Mon, Apr 29, 2024 8:35 AM
Asia shares rise as Fed looms large; yen crumbles below key level
A Flip by Riya Sharma
A significant U.S. inflation report that could provide insight into the Federal Reserve's interest rate trajectory caused gold prices to slightly decline on Wednesday. Spot gold was down 0.1% at $2,355.24 an ounce. Silver prices increased by 1% on Tuesday. Gold futures were stable at $2,361.10. The U.S. CPI data, which is scheduled at 1230 GMT, will be the focus of the market.
Open Flip
Oil prices rose in early trade on Wednesday as large wildfires were threatening Canada's oil sands and as the market expected U.S. crude oil and gasoline inventories to show a drawdown later in the day. Brent crude futures were up 34 cents, or 0.4% at $82.71 a barrel. U.S. West Texas Intermediate crude futures (WTI) rose 38 cents, or 0.5%, to $78.39 a barrel by 0016 GMT.
Open Flip
The Nasdaq scored a record closing high on Tuesday and the S&P 500 and the Dow also advanced as Federal Reserve Chair Jerome Powell reassured investors while they digested Tuesday's data and waited for Wednesday's crucial consumer inflation report. U.S. producer prices increased more than expected in April as the cost of services and goods rose sharply.
Open Flip
