(MENAFN- Daily Forex) Gold has continued its relatively unexpected rally, closing yesterday in New York very close to an all-time closing high, and trading higher today to approach its record price of $2,450.
gold is the standout asset in the
market today, after it rose yesterday to close just a fraction below its record daily closing price, before trading higher during today's Asian session. The price is currently only about $20 below its all-time high at $2,450. If Gold closes in New York above $2,427 trend traders will be interested in buying the precious metal.
Two major US equity indices, the S&P 500, and the Dow Jones Industrial Average, traded at record highs yesterday before giving up gains. The NASDAQ 100 Index is further off its recent high, showing technology stocks are weaker than the broader market for the time being. In Asia, major indices were mixed to bearish during today's session.
Following last weekend's dramatic assassination attempt against former President Trump, he has been formally nominated as the Republican candidate for president and has picked his running mate for Vice-President, Senator JD Vance of Ohio. US Treasury yields are continuing to fall to or towards fresh multi-month lows.
Fed Chair Jerome Powell stated again yesterday that recent economic data has instilled greater confidence that inflation is heading lower to the Fed's 2% target.
The US Dollar has made some gains over the past day to be the strongest major currency in the Forex market since today's Tokyo open, while the Japanese Yen is the weakest, putting the USD/JPY currency pair in focus.
Bitcoin has been selling off since reaching a new 2-week high yesterday just below $65,000. Some analysts attribute the strong gains in Bitcoin since Saturday as pointing to an expectation that a President Trump will go easier on Bitcoin and crypto regulation.
Empire State Manufacturing Index data released in the USA yesterday came in lower than expected, indicating the manufacturing economy is likely slowing.
Today brings data releases of US Retail Sales and Canadian CPI, the latter of which is expected to fall from an annualized rate of 2.0% to 1.9%.
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