Tag: US inflation

  • MCX Gold Prices Slide 0.12% to ₹1,53,950 as Oil Rises and US Inflation Data Looms

    MCX Gold Prices Slide 0.12% to ₹1,53,950 as Oil Rises and US Inflation Data Looms

    Gold futures on the Multi Commodity Exchange (MCX) edged lower on Wednesday, September 10, as market participants adopted a cautious stance ahead of key US inflation data and the Federal Reserve’s upcoming policy decision. The October gold contract fell 0.12% to ₹1,53,950 per 10 grams, while September silver futures declined 0.34% to ₹2,43,375.

    In the energy markets, Brent crude futures slipped 0.16% to $101 per barrel, while US West Texas Intermediate (WTI) edged up 0.06% to $96.11 per barrel. Rising oil prices often fuel inflation concerns, adding to the uncertainty surrounding gold’s short-term direction.

    According to the CME FedWatch Tool, markets are currently pricing in a 39.8% probability that the Fed will hold rates steady in September and a 60.2% chance of a rate hike. Higher interest rates typically weigh on gold, a non-yielding asset.

    Domestic Gold Prices

    Despite the dip in futures, spot gold prices in India moved higher. 24K gold rose by ₹120 to ₹1,55,510 per 10 grams, and 22K gold advanced by ₹110 to ₹1,42,550. Regionally, Mumbai and Kolkata quoted 24K gold at ₹1,55,510, Delhi at ₹1,55,660, and Chennai at ₹1,55,510.

    US Gold Prices

    In international markets, spot gold traded 0.3% higher at $4,412.84 per ounce, supported by a softer dollar. However, US gold futures for December delivery edged 0.1% lower to $4,457.10. Spot silver rose 0.2% to $67.42 per ounce, platinum fell 0.6% to $1,885.02, and palladium gained 0.2% to $1,355.50.

    “For now, the geopolitical developments in the Persian Gulf are of secondary importance to gold. Gold instead is teeing off on a weaker dollar, which notably is not moving up despite the fact that US rates are going higher,” said Edward Meir, analyst at Marex.

    Daniel Hynes, senior commodities strategist at ANZ, noted that gold is supported “as US fiscal pressures continue to undermine confidence in the long-term value of government debt and the currency used to finance it.”

    Key Levels to Watch

    On MCX, gold has support at ₹1,52,500 and ₹1,51,650, while resistance is seen at ₹1,54,400 and ₹1,55,500. For silver, support lies at ₹2,41,400 and ₹2,39,100, with resistance at ₹2,45,800 and ₹2,48,000.

  • FTSE 100 Opens Lower as Oil Nears $100; Computacenter Profit Forecast Lifts Sentiment

    FTSE 100 Opens Lower as Oil Nears $100; Computacenter Profit Forecast Lifts Sentiment

    The FTSE 100 opened 16.06 points lower at 10,806.07 on Tuesday as investors awaited fresh direction from the European Central Bank’s interest rate decision and upcoming US inflation figures. Brent crude futures rose 1.75% to $98.70 per barrel, while US West Texas Intermediate (WTI) advanced 2.89% to $94.12 per barrel.

    Sterling traded at $1.3538 on Tuesday morning, up from $1.3516 at the London equities close on Monday. Against the euro, it slipped to €1.1624 from €1.1638.

    Gainers and Losers

    On the upside, Computacenter climbed 4.64% to 5,860p after upgrading its profit forecast for the second time this year. Auto Trader Group advanced 3.60% to 523.60p, while Antofagasta gained 1.51% to 3,957p. Croda International rose 1.50% to 3,312p, BP added 1.43% to 554.20p, and Glencore increased 1.42% to 612.40p.

    On the downside, HSBC Holdings fell 1.43% to 1,556.40p. Next declined 1.16% to 15,320p, while Whitbread dropped 1.02% to 2,324p. Games Workshop Group slipped 0.71% to 18,270p, Lion Finance Group lost 0.67% to 13,420p, and AstraZeneca edged 0.60% lower to 11,970p.

    Oil Nears $100 Per Barrel

    Oil prices have surged, nearing the $100 per barrel mark. Brent crude gained 1.75% to reach its highest level since July. Reports that Iran-backed Houthis attacked a Saudi energy plant have added fresh pressure on investors. Earlier today, Iran threatened new sanctions on tankers attempting to travel through the Strait of Hormuz.

    Computacenter Increases Profit Forecast

    Computacenter upgraded its profit forecast for the second time this year after its order backlog quadrupled in the last six months. The IT supplier expects to bring in no less than £380 million in pretax profit for the year, well above the previous consensus of £341 million. The order backlog reached a record £9.3 billion, up 323% year-on-year. The group, promoted to the FTSE 100 in the June reshuffle, hiked its dividend by nearly 15% to 27.1p.

    Funding Circle Lifts Profit Forecast

    The boss of Funding Circle has laid out plans for departure as the fintech lifted its profit forecast for the year ahead. Lisa Jacobs, who has led the firm since 2022, will step down as chief executive by no later than September 2027. Revenue jumped 50% to £138 million after loan originations swelled 43% to just over £1 billion. The firm expects profit to reach over £40 million for the year, upgraded from previous expectations of £35 million. Funding Circle also announced a fresh £25 million buyback, bringing total capital returned via buybacks to £100 million since March 2024.

    Global Market View

    In the US, Wall Street was closed on Monday for the Labor Day holiday. In Asia on Tuesday, Tokyo’s Nikkei 225 fell 1.7% to 65,269.33, while China’s Shanghai Composite rose 0.2%. Hong Kong’s Hang Seng declined 0.32%, and South Korea’s Kospi declined 0.58%. In India, both the Nifty 50 and the Sensex fell by 0.54% and 0.59%, respectively.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks involve risk. Always conduct your own research before investing.

