Facebook will also create a new subsidiary, Calibra, to build a digital wallet for people to store and exchange the currency using apps.Technologyread more
President Donald Trump went after European Central Bank President Mario Draghi on Tuesday for opening the door for more monetary stimulus in Europe, which would weaken the...Marketsread more
Experts expect Facebook's cryptocurrency venture to alleviate some security issues, while introducing new ones.Cybersecurityread more
European Central Bank President Mario Draghi defended the tools that the organization has available.Europe Newsread more
Trump's disruptive trade confrontations have sent shockwaves through the business world, while, insiders say, companies may wonder whether associating with the president could...Politicsread more
According to China's top economic planning body, some local companies are cutting back on their efforts to hire new university graduates.China Economyread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
Americans for Prosperity, the political arm of the vast group co-founded by libertarian billionaire Charles Koch, announces it will back the one-term Republican to defend a...Politicsread more
The rollout is part Best Buy's bigger push to be a destination for health tech.Retailread more
Korean Air has provisionally ordered 20 Boeing 787 Dreamliner passenger jets and agreed to lease another 10, the companies said on Tuesday.Aerospace & Defenseread more
German Chancellor Angela Merkel has presided over a tumultuous recent period, which for many, has left Europe on the brink.Commentaryread more
Gold prices edged higher on Wednesday as the dollar slipped and expectations of U.S. interest rate hikes next year dimmed, brightening the appeal of non-interest yielding bullion.
The dollar was weaker against a basket of currencies after data showed U.S. consumer prices were unchanged in November, supporting the view that inflation stayed firm but not enough to push the U.S. Federal Reserve to take a more aggressive stance.
"We are seeing a bit of support from a weaker dollar across the commodities complex. In addition to that, we are seeing an ongoing outflow of funds from equities and that money flow into alternative assets continues to support the precious metals complex," said David Meger, director of metals trading at High Ridge Futures.
Investors kept an eye out for developments around U.S.-China trade talks, and on Brexit after lawmakers in Prime Minister Theresa May's Conservative party gathered enough support to trigger a no-confidence vote in her leadership.
"The safe-haven assets continue to be well supported in this environment and that along with some recent comments from the Fed on changing their potential path on interest rates has also been supportive," Meger said.
Markets are expecting not more than one rate hike from the Fed next year, after a likely interest rate increase at the Federal Open Market Committee (FOMC) meeting on Dec. 18-19.
"Next week's FOMC meeting is going to be the last major economic event of the year. The (gold) market has started to price in the 'one and done' interest rate scenario, and has responded quite positively to that," Saxo Bank analyst Ole Hansen said.
Spot gold touched its highest level in five months at $1,250.55 earlier this week as chances of slower interest rate hikes reduced the opportunity cost of holding the asset.
Gold is likely to further consolidate below the 200-day moving average, around $1,255 at present, Commerzbank analysts said in a weekly note.
Indicative of investor interest in gold, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to the highest level since late August on Tuesday.
Meanwhile, spot palladium was trading at a premium to gold, with prices of the autocatalyst metal rising about 1.33 percent to $1,260 an ounce. Palladium has climbed about 18 percent so far this year.
Spot silver rose 1.5 percent to $14.74 per ounce, having earlier hit its highest price since Nov. 5, at $14.76.
Platinum jumped 2.1 percent to $798.10 per ounce.