According to the recent research, there are over 80% of people would be motivated to exercise if incentivized by crypto...

Cryptocurrency

Recent Study Reveals That Crypto Motivates People to Exercise

On Friday, Prime Minister Ranil Wickremesinghe warned of a food shortage as the island nation battles a devastating economic...

Economy

Thousands queue for petrol, gas in Sri Lanka amid warnings of food shortages

ASML, a semiconductor industry and stock market giant, might have to think smaller. Or maybe bigger. Currently, it is building machines...

Technology

Computer chip giant ASML places big bets on a tiny future

Finance ministers and central bank governors of the United States, Japan, Canada, Britain, Germany, France and Italy - the G7, agreed on...

Economy

Money for Ukraine Priority in G7 Agenda; Inflation, Food a Concern

An auto safety agency in the U.S. said on Wednesday that it has opened an investigation into a fatal crash involving a Tesla...

Stock Markets

U.S. Agency opens investigation involving Tesla due to 14 Crash Deaths

Commodities

23 Mar 2022

Gold Stabilizes amid Hawkish Fed and Ukraine-Russia Crisis

Gold Stabilizes amid Hawkish Fed and Ukraine-Russia Crisis

The Index Today

Gold prices stabilized on Wednesday as Ukraine-Russia tensions spur demand for safe-haven assets even as the U.S. Federal Reserve looks to implement additional interest rate hikes this year to counter soaring inflation.

According to Reuters, spot gold remained largely unchanged at $1,920.84 per ounce by 0558 GMT. U.S. gold futures stayed the same at $1,921.30.

Tiger Brokers Australia’s Chief Strategy Officer, Michael McCarthy said, "Potential for higher interest rates globally is weighing on (gold). At the same time, the desire for safe havens in the face of the geopolitical conflict in Ukraine is supportive."

St. Louis Fed Chief Josh Bullard has urged the central bank to raise the overnight interest rate by 3% while adopting a more hawkish outlook to control surging pandemic-induced inflation. Market analysts are anticipating a 72.2% chance of the Fed increasing the fund rates by 50 basis points in May.

Spot silver and palladium edged higher by 0.2% and 2.9% to $24.79 per ounce and $2,556.19 respectively, while platinum dropped by 0.4% to $1,018.82.