Nov 28, 2023: Amidst a backdrop of market fluctuations and a weakening US dollar, investors are witnessing gold prices soar to a seven-month peak, signaling a strategic shift towards the precious metal in portfolios. The current economic environment, coupled with expectations of a policy shift by the Federal Reserve, has bolstered the appeal of gold. Recognized for its historical performance during inflationary times, gold is increasingly seen as an indispensable asset for preserving purchasing power, especially when interest rates remain low. The rise in gold’s valuation is also being driven by heightened demand during India’s wedding season, further establishing its…
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Nov 28, 2023: The cryptocurrency Ethereum, currently holding a market capitalization near $250 billion and standing as the second-largest by market size, has been displaying signs of a potential uptick. Analysts have identified a bullish triangle pattern on the Ethereum chart, which has been forming since mid-2022 following Terra’s collapse. This pattern suggests that if Ethereum can break through the key resistance level above $2,100, and particularly if it crosses the $2,200 mark, it could set off a significant rally toward its all-time high of $4,800. The current price of Ethereum hovers around $2,047, which is substantially lower than its…
Nov 28, 2023: After months of anticipation following a pivotal legal decision, Ripple faces criticism for a perceived slowdown in the adoption of its associated cryptocurrency, XRP. Despite a favorable ruling from Judge Torres in July clarifying XRP’s status, Ripple has been contending with an SEC lawsuit that has hampered its ability to grow and secure new partnerships. Today, the surge in XRP’s price to $0.6199 was accompanied by a notable increase in trading volume. This uptick comes as the legal proceedings against Ripple edge toward a resolution next year. The lawsuit, which centers on whether Ripple conducted unregistered securities-like…
Nov 27, 2023: Most Asian stocks fell on Monday tracking weak signals from China, while anticipation of a string of key economic readings this week kept markets largely on edge. Chinese stocks were the worst performers for the day, with the Shanghai Shenzhen CSI 300 and SSEC indexes down 1.1% and 0.7%, respectively, after data showed a sustained decline in the country’s industrial profits. Hong Kong’s Hang Seng index lost 0.7%, weighed chiefly by mainland stocks. The readings showed that China’s biggest economic engines remained under pressure, and also came as investor grew impatient over more stimulus measures from Beijing.…
Nov 27, 2023: Oil prices fell in Asian trade on Monday as markets remained uncertain over more production cuts by the OPEC+ after a delay in a meeting this week, while anticipation of a string of key economic readings also kept traders on edge. Crude prices sank for a fifth straight week as hopes of more supply cuts by the Organization of Petroleum Exporting Countries and allies (OPEC+) were largely offset by a delay in the meeting, to Nov. 30 from Nov. 26, especially as reports suggested the delay was caused by disagreements over planned production cuts. Brent oil futures…
Nov 27, 2023: Gold prices came close to a one-month high on Monday, rising past key levels as caution before a string of key economic readings fed safe haven demand for the yellow metal. Weakness in the dollar, amid growing bets that the Federal Reserve was done raising interest rates, also benefited the yellow metal, as did signs of weakening economic conditions across the globe. Spot gold rose 0.5% to $2,013.69 an ounce, while gold futures expiring in December rose 0.6% to $2,014.35 an ounce by 00:15 ET (05:15 GMT). Both instruments were now comfortably above the $2,000 level after…
Nov 27, 2023: Most Asian currencies weakened slightly on Monday, while the dollar steadied as traders hunkered down before a string of key economic readings due this week. Mixed signals from China weighed on sentiment, as data showed a sustained, albeit narrowing decline in industrial profits. Top Chinese government officials called on Beijing to unlock more financial support for local businesses amid a slowing economic recovery. The yuan fell 0.1%, following a slightly weaker daily midpoint fix by the People’s Bank of China. Focus this week was on purchasing managers index (PMI) data for November, due on Thursday, for more…
Nov 27, 2023: The recent weeks have seen a significant shift in the Bitcoin network’s dynamics, with transaction fees experiencing a notable decrease while miner revenue for November outstripped that of the previous month. On Thursday, data analysis revealed that the average cost of Bitcoin transaction fees had fallen to $5.89, with the median fee at $2.86. This marked a substantial drop from the fees earlier in the month, which had risen above $18 per transaction. Despite the lower fees, blockchain usage remained robust, with around 347,791 inscriptions processed on that day. The network’s activity had surged around Saturday last…
Nov 24, 2023: Asian currencies kept to a tight range on Friday, while the dollar moved little as a U.S. market holiday made for scant trading, although focus now turned to key business activity readings due later in the day. Most regional currencies were set for some weekly gains amid growing conviction that the Federal Reserve was done raising interest rates. This notion had put the dollar at near three-month lows at the beginning of the week. But the greenback saw some strength in recent sessions, following strong U.S. labor data and some hawkish signals from the minutes of the…
Nov 24, 2023: Oil prices rose slightly in Asian trade on Friday as traders remained on edge over a delay in an OPEC+ meeting, although expectations of more supply cuts by the cartel put prices on course to break a four-week losing streak. Trading volumes were muted with U.S. markets closed for the Thanksgiving holiday. While crude prices were set to rise for the week, gains were paltry after an unexpected delay in a meeting of the Organization of Petroleum Exporting Countries and allies (OPEC+). The meeting was delayed to November 30 from November 26, with media reports suggesting some…
