2024-01-24 02:47

Copyrighted Image by: Reuters. NEW YORK - Gold prices demonstrated a slight increase in the face of a declining U.S dollar, with spot gold rising to $2,026.95 per ounce, while gold futures also experienced a rise, closing on COMEX at $2,028.60 per ounce. The precious metals market also saw both platinum and silver experiencing an uptick in value, with silver reaching $22.47 an ounce. Market participants are keenly awaiting the release of several key U.S economic indicators. The flash Purchasing Managers' Index (PMI) is due out today, while the fourth quarter Gross Domestic Product (GDP) figures and personal consumption data are expected to be released tomorrow. These indicators are anticipated to provide valuable insights into the health of the US economy and potentially influence the Federal Reserve's stance on interest rate policies. According to the CME's FedWatch Tool, no immediate changes to the Federal Reserve's interest rate policies are anticipated at the upcoming meeting set for January 30-31. Meanwhile, the European Central Bank (ECB) is also predicted to maintain its policy stance during its discussion set for Thursday. In contrast to gold, platinum, and silver, palladium experienced a slight drop in its value. However, overall, the precious metals market showed stability as investors held their positions in anticipation of these upcoming economic data releases. https://www.investing.com/news/commodities-news/gold-prices-hold-steady-as-investors-await-us-economic-data-93CH-3281191

2024-01-24 01:23

Copyrighted Image by: Reuters. Investing.com -- Oil prices settled higher Wednesday, as sentiment was boosted by a much larger than expected decline in U.S. weekly crude stockpiles and hopes that fresh stimulus measures to boost China's economy will shore up the oil demand outlook. By 14:30 ET (19.30 GMT), the U.S. crude futures settled 1% higher at $75.09 a barrel and the Brent contract climbed 0.7% to $80.06 a barrel. US inventories slump on weather-related production disruptions Inventories of U.S. crude declined by about 9.2 million barrels in the week ended Jan. 19, beating expectations for a draw of about only 2.2M barrels. Gasoline inventories, one of the products that crude is refined into, rose by about 4.9M barrels against expectations of a build of 2.3M barrels while distillate stockpiles unexpectedly fell by 1.4M barrels, compared to expectations for a rise of 348,000 barrels. The build in products come even as refinery activity fell to 85.5% of capacity, well below the 92.6% rate in the previous week, as adverse weather halted some activity, particularly in with notable outages in North Dakota. Chinese stimulus hopes stokes crude demand optimism The People’s Bank of China governor Pan Gongsheng said that China's central bank will cut the amount of cash that banks must hold as reserves from Feb. 5, the first such cut for the year, freeing up an estimates 1 trillion yuan ($140 billion) to the market, as policymakers increase efforts to shore up the fragile recovery in the world’s second largest economy. Weak data from China, the world’s largest oil importer, has been a major point of contention for crude markets, after the country clocked weaker-than-expected gross domestic product figures in the fourth quarter. Upgrade your decision-making with InvestingPro+! Using discount code “INVEST2024” receive an additional 10% off the InvestingPro+ yearly subscription. Click here and don't forget the discount code. https://www.investing.com/news/commodities-news/oil-prices-steady-as-80-brent-remains-elusive-us-inventories-in-focus-3281180

2024-01-24 00:21

Copyrighted Image by: Reuters. NEW YORK - In the face of Bitcoin's recent price dip, prominent Bitcoin advocate Samson Mow has expressed confidence in the cryptocurrency's long-term potential, dismissing the notion that it could fall to $30,000 as some investors fear. Despite a trading loss of 4.3% today, with the price of Bitcoin hovering just above $39,000, Mow remains steadfast in his bullish outlook for the digital currency. On the same day, the exchange-traded fund (ETF) market witnessed notable movements. Grayscale, a leading cryptocurrency investment firm, experienced significant outflows, with more than 14,000 BTC leaving its holdings. Conversely, Fidelity, another major investment firm, reported inflows exceeding 5,000 BTC. Mow's optimism extends to an ambitious price target for Bitcoin, suggesting that it could eventually soar to $1 million. This bold statement comes without a set timeframe, but it underscores a strong belief in Bitcoin's growth trajectory amidst the current market fluctuations. The contrasting ETF activities of Grayscale and Fidelity highlight the ongoing adjustments and differing strategies among investors in the cryptocurrency space. https://www.investing.com/news/cryptocurrency-news/bitcoin-advocate-samson-mow-dismisses-30000-price-drop-fears-93CH-3281161

