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Gold Firms Ahead of Fed Decision

Published 2021/03/18, 14:02
Updated 2023/07/09, 12:31

South Africa
The JSE closed 1.18% in the red on Wednesday, dragged down by most sectors and after data showed that retail sales fell more than expected in January this year.

United States
US stock markets fell on Wednesday amid a tech sell-off as investors waited for the US Federal Reserve’s (the Fed's) monetary policy outcome later in the day while Treasury yields continued to climb.

European stocks dropped on Wednesday, even after BMW (DE:BMWG) shares jumped when the German carmaker forecasted significant profit growth for 2021.

Hong Kong
Hong Kong shares ended flat on Wednesday as investors waited for the Fed’s policy meeting outcome for cues on whether it could start raising interest rates earlier than expected.

Japanese stocks also ended flat on Wednesday as profit-taking in the tech sector offset gains in healthcare.

The rand strengthened against major global currencies ahead of the Fed’s monetary policy announcement later Wednesday evening, trading R14.85 to the US dollar at 19h30.

Precious metals
Gold prices firmed on Wednesday as markets waited for monetary direction following the Fed’s two-day policy meeting.

Oil prices dropped for the fourth consecutive day on Wednesday, on a gloomy demand outlook for Europe due to a slow vaccination campaign. The International Energy Agency also said that demand is unlikely to return to pre-pandemic levels until 2023.

PSG Wealth Daily Investment Update, 18 March 2021

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