The U.S. economy experienced its slowest growth in nearly two years last quarter, accompanied by a notable increase in inflation, which dampened hopes for a soft landing. The Bureau of Economic Analysis reported that the Gross Domestic Product (GDP) grew at an annualized rate of 1.6%, falling below all economists' forecasts. The primary driver of economic growth, personal spending, increased at a modest 2.5% rate, which was less than expected. Additionally, a widening trade deficit contributed to the slowdown, marking the largest subtraction from growth since 2022. Inflation also showed signs ..read more

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Gold's remarkable rise this year had analysts scratching their heads until a new force was identified: Chinese retail investors swarming the Shanghai Futures Exchange (SHFE). Despite headwinds like increasing Treasury yields and a robust dollar, trading volumes on the SHFE tripled, propelling gold prices upward. China's long-standing connection to gold, coupled with recent market uncertainty, has contributed to this surge, indicating a major shift in gold trading patterns. However, as gold prices fluctuate, questions persist about the SHFE's broader impact on the global gold market ..read more

As 2024 unfolds, the anticipation that the U.S. Federal Reserve might reduce interest rates has waned. Initially, the consensus was that a rate cut was imminent; however, four months into the year, the Fed's updated stance suggests no rush to lower rates, supported by a stronger-than-expected U.S. economy and persistent inflation. This cautious approach by the Fed is not just a concern for analysts and investors. Central bankers globally, particularly in Southeast Asia, are scrutinizing the Fed's moves closely. Their decisions on whether to adjust interest rates hinge significantly on the Fed ..read more

The U.S. economy started the year on a weaker note than anticipated, with the GDP growth rate decelerating to 1.6% in the first quarter, as reported by the Commerce Department. This figure significantly undershot the 2.4% growth economists had projected based on surveys by Dow Jones. The Gross Domestic Product (GDP), which gauges the total output of goods and services, showed a marked slowdown from the 3.4% increase in the final quarter of 2023 and the 4.9% rise in the quarter before that. While consumer spending did grow by 2.5%, it was less robust compared to the 3.3% increase in the previou ..read more

Gold prices experienced a notable increase on Thursday, primarily driven by a declining U.S. dollar. Investors are now closely monitoring upcoming U.S. economic data, which could provide significant insights into the Federal Reserve's future interest rate decisions. As of midday in London, spot gold climbed 0.6% to reach $2,328.61 per ounce. Meanwhile, U.S. gold futures saw a modest rise of 0.1%, settling at $2,341.00 per ounce ..read more

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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