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

28 Apr 2022

Gold Plunges to 10-Week Low amid Robust Dollar and Looming Fed Interest Rate Hikes

The Index Today

On Thursday, gold prices plummeted to a 10-week low due to strengthening dollar and upcoming interest rate hikes by the U.S. Federal Reserve which has dampened the demand for the bullion.

Spot gold dipped by 0.5% to $1,877.18 per ounce by 0519 GMT, reaching its lowest since February 16, reported Reuters. U.S. gold futures also slid by 0.6% to $1,877.70.

GoldSilver Central’s Managing Director Brian Lan contended that gold, which had been riding far above $1,900 until now, has sustained blows from a sturdy dollar and the impending interest rate hikes by the Federal Reserve with the central bank looking to raise the rates by 50 basis points at its next monetary policy meeting in May.

Meanwhile, the dollar index soared to five-year highs, close to surpassing the 103.82-mark which would send it to levels last seen in late 2002, reported Reuters. Palladium rose by 1.5% to $2,234.98, while platinum and silver dropped by 0.6% and 0.8% to $912.22 and $23.09 per ounce respectively.

Clay pottery with table linens