Gold Shines As Dollar Weakens, Cryptos Whipsaw
WASHINGTON (dpa-AFX) - Safe haven bids and consecutive rallies pushed Gold to breach $ 1910 an ounce, a level last seen in January 2021, amidst a retreating Dollar and whipsawing Crypto trade. The yellow metal rose 0.38 percent from its previous close and touched $1910 in intra-day trade.
Silver prices too climbed 0.23 percent over previous close to trade at $28.044.
Dollar index and US treasury yields remained subdued at 89.7 and 1.56 percent respectively as diminished inflationary fears appeared to re-ignite risk-on behavior in stock markets world-wide.
Gold s return to the $ 1900 levels after about four months has been both remarkable and tortuous as the twin pains of inflation and pandemic roiled markets across the globe.
18.0 from
19.0.
(Source: Finlogix.com)
NZD/USD – The Kiwi kept its bid, finishing 0.17% higher at 0.7225 (0.7217). NZD/USD traders were optimistic into the RBNZ’s interest rate meeting and press conference. NZD/USD hit an overnight high at 0.7250 before easing to settle at 0.7225. New Zealand’s central bank is expected to upgrade their economic forecasts.
AUD/USD – This time it was the Aussie that struggled to keep up with the Kiwi, finishing little changed at 0.7750. The Aussie Battler traded to an overnight high at 0.7776, immediate resistance area, before easing to settle at the 0.7750 level.
EUR/USD – The single currency grinded higher against the Greenback, reaching an overnight peak at 1.22663, near 4-month highs, before easing to 1.2245 in late New York. A stronger than expected result in Germany’s IFO Business Climate Index reflected optimism in Europe’s largest economy and buoyed the Euro.