Home » Business » Gold value and Nasdaq attain document highs – CNN Economics

Gold value and Nasdaq attain document highs – CNN Economics

The Nasdaq Wall Avenue index hit a brand new document on Monday, with most main inventory markets rising. gold Additionally a brand new all-time excessive, supported by the demise of Iranian President Ebrahim Raisi in a airplane crash on Sunday.

Copper additionally hit all-time highs, silver jumped to its highest degree in additional than 11 years, and gold had set a collection of highs this yr.

In New York, the Nasdaq index rose to a brand new document excessive, whereas the Dow Jonesfalls under 40 thousand factors.

The Nasdaq index retreated by about 0.7 % to shut at 16,794.87 factors, whereas the Dow Jones fell 0.5 %, registering 39,806.77 factors on the finish.

Copper and gold can be priced within the US greenback, which has been below strain not too long ago on account of expectations that the US Federal Reserve will begin slicing rates of interest quickly as inflation eases.

Gold hit a document excessive of $2,450.07 an oz on Monday, whereas copper hit an all-time excessive of $11,104 a tonne.

Raisi’s demise was confirmed on Monday, after search and rescue groups discovered his helicopter within the western mountainous area shrouded in fog, and Iran introduced a common mourning.

Overseas international locations had been carefully following the investigation course of at a time the place there’s nice regional rigidity because of the warfare in Gaza that has been raging between Israel and Hamas since October 7.

Neil Wilson, chief market analyst at Finalto Buying and selling Group, identified that “gold and copper reached document highs, and silver jumped to its highest degree in 11 years … after the demise of the Iranian president in a helicopter crash.”

He mentioned: “There was clear geopolitical assist since October 7,” including that there are “expectations that the Federal Reserve will reduce rates of interest quickly (gold and inventory costs).

Analysts mentioned market sentiment was additional boosted by China’s plan to assist the faux actual property sector.

“The market is conscious of those two metals,” mentioned Kathleen Brooks, director of analysis at XTB. As a result of gold is taken into account a hedge towards inflation and a protected haven, and since copper is a metallic linked to world progress.

Traders need to the discharge of the minutes of the Federal Reserve’s financial coverage assembly in Might to achieve perception into the pondering of policymakers.

Whereas main expertise shares rose on the Nasdaq, the Dow Jones fell 4.5% at JP Morgan Chase after longtime CEO Jamie Dimon introduced he was nearer to retirement.

Asian and European inventory markets began the week on a excessive, having not too long ago hit all-time highs together with Wall Avenue indexes, with the Dow Jones ending above 40,000 factors for the primary time friday.

(AFP)

2024-05-20 22:27:07
#Gold #value #Nasdaq #attain #document #highs #CNN #Economics

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.