Gold prices hit two-week highs, climbing more than 1% on renewed buying of the metal by China’s central bank following a six-month hiatus, with bullishness increased by anticipation of a U.S. Federal Reserve interest rate cut next week.
The last session saw the Gold gain 0.9% against the Dollar. The RSI is giving a positive signal.
Support: 2586 | Resistance: 2732.7
Oracle missed Wall Street expectations for second-quarter revenue, hit by softer spending on its database and cloud services as enterprise clients slash budgets amid an uncertain economy, sending its shares down over 9% in extended trading.
A U.S. federal appeals court upheld a law requiring Chinese-based ByteDance to divest its popular short video app TikTok in the US by early next year or face a ban. The decision is a major win for the Justice Department and opponents of the app and a devastating blow to TikTok parent ByteDance.
BRICS countries have no interest in weakening the U.S. dollar at all, India’s foreign minister said. His remarks came after Donald Trump had demanded that BRICS member countries, which include major economies like India, Russia and China, commit to not creating a new currency or supporting another that would replace the dollar or face 100% tariffs.
China’s central bank resumed buying gold for its reserves in November after a six-month pause, official data by the People’s Bank of China showed. The PBOC was the world’s largest official sector buyer of gold in 2023.
The Gold-Dollar price remained largely unchanged in the last session. The RSI is giving a negative signal.
Support: 2583.5 | Resistance: 2679.7
Global shares were mixed and the euro was steady as markets digested political turmoil in South Korea, where martial law was imposed then lifted hours later, and in France, where a no-confidence vote toppled the government.
U.S. stocks were solidly higher in afternoon trading as technology shares rose after upbeat results from Salesforce, while indexes added to gains following comments by Federal Reserve Chair Jerome Powell.
