(Bloomberg) Asia stocks face a muted start to the week as traders await U.S. jobs data and Federal Reserve speakers to gauge the pace of the economic recovery. The dollar was steady in early Sydney trading.
Holidays in the U.S. and U.K. on Monday are likely to keep trading subdued in Asia.
(Bloomberg) The glut of spare cash in dollar funding markets is combining with inflation concerns to stoke debate among investors about just how soon the Federal Reserve might have to take its foot off the accelerator.Bond traders are keenly attuned to the buildup of dollars in short-term interest-rate markets, an overabundance reflected in the amount of money sitting and earning absolutely nothing at the Fed’s reverse repo facility. For some, that’s yet another sign that the so-called quantitative easing program ought to be dialed back from its current pace of $120 billion a month, although others say that the central bank facility is acting like it should, as a safety valve, and also point to the other factors fueling the oversupply.Either way, the cash pile and whether the usage of the Fed’s facility resumes its upward trajectory after slipping on Friday is set to be a key focus for traders in the coming week along with crucial U.S. jobs data, which may giv
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Time to buy? Dubai gold prices drop
Photo: ANI
Globally, spot gold was down 0.23 per cent to $1,880.15 an ounce by 8.15am UAE time.
Gold prices fell in Dubai and worldwide on Tuesday morning as investors digested comments by US Federal Reserve officials that sought to assuage inflation concerns.
In the UAE, 24K gold prices fell from Dh228.25 per gram on Monday morning to Dh227.50 at the opening of the trade on Tuesday. Meanwhile, 22K fell from Dh214.25 to Dh213.75; 21K from Dh204.5 to Dh204.0; and 18K from Dh175.25 to Dh174.75.
Globally, spot gold was down 0.23 per cent to $1,880.15 an ounce by 8.15am UAE time.
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Gold is close to erasing this yearâs decline as investors turn more bullish on the precious metal, with holdings in bullion-backed exchange-traded funds on an uptrend. While market-based measures of inflation expectations have dipped, traders remain cautious about price pressures as well as flareups in Covid-19 cases in some parts of the world.
âFed speak continues to support the idea that inflation in the US will be transitory and that is good enough to keep short-term bullish momentum in place for gold,â said Edward Moya, senior market analyst with Oanda Corp. âGold continues to face resistance from the $1 900 level, so if the dollar stabilises over the next couple of sessions, bull