Metals News
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Commodity trading house Gerald Group said it paid almost $49 million for tin that turned out not to be tin. Gerald Group made a provision of $37.3 million in its 2023 financial accounts after the deal to buy Brazilian tin went awry, according to a note in its 2022 accounts filed at the UK’s Companies House. The firm has started investigations and engaged ...
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Police are searching for father and son jewellers from the north-western Indian state of Rajasthan after they allegedly duped an American woman into paying 60 million rupees ($720,000) for items actually worth 300 rupees – less than $4. Cherish Nortez bought what she believed was 14 carat gold chain and a pendant with encrusted diamonds from a retailer at ...
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A lot has happened to the economy since COVID struck, and reading the economic tea leaves has become more difficult. Many of the gains for many Australians in 2020 and 2021 were artificial and didn’t last. The COVID Supplement temporarily doubled JobSeeker, for example. JobKeeper paid workers what their employers could not. As these measures have been ...
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The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, after rising 0.3 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.3 percent before seasonal adjustment. More than offsetting a decline in gasoline, the index for shelter ...
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In conjunction with the Federal Open Market Committee (FOMC) meeting held on June 11–12, 2024, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2024 to 2026 and over the longer run. Each participant’s projections were based on information available at the time of the meeting, together with her or his assessment of appropriate monetary policy—including a path for the federal funds rate and its longer-run value—and assumptions about other factors likely to affect economic outcomes. The longer-run projections represent each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy. “Appropriate monetary policy” is defined as the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy his or her individual interpretation of the statutory mandate to promote maximum employment and price stability. post: FED’S MEDIAN RATE FORECAST END-’24 AT 5.1%; PREV. 4.6% FED’S MEDIAN RATE FORECAST END-’25 AT 4.1%; PREV. 3.9% FED’S MEDIAN RATE FORECAST END-’26 AT 3.1%; PREV. 3.1% FED’S MEDIAN RATE FORECAST LONGER-RUN AT 2.8%; PREV. 2.6% post: FED POLICYMAKERS SEE END-2024 PCE INFLATION AT 2.6% VERSUS 2.4% IN MARCH PROJECTION; CORE SEEN AT 2.8% VERSUS 2.6% post: FED OFFICIALS RAISE 2024 INFLATION FORECAST TO 2.6%, UP FROM 2.4% IN MARCH FORECAST FED OFFICIALS SEE 4% UNEMPLOYMENT AT END OF 2024, UNCHANGED FROM MARCH FORECAST FED OFFICIALS SEE 2.1% GDP GROWTH IN 2024, UNCHANGED FROM MARCH FORECAST
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The Federal Reserve is expected to keep interest rates at a 23-year high for the seventh consecutive meeting on Wednesday and signal that it will cut rates this year fewer times than previously thought. Investors and other market observers will be paying close attention to Fed officials’ latest economic forecasts — known as the “dot plot.” Economists are ...
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The Federal Reserve is expected to keep interest rates at a 23-year high for the seventh consecutive meeting on Wednesday and signal that it will cut rates this year fewer times ...
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Mortgage rates dropped for much of last week, causing total mortgage application volume to surge nearly 16% compared with the previous week, according to the Mortgage Bankers ...
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Wednesday is shaping up to be one of the most important days of the year for economic news, as investors will hear about the path of inflation and the manner in which the Federal ...
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The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, after rising 0.3 percent in April, the U.S. Bureau of Labor ...
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In conjunction with the Federal Open Market Committee (FOMC) meeting held on June 11–12, 2024, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2024 to 2026 and over the longer run. Each participant’s projections were based on information available at the time of the meeting, together with her or his assessment of appropriate monetary policy—including a path for the federal funds rate and its longer-run value—and assumptions about other factors likely to affect economic outcomes. The longer-run projections represent each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy. “Appropriate monetary policy” is defined as the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy his or her individual interpretation of the statutory mandate to promote maximum employment and price stability. post: FED’S MEDIAN RATE FORECAST END-’24 AT 5.1%; PREV. 4.6% FED’S MEDIAN RATE FORECAST END-’25 AT 4.1%; PREV. 3.9% FED’S MEDIAN RATE FORECAST END-’26 AT 3.1%; PREV. 3.1% FED’S MEDIAN RATE FORECAST LONGER-RUN AT 2.8%; PREV. 2.6% post: FED POLICYMAKERS SEE END-2024 PCE INFLATION AT 2.6% VERSUS 2.4% IN MARCH PROJECTION; CORE SEEN AT 2.8% VERSUS 2.6% post: FED OFFICIALS RAISE 2024 INFLATION FORECAST TO 2.6%, UP FROM 2.4% IN MARCH FORECAST FED OFFICIALS SEE 4% UNEMPLOYMENT AT END OF 2024, UNCHANGED FROM MARCH FORECAST FED OFFICIALS SEE 2.1% GDP GROWTH IN 2024, UNCHANGED FROM MARCH FORECAST
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Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been modest further progress toward the Committee's 2 percent inflation objective. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. post: FOMC STATEMENT COMPARE pic.twitter.com/GvM6dAmcak post: FED: DOES NOT EXPECT IT WILL BE APPROPRIATE TO REDUCE POLICY TARGET RANGE UNTIL GAINING GREATER CONFIDENCE INFLATION’S MOVING SUSTAINABLY TOWARD 2%
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As expected, gold prices have been trading in a narrow range with a downward bias, settling around $2315 per ounce pending the reaction to key US data and events. Gold prices have stabilized after recent strong selling that took them to a one-month low of $2286 per ounce, amid stronger-than-expected US jobs data and a slowdown in the pace of record gold ...
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Gold prices have seen a slight rebound, continuing to trade within a consolidation range. This movement reflects a shift by investors towards safe-haven assets in anticipation of several crucial economic events. The market is characterized by uncertainty as traders await the upcoming US Consumer Price Index (CPI) data and the Federal Reserve meeting, which ...
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In response to increasing investor demand for more cost-effective trading solutions, FP Markets, a global multi-asset Forex and CFD broker, has further reduced its spreads across various trading instruments. Christodoulos Psomas, Head of Risk at FP Markets, expressed his enthusiasm for the move and commented: ‘Through the continuous optimisation of our ...