Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Commodities

9 May 2022

Gold Plunges as U.S. Dollar Soars to Two-Decade High

The Index Today

Gold plummeted on Monday as the dollar grew strong, hitting 20-year highs while the U.S. Treasury yields surged to their highest levels since November 2018.

As per Reuters, spot gold edged lower by 0.6% to $1,871.96 per ounce by 0509 GMT. The U.S. gold futures also dipped by 0.5% to $1,873.20. This comes after investors flocked to the greenback, spurred by fears of slackening world economic growth and mounting interest rates.

ANZ Research’s analysts contended, “Aggressive Fed (U.S. Federal Reserve) rate hikes, faster quantitative tightening, the stronger U.S. dollar, and any possible easing of Russia’s invasion of Ukraine are the main possible headwinds for the gold prices.”

Palladium inched up by 0.1% to $2,048.69 while spot silver and platinum retreated by 0.5% and 1.6% to $22.24 per ounce and $948.00 respectively.

Clay pottery with table linens