  • MCX Gold Rises 0.54% to ₹1,41,066 as Brent Crude Gains and US Inflation Data Awaited

    MCX Gold Rises 0.54% to ₹1,41,066 as Brent Crude Gains and US Inflation Data Awaited

    Gold traded higher on MCX on July 14, following gains in global bullion prices as investors bought at lower levels. August gold futures rose 0.54% to ₹1,41,066. September silver futures advanced 0.64% to ₹2,19,109. Meanwhile, Brent crude futures rose 1.69% to $84.71 per barrel, and US West Texas Intermediate (WTI) advanced 1.92% to $79.64 per barrel.

    According to the CME FedWatch Tool, traders now expect a 76% chance of a September rate hike by the Fed, up from 57% last week.

    Domestic Gold Prices
    24K gold fell by ₹11 to ₹1,42,800 per 10 grams, while 22K gold declined by ₹10 to ₹1,30,900. By city, Mumbai and Kolkata mirrored prices at ₹1,42,800, Delhi at ₹1,42,950, and Chennai at ₹1,43,460.

    US Gold Prices
    US gold rose on Tuesday after hitting a two-week low earlier in the session, as markets awaited key US inflation data amid escalating US-Iran tensions driving oil prices higher. Spot gold was up 0.3% at $4,013.93 per ounce. US gold futures for August delivery gained 0.4% at $4,020.80. Spot silver inched 0.1% lower to $57.60 per ounce, having earlier touched a two-week low. Platinum fell 0.5% to $1,597.52, and palladium rose 0.6% to $1,254.82.

    Key Levels to Watch
    “You have a situation where the markets probably don’t want to commit. They have a big batch of event risks in front of them. There’s, of course, the Warsh testimony and then the CPI print, so there’s a lot for people to look at in addition to the headlines out of the Middle East,” said Ilya Spivak, head of global macro at Tastylive.

    Internationally, gold price has support at $3,955–$3,910 and resistance at $4,040–$4,085 per troy ounce. Silver has support at $56–$54.40 and resistance at $59.10–$60.60 per troy ounce.

    On MCX, gold price may find support at ₹1,39,100–₹1,37,700 and resistance at ₹1,41,400–₹1,42,200. MCX silver has support at ₹2,16,000–₹2,12,400 and resistance at ₹2,20,000–₹2,22,500.

  • Bitcoin, Ethereum, XRP Find Footing as Traders Eye Key Support Levels and Macro Data

    Bitcoin, Ethereum, XRP Find Footing as Traders Eye Key Support Levels and Macro Data

    Bitcoin, Ethereum, and XRP started the new week with signs of stability after posting steep losses during the previous trading sessions. The three largest cryptocurrencies by market capitalization remain under technical pressure, but recent price action shows that selling has slowed near important support levels.

    Bitcoin recovered near $60,000, Ethereum continued to trade above $1,500, and XRP defended the $1.00 mark. At the same time, traders continued monitoring macroeconomic developments, exchange flows, and technical indicators for signs of the market’s next move.

    Bitcoin Holds Above $60,000 While Recovery Faces Resistance

    Bitcoin traded back above $60,000 after falling nearly 6% over the previous week. The rebound came as the market attempted to stabilize following broad selling across digital assets. Despite the recovery, Bitcoin remained below its 50-day, 100-day, and 200-day exponential moving averages, showing that the broader trend has not changed.

    The Relative Strength Index (RSI) stayed close to 33, placing Bitcoin just above oversold conditions. The MACD also remained slightly negative, although selling momentum appeared to weaken. Traders continued watching resistance around $64,000, followed by the major moving averages near $66,971, $70,591, and $76,516. Until those levels are reclaimed, the latest recovery remains limited.

    Ethereum and XRP Defend Key Price Levels

    Ethereum traded near $1,585 and continued holding above the $1,500 support area. The asset also remained below its major moving averages, leaving the broader technical structure under pressure. However, the RSI remained near oversold territory, while the MACD turned slightly positive, showing that downside momentum had eased.

    If Ethereum continues higher, resistance stands near the 50-day EMA around $1,833, followed by the $2,000 area and the 100-day EMA near $2,010. On the downside, traders continued watching $1,500 closely because a break below this level could expose support near $1,385.

    XRP traded around $1.05 while defending the psychological $1.00 support level. The token also stayed below its major moving averages and beneath a descending price channel. Its RSI remained near 33, while the MACD continued to show weak momentum. Resistance remained near $1.19, followed by $1.21 and $1.30.

    Exchange Flows and Macro Events Remain in Focus

    Market participants also monitored activity on Binance after the exchange recorded more than $400 million in weekly net outflows during the week beginning June 22. The reported outflows represented a small share of the exchange’s total tracked assets, although Binance recorded the largest weekly net outflows among major exchanges.

    The movement came ahead of the European Union’s Markets in Crypto-Assets (MiCA) transition deadline and followed Binance’s withdrawal of its MiCA license application in Greece. Broader market conditions also remained tied to global developments. Reports that the United States and Iran agreed to halt strikes and resume talks lifted equity futures, but cryptocurrencies showed only a limited response.

    Bitcoin traded near $59,700, while Ether posted modest gains and XRP remained under pressure. Market participants also continued monitoring upcoming US economic data, including the Personal Consumption Expenditures (PCE) report, for additional direction.

    For now, Bitcoin, Ethereum, and XRP have stabilized near important support levels. Traders continue watching whether buyers can maintain those areas while the market reacts to technical signals and broader economic developments.