2 weeks Ago By Ananya Chaudhuri
Gold prices retreated from record high as the dollar index rose after US President Donald Trump clarified that he has no intention to fire Federal Reserve Chair Jerome Powell. Trump wants the US central bank to reduce interest rates quickly. The dollar index recovered as concerns over the authority of the Fed vanished post Trump's remark.
A rise in the greenback make the bullion expensive. The Bloomberg spot gold was trading 0.18% down at $3,374.
46 an ounce. Asia-Pacific markets advanced on Wednesday as risk-sentiment got a boost from first positive comment from US President Donald Trump about China since the trade war began. Trump said that US is going to be nice to China, and vice versa.
He also said that tariff on China will not likely to be near 145% but it will not be 0% as well. These remarks raised hopes that tensions between two largest economies will ease. The Nikkei 225 and KOSPI were trading 1.
60% and 1.27% higher, respectively. The S&P ASX 200 was trading 1.
63% higher. On Tuesday, share indices on Wall Street rebounded as concerns about the US Federal Reserve's independence allayed after Trump said that he has no intention to fire Chair Jerome Powell. Moreover, assurance from the Trump administration that they will soon secure deals with major trading partners calmed traders' anxiety over the ongoing trade war.
The Dow Jones Industrial Average and S&P 500 ended 2.66% and 2.51% higher, respectively.
The Nasdaq Composite ended 2.34% higher. The S&P 500 posted the best day since April 9, as reported by Bloomberg.
The GIFT Nifty was trading higher on Wednesday morning, which indicated the benchmark indices may open on a positive note. Delta Corp., HCLTech Ltd.
, Mahindra & Mahindra Ltd., and Bharti Airtel Ltd. share prices will likely move in Wednesday's session.
The GIFT Nifty was trading 0.29%, or 69.50 points higher at 24,378.
00 as of 6:36 a.m. On Tuesday, the benchmark equity indices rose for the sixth session in a row and recorded the best winning streak in nearly a month as sharp gains in financial services stocks supported the rally.
The NSE Nifty 50 ended 41.70 points or 0.17% higher at 24,167.
25 and the BSE Sensex closed 187.09 points or 0.24% up at 79,595.
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