Page 67 - Us Fed News Today

Gold, silver prices on October 18: On Tuesday, one gram of 22 carat gold is being sold at Rs 4,661, up from Rs 4,660 a day ago. Meanwhile, an equal quantity of 24-carat gold is available at Rs 5,083, as against Rs 5,083 on Monday. Silver prices touched to Rs 60,500 per kg.

The positive global sentiment might ebb as US CPI data has revealed high inflation, and will trigger more interest rate hikes by the US Fed.

In the international market, the yellow metal prices were steady on Thursday as market participants were reluctant to make big moves ahead of key US inflation readings, which could help predict Federal Reserve's next course of action.

The Bank of Korea (BOK) took another “big step” rate hike of half a percentage point Wednesday in a bid to fight inflation and prevent a possible capital flight amid the sharp depreciation of the Korean currency against the U.S. dollar. It was the second outsized rate increase following one in July, and the fifth consecutive monetary tightening since April. Wednesdays decision sent the nations benchmark rate back to 3 percent for the first time since October 2012.

Gold, silver prices: In international markets, the yellow metal was down 0.7 per cent at $1,682 per ounce as renewed bets of sharp rate hikes by Fed lifted US dollar. The dollar index rose 0.2 per cent, making gold costlier for buyers holding other currencies.

Strong employment numbers in the US mean that the US Fed won't be going slow with rate hikes anytime soon.

Economists expect that China’s economy grew by 3.5 per cent during the recently ended third quarter, and more must be done to restore market confidence and avoid ‘persistent and structural economic damage’.

In the international market, gold prices were firm on Friday ahead of the US jobs report. Gold prices have risen about 3 per cent so far this week, due to a retreat in the dollar and Treasury yields from multi-year peaks.

All three major indexes ended sharply lower, having reversed a brief rally early in the session. The Dow lost 1.7 per cent, and the S&P 500 and Nasdaq both shed a percent and a half.

China’s zero-Covid strategy, inflation and an energy crisis in Europe are likely to put a damper on the global economy until 2024, say economists.