News

Gold prices surged past $4,500 an ounce on Wednesday, reaching a new all-time high as investors flocked to safe-haven assets amid geopolitical tensions and expectations for continued U.S. rate cuts. Silver and platinum also joined the rally, setting new records in a historic year for precious metals. Analysts point to strong physical demand, ETF inflows, and macro uncertainty as key drivers behind the surge.

Gold and silver prices hover near all-time highs this week after cooler US inflation data boosts expectations for Federal Reserve interest rate cuts, setting up the metals for their best year since 1979.

Global trading firm XM has officially launched operations in the UAE after securing a Category 5 license from the Securities and Commodities Authority (SCA), expanding its regulated retail trading services in the competitive Middle Eastern market.

Global brokerage XM has secured a regulatory license from Dubai’s SCA, allowing it to officially promote its services in the UAE market and tap into the region’s high-value traders.

Trading Point UK, the operator behind the XM brand, reported a 40% revenue increase in 2023. Despite rising costs, the company reduced its net loss by 20% and strengthened its financial position, reflecting steady growth for the XM brokerage.

Equity markets started the week strong after a softer U.S. inflation report, while geopolitical tensions drove gold prices above $2,400 per ounce. Copper surged on Chinese stimulus efforts, and major indices in Europe and Asia also rose on optimism about potential rate cuts.

L’Oreal posted impressive sales growth in the first quarter, sending shares up 5%. The company’s strong performance in North America and Europe allayed investor concerns.

USDCAD reaches a new 5-month high at 1.3704, showing mixed signals for its next move. Bulls aim for 1.3807-1.3854, while bears eye a correction to 1.3605.

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