Posted on

Gold steady as investors eye U.S. data for economic cues

Gold prices hovered around the important mark of $2,000 per ounce as investors sought clarity on the trajectory of the Federal Reserve’s rate hike from US economic data. Spot gold remained at $1,999.09 per ounce, while US gold futures edged up 0.3% to $2,010.20. The upcoming Federal Open Market Committee meeting on 2-3 May was also being watched, as higher interest rates make gold less attractive compared to other investments. Silver ticked up 0.1% to $25.06 per ounce, platinum rose 0.7% to $1,094.12, and palladium climbed 1% to $1,498.95.
Posted on

Oil prices slide on uncertainty over global economic outlook, rate hikes

Oil prices decreased due to growing concerns about global demand and interest rates, overriding the support from tighter supplies due to the OPEC+ supply cuts. Although China has shown record crude imports in March, its bumpy economic recovery post COVID-19 and weaker refining margins have clouded its oil demand outlook. Moreover, weaker US economic data, disappointing corporate earnings from the tech sector, and stabilising US dollar and climbing bond yields have put pressure on commodity markets. However, analysts remain bullish about the second half of 2023, as China’s oil demand recovery is expected to offset the slowdown in OECD demand.
Posted on

Asia stocks off to slow start in earnings-rich week

Asian shares began slowly on Monday as the week brings economic data, central bank meetings and tech giants’ earnings. MSCI’s Asia-Pacific shares eased 0.1%, and futures from Nasdaq and S&P 500 edged 0.2% lower in anticipation of earnings announcements this week. BOJ meets at the end of the week, with the first meeting chaired by its new governor, Kazuo Ueda. The yen has steadily weakened against the euro in the past few weeks. The US House of Representatives might vote on a Republican plan to increase the debt ceiling by cutting expenditure in the coming week with weak tax receipts putting government at a risk of default.