Asian markets under pressure following US cues; Here are all other details
Asian markets were see-sawing on Wednesday morning as traders were watching the trade data of Japan and Singapore.
Also, market participants’ sentiments were tempered as US Fed Chief Jerome Powell said, “a lack of further progress so far this year on returning to our 2% inflation goal.”
This might erode investors’ confidence as comments by Jerome Powell indicated that current interest will stay higher for longer unless inflation gets closer to target.
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Tradebull Securities expect gold to trade sideways amidst tension in West Asia
By Bhavik Patel
Gold prices have declined for last three consecutive days with 22th April (Monday) decline being the biggest in last two years. That being said, gold is still showing a respectable 17.06% gain from one year ago.
The main factor that caused gold prices to drop significantly in a single day (-$60) was the reduction of the risk premium associated with Middle East tensions. The Fed and economic reports are once again in the spotlight. It will be more difficult for the Fed to lower rates if we see strong inflation numbers, and gold may fall below $2,250.
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