U.S. Dollar vs Precious metals
Gold price slipped on Wednesday as the dollar recovered a bit from a three-week low hit in the previous session, but geopolitical concerns about North Korea and nervousness ahead of the French presidential election lent support to the safe-haven asset.
Some chart consolidation and profit-taking from the shorter-term futures traders are also featured in gold and silver markets after both scored five-month highs earlier this week.
Recently, we have seen geopolitics issues come keep tension among precious metals. Though spot values have been on the up and up in last weeks, the sideways to downward action we are seeing this week keeps investors attention.Looking ahead to the rest of the week, we can expect much of the same. Investors focused on geopolitics will remain through the end of the week and this will continue to support metals.
Stock Market Today
U.S. stocks on Wednesday opened slightly higher S&P 500 2347.46 (+0.22%) and NASDAQ Index 5888.41 (+0.67%), Dow Jones Industrial Average 20486.48 (-0.18%).
The key outside markets on Wednesday morning see the U.S. Dollar Index firmer on a mild corrective bounce from recent selling pressure. Oil edged higher on Wednesday as OPEC said it was committed to eroding a global surplus of crude, but increasing shale production in the United States and still-high global stocks threatened to pull prices lower.
The annual spring meetings of the World Bank Group and the International Monetary Fund take place in Washington this week. Companies reporting this week include Bank of America Corp., Goldman Sachs Group Inc., International Business Machines Corp., Netflix Inc., Heineken NV and Unilever.
Still on the front burner of the world marketplace are geopolitical concerns regarding the U.S. and North Korea stand-off, and U.S.-Russia relations.
Also, on Wednesday, the British Parliament approved by an overwhelming 522 votes against 13 May’s call for an early election, setting the stage what will define the terms of the U.K.’s withdrawal from the European Union.