In Europe, London was dragged lower by top faller HSBC, whose share price plunged more than eight per cent after the banking giant revealed a shock $3 billion impairment on Chinese activities.
Gold surged to a two-week high, and briefly broke through the $2,000 per ounce level on expectations that the Fed has reached the end of its tightening cycle.
The rupee on July 6 ended one month low against the US dollar tracking weak Asian currencies after minutes of the latest FOMC meeting hinted at another rate hike this month.
The rupee tracked weak Asian currencies after minutes of the latest FOMC meeting hinted at another rate hike this month
Spot gold was up 0.3% to $1,981.46 per ounce by 1215 GMT, while U.S. gold futures gained 0.5% to $1,984.30.
The Fed minutes from the Jan. 31-Feb.1 meeting are set to be published at 2 pm ET, and will give traders some detail into the debate over how much further interest rates may need to be hiked to curb inflation.
Here are the key events from around the world to get you started for next week.
Gold prices extended gains on Wednesday to touch their highest levels since mid-June, helped by a pull-back in the dollar and yields as markets awaited the release of Federal Reserve minutes for guidance on upcoming interest rate hikes.
Here are the key economic events from around the world to get you started for next week.
In minutes from their July 26-27 meeting released Wednesday, the policymakers said they expected the U.S. economy to expand in the second half of 2022.
All the officials believed that the Fed should “expeditiously” raise its key rate to a level at which it neither stimulates or restrains growth, which officials have said is about 2.4%.
Worries have been mounting that the surge in prices is beginning to drag on consumer confidence, with warnings now swirling of a possible global recession.
In today’s edition of Moneycontrol Pro Panorama: The Fed minutes scare, decoding falling yields, stars aligning for NBFCs, riding on India’s mcap surge, IRCTC on growth track, moral dilemma for SEBI, chips shortage and Tata Motors, and more
Experts suggest buying in the gold on dips around Rs 46,100 with a stop loss at Rs 45,770 for a target of Rs 46,800.
Fed minutes suggest a longer pause than that reflected post the December Fed meet
Dollar holds steady ahead of U.S. data, Fed minutes
Forex - Dollar eases lower before U.S. inflation data, Fed minutes
Dollar mostly higher vs. rivals on Dudley remarks, Fed minutes
Forex - AUD/USD holds steady after Dudley comments, Fed minutes
Gold prices dip with focus on Greece, euro, Fed minutes
Oil had a roller coaster ride last week as fears of a supply glut led to a fifth consecutive weekly decline. Both the EIA and IEA reports released last week indicated a very comfortable supply picture while trimming their demand forecasts for this year.
Copper futures little changed ahead of jobs data, Fed minutes
WTI oil futures move higher ahead of supply data, Fed minutes
Forex - GBP/USD higher before U.S. data, Fed minutes
The SGX Nifty is up quite a bit and the global markets too are doing better. The US too was flat yesterday but the minutes of the Fed meeting could surely help emerging market equities says CNBC-TV18‘s, managing editor, Udayan Mukherjee.