The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
With the Federal Reserve deciding not to cut interest rates but leaving the door open for future cuts, experts are split on what comes next.Trading Nationread more
Slack's public market debut on Thursday will generate billions for venture firm Accel and healthy returns for Andreessen Horowitz and Social CapitalTechnologyread more
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
Oracle found revenue growth from cloud applications in its fiscal fourth quarter, which helped it surpass analysts' expectations.Technologyread more
Gold hit sessions lows on Wednesday after top Democratic leaders said President Trump was on board with their idea of tying Hurricane Harvey aid to a short-term increase in the debt limit and government funding.
Prices had slipped earlier in the session after House minority leader Nancy Pelosi and Senate minority Chuck Schumer said they are prepared to vote in favor of a three-month debt limit increase and government spending. The plan would also include Hurricane Harvey aid.
However, House Speaker Paul Ryan, a Republican, said the Democrats' The three major indexes pared their gains after Ryan's comments. If a deal is not reached, it could lead to a government shutdown, , Standard & Poor's said last week.
Investors have been fretting about the possibility of a government shutdown if the debt limit wasn't raised.
Earlier gold prices hovered around a one-year high touched Tuesday at $1,344.21 an ounce, amidst lingering tension from North Korea's nuclear test on Sunday.
"Rising geopolitical tensions, the hurricane hitting the U.S. and the looming debt ceiling are increasing demand for safe assets," said Danske Bank analyst Jens Pederson.
"These extraordinary factors are also weakening the dollar from the point of view that the Fed may further postpone normalisation of monetary policy, which would be good news as it would keep a lid on U.S. yields."
Both U.S. government bonds and gold are seen as risk-free by investors. Low U.S. Treasury bond yields mean there is little opportunity cost in holding gold, which earns nothing and costs money to insure and store.
Analysts say low U.S. yields mean investors are unlikely to buy Treasuries, which would also weigh on the dollar.
A lower U.S. currency makes dollar-denominated gold cheaper for holders of other currencies, which could boost demand.
A potential standoff over the U.S. federal debt ceiling has raised alarm bells among investors who fear a repeat of 2011 when a prolonged showdown over increasing the borrowing limit and subsequent downgrade of U.S. credit quality led to slump in the S&P 500 stock index.
Investor unease was reinforced after a North Korean diplomat warned his country is ready to send "more gift packages" to the United States as world powers struggled for a response to
Pyongyang's latest nuclear weapons test.
"The concern now is that another launch could take place on September 9th, which is the (North Korea's) Independence Day," said INTL FCStine analyst Edward Meir.
"Gold is likely to move higher over the course of September, sustained by a weaker dollar and North Korean tensions...Any further wobbles in US equities could provide further support and
perhaps nudge it towards our $1390 price target. "
On technicals, resistance is at $1,352, near the high from last September, followed by $1,376, the upper Bollinger band on the monthly charts. But the momentum indicator near zero suggests gold may be in for a period of consolidation.