.18 million. The greenback index slid 0.12% to 99.06, while giving up 0.21% versus sterling to 1.4190. Euro was largely unchanged against the dollar at 1.0911.

Latest news

Curse continues... Inflation is following us to 2023 Inflation led most of the banks in the world to raise interest rates, in an attempt to reduce it . The International Monetary Fund expects that t
12-2022 30 06:28:23

Gold prices fluctuate with the reduction of dollar's losses Gold's prices varied after its positive start at the expense of the dollar’s decline, which tended to reduce its losses, while oil c
12-2022 29 03:29:32

Vladimir Putin takes revenge by Russian oil embargo President Vladimir Putin has banned Russian oil in response to the price cap. He has signed a decree retaliating against the West's imposition of
12-2022 28 03:04:38

Gold prices rose today, Tuesday, affected by the decline of the dollar, which declined by 0.3%, and gold rose by 0.4% to reach $1804.99 an ounce, and gold futures rose by 0.4% to reach $1811.90. The
12-2022 27 04:19:22

The first Saudi-Japanese ministerial dialogue meeting for energy The Saudi Prince of Energy and the Japanese Minister of Economy and Industry held a meeting in Riyadh - Saudi Arabia, in which they
12-2022 26 02:50:27

More News