Gold flat as traders brace for Powell’s speech, (AKD Commodities vantage, Nov 30 2022)
GOLD: Gold prices were little changed on Wednesday, with investors largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the U.S. central bank’s monetary policy path. Spot gold was flat at $1,750.00 per ounce, as of 0019 GMT. U.S. gold futures fell 0.1% to $1,746.80. Powell’s speech at a Brookings Institution event scheduled for 1830 GMT will be evaluated for any new signs of hawkishness. The ADP National Employment report is due at 1315 GMT. Spot silver slipped 0.2% to $21.23, platinum fell 0.1% to $1,000.88 and palladium rose 0.2% to $1,837.58. Rising interest rates tend to dull bullion’s appeal as the metal pays no interest.
OIL: Oil prices rose in early Asian trade on Wednesday as U.S. crude inventories were seen falling, but concerns that OPEC+ would leave output policy unchanged at its upcoming meeting limited gains. Brent crude futures were up 65 cents or 0.8% at $83.68 per barrel by 0132 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 68 cents or 0.9% to $78.88 per barrel. Helping to boost prices, U.S. crude oil stocks were expected to have dropped by about 7.9 million barrels in the week ended Nov. 25, according to market sources citing American Petroleum Institute figures on Tuesday.
US-EQUITIES: Stock futures inched up Wednesday morning as Wall Street awaits a Wednesday speech from Federal Reserve Chair Jerome Powell that may give further insight into future rate hikes. Futures tied to the Dow Jones Industrial Average rose 50 points, or 0.14%. S&P 500 futures and Nasdaq 100 futures rose 0.16% and 0.17%, respectively. The ADP private payrolls report will come out Wednesday, as will the latest Job Openings and Labor Turnover Survey for October. Pending home sales and the Fed’s Beige Book will also be released Wednesday, giving further clues about the state of the U.S. economy.
U.S DOLLAR: The U.S. dollar stuck close to a one-week high on Wednesday, holding on to gains from a three-day rally, as investors braced for comments from Federal Reserve Chair Jerome Powell later and a crucial monthly jobs report at the end of the week. The U.S. dollar index which measures the greenback against the euro and five other rivals, eased 0.13% to 106.72 after reaching 106.9 in early Asian trading for the first time since Nov. 23.
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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