Tag: climbing

Gold slips as dollar steadies, U.S. stocks extend climb

Gold slips as dollar steadies, U.S. stocks extend climb

Gold slipped Monday, pressured by stock-market gains and overall global risk-taking seen after Friday’s U.S. jobs report eased concerns over accelerating inflation and faster U.S. interest-rate hikes.
April gold GCJ8, -0.12% fell $5.60, or 0.4%, to $1,318.40 an ounce.
Gold prices ended higher Friday, turning the metal’s weekly return just positive after a report revealed a strong rise in U.S. hiring but disappointing growth in wages.
The latest snapshot of the U.S. labor market showed strong job growth and a higher participation rate, with the nation adding 313,000 new jobs in February.
Rising inflation could add pressure on the Fed to speed up its rate rises, which could strangle the stock market.
Gold, in turn, although negatively affected by higher interest rates, could attract hedging demand against too-hot inflation.
Higher interest rates tend to be dollar-positive.
“I think the [U.S. dollar] could continue to recover this week.
That’s because in a relatively quiet week, the main indicator—in fact the main event—is going to be the release of the U.S. CPI for February on Tuesday,” said Marshall Gittler, chief strategist at ACLS Global.
As for other metals, May silver SIK8, -0.38% fell 11.3 cents, or 0.7%, to $16.495 an ounce.

Stocks open higher, Treasuries climbing

Stocks open higher, Treasuries climbing

Themis Trading Partner and co-founder Joseph Saluzzi and Acceletrade CEO Abhishek Gupta discuss whether high-frequency trading, which allows for large trades in very short periods of time, is to blame for the wild market price swings.
Equity markets opened higher Friday as the U.S. dollar slipped and Treasuries climbed, but the Dow Jones Industrial Index and the S&P 500 still appeared to be headed for a weekly loss.
Investors were waiting for the Federal Reserve to release its monetary policy report and also digested a new reading on U.S. jobs.
The Labor Department on Thursday said the number of Americans filing for unemployment benefits dipped to a near 45-year low last week, falling 7,000 to a seasonally adjusted 222,000.
The Dow Jones Industrial Average surged 158.02 points, or 0.63%, to 25,120.48.
“The FTSE has drifted lower in early trade this morning, with the positivity exhibited in Asian markets doing little to boost confidence in European markets,” said Joshua Mahony, Market Analyst at IG.
In China, the Shanghai Composite Index gained 0.6 percent to 3,289.02 in a holiday shortened week and has rebounded over 7 percent from a low hit on Feb. 9.
Hong Kong stocks rose on Friday, capping a holiday-shortened trading week, rising 1.0 percent, to 31,267.17.
Oil prices dipped lower on Friday as concerns about high U.S. crude exports topped the drop in oil inventories.
U.S. West Texas Intermediate (WTI) crude futures were at $62.74 a barrel.