Wed, Jan 8, 2025 6:11 PM
November's 'unusual' gold import that pushed up trade deficit revised lower
A Flip by Shubhangi Gupta
The Swiss National Bank anticipates a profit of about 80 billion francs ($88 billion) for 2024, a record result that will allow the institution to resume payouts to state coffers. Annual income from the central bank’s pile of foreign exchange reserves, accrued as a result of its years of purchases to weaken the franc, totaled around 67 billion francs, it said Thursday.
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Gold price today: Despite the US Fed’s signalling rate cut at a slower pace amid sticky US inflation and a strong labour market, the MCX gold rate registered gains for the third week in a row. Gold futures contract on MCX for February 2025 expiry finished at ₹78,400 per 10 gm, logging around ₹1,080 per 10 gm or 1.40 per cent rise in one week.
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U.S. stocks tumbled, with the S&P 500 erasing its 2025 gains, after an upbeat jobs report stoked fresh inflation fears and reinforced bets that the Fed will be cautious in cutting interest rates this year. At 02:00 p.m. the DJIA fell 482.30 points, or 1.13%, to 42,154.37, the S&P 500 lost 55.59 points, or 0.94%, to 5,862.66 and the Nasdaq Composite lost 187.52 points, or 0.96%, to 19,291.03.
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