In response to escalating Middle East tensions, Turkish investors like Faruk Mutlu are increasingly turning to gold as a safe investment. At a bustling jewelry store in Istanbul, Mutlu exchanged his savings for gold, citing its enduring value. The recent geopolitical instability, particularly the conflict between Israel and Iran, has fueled speculation about rising gold prices, spurring a rush to buy. This surge in demand is evident in Istanbul’s Kuyumcukent, the heart of Türkiye’s jewelry industry, where long lines at gold shops have become a common sight. Riza Gokay Tugsavrol, owner of Harem ..read more

Vice President Constantino Chiwenga stated that Zimbabwe’s new currency, the ZiG, marks a significant move toward phasing out the US dollar in the national economy. Introduced on April 5 as a replacement for the unstable Zimbabwean dollar, the ZiG aims to restore monetary sovereignty in a country where over 80% of transactions are currently conducted in US dollars. Chiwenga emphasized the permanence of the ZiG, highlighting its role in Zimbabwe’s de-dollarization strategy, which focuses on fiscal discipline, monetary prudence, and economic revitalization ..read more

As Wall Street anticipates key economic data, both stocks and bonds saw declines, affecting market sentiments about the Federal Reserve's forthcoming actions. After a notable two-month high, equities found it challenging to advance, with investors eyeing results from Meta Platforms Inc. In contrast, Tesla Inc. saw an 11% rise after Elon Musk announced plans for more affordable vehicles. Meanwhile, Nvidia Corp.'s rally paused, and Treasury yields climbed as a substantial note sale did little to alleviate concerns about the market's direction following this year's downturn ..read more

Gold prices remained stable on Wednesday, recovering from recent lows as tensions in the Middle East subsided. Investors are now focusing on upcoming U.S. economic data, expected later this week, which may influence the Federal Reserve's interest rate decisions. Spot gold hovered at $2,322.09 per ounce as of 1:45 p.m. ET, with U.S. gold futures slightly down by 0.2% at $2,338.4. This follows a significant drop from the record high of $2,431.29 on April 12 ..read more

The U.S. is preparing sanctions that could disconnect certain Chinese banks from the global financial system. This move aims to equip Washington's top diplomat with the leverage needed to curb Beijing's financial support for Russia's military efforts. As Secretary of State Antony Blinken visits Beijing this Tuesday, there are growing questions about whether the U.S.'s formidable financial tools can effectively disrupt the deepening trade ties between Beijing and Moscow, which have been crucial in supporting Russia's military resilience in Ukraine ..read more

The yen has consistently weakened to a 34-year low against the dollar, sparking concerns about its impact on Japan's economy and stock market. While the depreciating yen has initially boosted Japan's stock market—especially benefiting major manufacturers whose overseas earnings increase in yen terms—the ongoing weakness is raising alarms. The Topix Index, heavily influenced by transport equipment and electrical machinery companies, showcases this growth, but the question remains: How low can the yen go before it does more harm than good ..read more

Oil prices advanced, with West Texas Intermediate (WTI) closing near $83 a barrel, buoyed by the prospect of looser monetary policies which helped counterbalance diminishing geopolitical risk premiums. The oil market's gain was mirrored by a rally in equities, sparked by a report indicating this year's slowest growth in U.S. business activity—a development viewed by traders as a potential precursor to Federal Reserve interest rate cuts ..read more

U.S. crude oil prices dropped back below $83 per barrel, reversing gains from a previous 2% rally as the market anticipates upcoming U.S. petroleum inventory data. The focus in the oil market has shifted back to supply and demand fundamentals, as geopolitical tensions between Israel and Iran, which previously influenced the market, have eased. Additionally, the U.S. Senate has approved a foreign aid package that includes expanded sanctions against Iranian oil, targeting entities involved in its transportation and processing ..read more

Gold prices briefly recovered after falling to below $2,300, the biggest daily drop in nearly two years, influenced by weaker-than-expected U.S. business activity in April. This slowdown, marked by the first employment decline since 2020 and a contraction in the manufacturing and services sectors, has led to speculation about potential Federal Reserve rate cuts. Such cuts could benefit non-interest bearing assets like gold. However, despite a momentary lift from lower bond yields and a weaker dollar following the economic report, gold prices relinquished their gains amid diminishing geopolitic ..read more

April saw the U.S. economy lose steam, according to recent S&P surveys, with businesses experiencing a downturn in new orders and a cutback in employment—the first since the pandemic began. The manufacturing purchasing managers index (PMI) dropped to a four-month low of 49.9, slipping below the growth threshold from 51.9 in March. Similarly, the services PMI decreased to 50.9 from 51.7, marking a five-month low ..read more