2024-01-23 23:29

Copyrighted Image by: Reuters. CHICAGO - Grain markets in Chicago experienced a mixed day with corn futures marginally increasing and soybean contracts posting significant gains amidst concerns over South American weather conditions affecting crop yields. Corn futures closed slightly up today, with a 0.17% rise to $4.46 per bushel. The trading volumes were reported as moderate, reflecting a steady interest in the market. Soybean futures, on the other hand, saw a more substantial increase, ending the day with a 1.25% gain at $12.395 per bushel. This notable rise was influenced by the United States Department of Agriculture's (USDA) latest estimates for Brazil's soybean harvest, which seems to have impacted investor sentiment. Wheat prices, in contrast, did not share the upward momentum, remaining unchanged at $5.96 per bushel. The stability in wheat prices suggests a balance in current supply and demand dynamics. The market's attention has been particularly focused on weather patterns in key South American agricultural regions. Argentina is facing a concerning lack of rainfall which may pose a threat to crop development. Conversely, Northern Brazil is experiencing consistent showers that have delayed the soybean harvest. https://www.investing.com/news/commodities-news/corn-and-soybean-futures-edge-higher-on-south-american-weather-concerns-93CH-3281144

2024-01-23 22:25

UNITED STATES - Core Scientific, a key player in the cryptocurrency mining industry, has announced its successful emergence from Chapter 11 bankruptcy today. The company, which operates mining facilities in states such as Texas and North Carolina, is set to resume trading on the Nasdaq following a significant restructuring of its balance sheet. This strategic move has effectively reduced its debt by $400 million through equity conversions. In the face of challenges including a downturn in bitcoin prices and high operational costs, Core Scientific managed to produce bitcoins with an approximate value of $540 million in 2023. Looking forward, the company has outlined plans for a considerable expansion of its mining capacity over the next four years, signaling a robust commitment to its core business of cryptocurrency mining. The broader crypto mining sector is witnessing a resurgence of investor confidence, as indicated by the rising stock prices of industry counterparts such as Marathon Digital (NASDAQ:MARA), Riot Blockchain (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK). . https://www.investing.com/news/cryptocurrency-news/core-scientific-emerges-from-bankruptcy-set-to-resume-nasdaq-trading-93CH-3281119

2024-01-23 22:04

Copyrighted Image by: Reuters. Investing.com -- U.S. crude stockpiles fell more than expected last week, the API reported Tuesday, just as a recent cold snap swept across the U.S., disrupting production. Crude Oil WTI Futures, the U.S. benchmark, traded at $74.53 a barrel following the report after settling down 0.5% at $74.37 a barrel. U.S. crude inventories rose by about 6.7 million barrels for the week ended Jan. 19, compared with a build 483,000 barrels reported by the API for the previous week. Economists were expecting a decline of about 3.00M barrels. The bigger than expected draw in weekly U.S. stockpiles followed weather-related supply disruptions, with production in North Dakota, the third largest oil producing state, with output falling by 250,000 to 300,000 barrels a day from 700,000 bpd a week ago, according to the state pipeline authority. The API data also showed that gasoline inventories increased by 7.2M barrels last week, while distillate stocks fell by 245,000 barrels. The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 3M barrels last week. https://www.investing.com/news/commodities-news/oil-inventories-slump-67m-barrels-last-week-api-3281104