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

25 May 2022

Gold Prices Drop as Dollar hike after Hitting its Lowest Level in a Month

The Index Today

On Wednesday as of 0636 GMT, Gold prices dropped as the dollar strengths, amid upcoming U.S. Federal Reserve's May policy meeting. Investors and traders keeping an eye for cues on the central bank's upcoming interest rate hikes.

Spot gold was down 0.5% at $1,857.39 per ounce, as of 0636 GMT, after rising to its highest since May 9 of $1,869.49 on Tuesday. U.S. gold futures also dropped 0.5% to $1,856.00.


The dollar index strengthened at +0.21% 102.067 +0.19 after hitting its lowest level in a month in the previous session.

Stephen Innes, managing partner at SPI Asset Management said, "Traders will be looking to the FOMC (Federal Open Market Committee) minutes for policy hints beyond June and July, as September rate hike expectations could be hugely pivotal for gold prices."

Clay pottery with table linens