2 hours ago
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Gold (GC=F) August futures opened at $4,289.40 per troy ounce on Monday, up 1.2% from Friday's closing price of $4,238.80. Gold moved even higher in early trading, rising to $4,360.40 by 6:50 a.m. ET.
The most significant push toward peace in the Middle East occurred over the weekend, and gold prices have responded. The U.S. and Iran have agreed to a renewed ceasefire, opening the door to a 60-day period during which final negotiations will be held. An official agreement is expected to be signed on Friday, paving the way to reopening the Strait of Hormuz and resuming the flow of oil and natural gas around the globe.
The Fed meets this week for a policy-setting meeting where the vast majority of market observers expect it to keep rates unchanged. The ceasefire announcement by the president on Sunday has already driven oil prices (BZ=F) lower, even though resuming a normal flow of oil through the Strait of Hormuz would take months after an agreement is signed.
For now, the headwinds for higher gold prices have been subdued, at least somewhat.
Gold (GC=F) August futures opened at $4,289.40 per troy ounce on Monday, up 1.2% from Friday's closing price of $4,238.80. Gold moved even higher in early trading, rising to $4,360.40 by 6:50 a.m. ET.
The most significant push toward peace in the Middle East occurred over the weekend, and gold prices have responded. The U.S. and Iran have agreed to a renewed ceasefire, opening the door to a 60-day period during which final negotiations will be held. An official agreement is expected to be signed on Friday, paving the way to reopening the Strait of Hormuz and resuming the flow of oil and natural gas around the globe.
The Fed meets this week for a policy-setting meeting where the vast majority of market observers expect it to keep rates unchanged. The ceasefire announcement by the president on Sunday has already driven oil prices (BZ=F) lower, even though resuming a normal flow of oil through the Strait of Hormuz would take months after an agreement is signed.
For now, the headwinds for higher gold prices have been subdued, at least somewhat.
21 hours ago
Investors step into the week after ***** eX's (SPCX) debut on Friday marked the largest public offering in history, with Elon Musk's company closing out the trading session valued at $2.1 trillion. Meanwhile, updates from the Middle East signaled hope that the US and Iran could be close to signing a deal that would reopen the Strait of Hormuz.
The S&P 500 (^GSPC) closed Friday up 0.5%, good for a marginally stronger return of 0.6% on the week. The Dow Jones Industrial Average (^DJI) ended the session up 0.7% for an identical gain on the week. In a similar fashion, the Nasdaq Composite (^IXIC) ended Friday up 0.3% for a five-day gain of 0.7%.
With the craze of the ***** eX IPO in the rearview mirror, all eyes turn to the Federal Reserve's meeting on Wednesday, where the FOMC is widely expected to hold rates steady. More interestingly, the meeting will be Kevin Warsh's first as chairman, with his post-decision press conference set to be a key read on the new regime.
Elsewhere, the calendar is relatively quiet for investors. Manufacturing production data on Monday will give investors a look at the physical side of the economy, following last week's monthly release of the Producer Price Index, which showed wholesale prices advanced at the fastest rate since November 2022.
In the corporate world, earnings from Accenture (ACN) on Thursday offer investors a vibe check on the state of the information technology sector.
The S&P 500 (^GSPC) closed Friday up 0.5%, good for a marginally stronger return of 0.6% on the week. The Dow Jones Industrial Average (^DJI) ended the session up 0.7% for an identical gain on the week. In a similar fashion, the Nasdaq Composite (^IXIC) ended Friday up 0.3% for a five-day gain of 0.7%.
With the craze of the ***** eX IPO in the rearview mirror, all eyes turn to the Federal Reserve's meeting on Wednesday, where the FOMC is widely expected to hold rates steady. More interestingly, the meeting will be Kevin Warsh's first as chairman, with his post-decision press conference set to be a key read on the new regime.
Elsewhere, the calendar is relatively quiet for investors. Manufacturing production data on Monday will give investors a look at the physical side of the economy, following last week's monthly release of the Producer Price Index, which showed wholesale prices advanced at the fastest rate since November 2022.
In the corporate world, earnings from Accenture (ACN) on Thursday offer investors a vibe check on the state of the information technology sector.
