US EditionWall Street set to open with gains ahead of Federal Reserve interest rate call; gold and silver soar
Gold and silver prices surged to near-record levels as the dollar weakened, with gold rising 3.5% and silver 6.2%, driven by safe-haven demand and Fed rate cut expectations.
- On Jan 28, Wall Street rallied and metals rose as the U.S. Federal Reserve prepared to announce its move, with gold surpassing $5,280 and Brent crude near $68.
- An index measuring the dollar's strength fell to 96.16 after a steep drop, with political pressure from a criminal probe of Fed chair Jerome Powell and efforts to remove Fed Governor Lisa Cook.
- Big tech earnings drove attention, with Meta Platforms and Tesla reporting after the close and Apple due Thursday, while ASML's stronger bookings lifted shares 5% and S&P 500 futures rose 0.3%.
- Caution over fragile market sentiment drove flows into metals and commodities as major central banks sold dollars, with Steve Englander saying it's 'Often officials push back against abrupt currency moves but when the President expresses indifference or even endorses the move it emboldens USD sellers.'
- Traders expect the Fed to hold now and cut later this year, while Australia's inflation surprise raised odds of a rate hike next week, prompting ANZ and Westpac to revise forecasts.
14 Articles
14 Articles
Battered dollar finds its footing as spotlight falls on Fed
LONDON, Jan 28 : The dollar found its footing on Wednesday after a sharp selloff, with U.S. President Donald Trump seeming to shrug off its recent weakness, while upbeat earnings kept world stocks near record highs before a Federal Reserve rate decision.The U.S. currency nudged off four-year lows but sentimen
Associated Press News
Wall Street set to open with gains ahead of Federal Reserve interest rate call; gold and silver soar
U.S. markets were mostly churning higher again in off-hours trading, while prices for gold and silver soared ahead of an interest rate decision by the U.S.
Gold prices continue their sharp rise. Uncertainty in global markets ahead of the Fed meeting has increased demand for safe-haven assets, pushing the price of gold above $5,200 per ounce for the first time in history. This record was also reflected in Turkey: gram gold settled around 7,348 TL in the free market, while it exceeded 7,600 TL in the Grand Bazaar. Prices for Republic gold coins, 22-karat bracelets, quarter and half gold coins have be…
The rapid rise in money pushed the gold-to-money ratio to a level that had not been observed since the global financial crisis. An exceptional situation, which raises a central question: what can happen next?
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