Gold is building on the previous recovery from one-week lows near $4,350 early Thursday, stretching beyond $4,400. Gold buyers now look forward to the US Producer Price Index (PPI) and Consumer Price Index (CPI) data due Thursday and Friday, respectively, for a sustained turnaround.
The Australian Dollar (AUD) keeps the ongoing move higher in place midweek, with AUD/USD revisiting the 0.7240 region for the first time since mid-May. Furthermore, the 0.7200 region appears to have emerged as a solid contention for occasional bouts of weakness.
Seven of the largest publicly traded business development companies (BDCs) state in their June quarter filings what a rise in the base rate is worth to them. Across the seven, 100 basis points adds $677.1 million of annualised interest and dividend income and $367.2 million of net income.
The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.
The latest US jobs report did not end the debate over the Federal Reserve’s (Fed) next move. It may have done something more subtle: it gave policymakers permission to keep their options open.
Gold is replicating the recovery move seen in Tuesday’s Asian trading, bouncing off one-week lows near $4,350 early Wednesday. However, buyers remain cautious amid widening Middle East conflict.