Low liquidity ahead of hopes for support from Federal Reserve minutes
— Gold prices hit a six-month high on Tuesday in thin trading, with the market’s attention turning to minutes from the US Federal Reserve’s latest policy meeting due this week.
“We’re seeing a slight bid for gold and the $1,830 level appears to be a bit of a magnet. But with liquidity very low this time of the year, it appears to be technical buying as opposed to fundamentally driven,” said Matt Simpson, a senior market analyst at City Index. Minutes from the Fed’s December policy meeting are due on Wednesday, which could offer hints on the central bank’s tightening path. The Fed raised rates by 50 basis points in December after four consecutive increases of 75 bps each.
The dollar and yield movements will be a key focus for the gold market, Ole Hansen, head of commodity strategy at Saxo Bank said in a note dated Monday.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WATCH | 'Morale at Eskom low' - analystEskom’s electricity crisis is a poverty of energy capacity, money and soul.
Read more »
Petrol and diesel price cuts CONFIRMED for January: It's GREAT news!The Department of Energy has confirmed the official petrol and diesel price changes for January 2023 - and it's SUPER news!
Read more »
Solar price war may help spur China's renewable energy push | BusinessSolar equipment makers are in a fierce competition to cut wafer prices, providing some relief for China's efforts to install a massive amount of renewable power and reach ambitious climate targets. | News24_Business
Read more »
Lithium miner sees 25% price drop in boon for electric vehicles | BusinessLithium's going to get less expensive in 2023, according to a Chinese supplier of the battery metal, potentially offering some relief to electric-vehicle makers squeezed by soaring costs. | News24_Business
Read more »
Fuel price may hit R40 a litre | City PressAs the price of oil continues to rise, driving petrol prices to record levels, global instability may push the price of a barrel of Brent even higher, fanning inflation across the board.
Read more »
Motorists, here's some news that should get 2023 off to a good startMotorists can expect significant fuel price reductions next week, with the prices of both grades of petrol, diesel and illuminating paraffin coming down, says the Automobile Association.
Read more »