Day: October 2, 2024

Shafaq News/Gold prices eased on Wednesday as the dollar held firm, while investors looked for more U.S. economic data for further cues on upcoming rate cuts by the Federal Reserve.

Spot gold was down 0.5% at $2,649.17 per ounce, as of 0648 GMT.

U.S. gold futures eased 0.7% to $2,670.30.

The dollarheld onto its sharpest gain in a week on Wednesday as investors worried about a widening war in the Middle East.

A stronger dollar makes greenback-priced bullion more expensive for other currency holders.

Trading volumes for gold were thin as China and India were closed for holidays.

Market participants will now monitor ADP employment data and remarks from Fed officials later in the day, along with ISM services data and nonfarm payrolls (NFP), due later this week.

There’s a reasonable chance that both ISM and NFP reports could surprise to the upside, which could topple gold from current levels on reduced bets of aggressive Fed easing, said Matt Simpson, senior analyst at City Index.

Traders see a 65% chance of a 25-basis-point Fed cut in November and a 35% chance of a 50-bp cut.

“Unless tensions in the Middle East escalate further, I suspect gold will remain beneath its record high and provide choppy trading conditions as we await data,” said Simpson.

Bullion, which is considered a safe investment during times of political uncertainty, rose more than 1% on Tuesday after Iran’s attack on Israel.

Israeli Prime Minister Benjamin Netanyahu promised that arch foe Iran would pay for its missile attack against Israel, while Tehran said any retaliation would be met with “vast destruction”, prompting fears of a wider war.

Meanwhile, physical demand for gold in key markets has dropped due to high prices, with some retail consumers selling their holdings to lock in profits, industry players and analysts said.

Spot silver shed 0.8% to $31.17 per ounce, platinum was steady at $986.43 and palladium rose 0.5% to $999.94.

(REUTERS)

Shafaq News/ On Wednesday, the exchange rates оf the US Dollar against the Iraqi dinar edged higher in Baghdad and Erbil markets.

According to a survey by Shafaq News Agency, the dollar’s rates increased with the opening оf the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad, settling at 152,300 dinars for every 100 dollars, while they recorded 151,850 dinars on Tuesday.

The selling and buying rates at currency exchange stores in Baghdad were set at 153,250 IQD and 151,250 IQD per 100 USD, respectively.

Erbil’s selling price reached 152,350 dinars for every 100 dollars, and the buying price was 152,250.

Shafaq News/ Danish police announced, on Wednesday, that they are investigating two explosions near the Israeli embassy in Copenhagen.

Copenhagen police stated on X, “No one was injured, and we are conducting preliminary investigations at the scene.” They added that there is an ongoing investigation into a potential connection to the Israeli embassy, which is located in the area.

The Israeli Embassy did not comment on the incident.