Gold Prices Steadied Above A Major Support Level On Monday As Growing Risks Of An Economic Recession Spurred Some Safe Haven Demand For The Yellow Metal. Prices also recovered marginally from a bruising September, where they dropped 3%. Bullion prices marked their worst quarter since March 2021 with a 7.5% drop Spot gold rose 0.2% to $1,663.99 an ounce, while gold futures were flat around $1,672 an ounce by 20:31 ET (00:31 GMT). Prices of…
US. stock futures were trading slightly higher during Sunday’s evening deals, after major benchmark indices posted their greatest weekly losses in 3 months, with investors remaining cautious amid persistent inflation fears ahead of Federal Reserve’s two-day meeting and rate decision later this week.
By 19:10 ET (23:10 GMT) Dow Jones Futures and S&P 500 Futures were up 0.2% apiece, while Nasdaq 100 Futures were flat at 11,862.7.
Ahead in the week, market participants will be closely focused on the Federal Reserve’s interest rate decision, following a hotter-than-expected CPI reading that boosted expectations for a third consecutive 0.75% rate hike, lifting Fed funds rate to a target range of 3% to 3.25%.
Investors will also be monitoring building permits and existing home sales, as well as the S&P Global Composite PMI and initial jobless claims on Thursday.
On the corporate earnings front, companies including Darden Restaurants Inc (NYSE:DRI), Costco Wholesale Corp (NASDAQ:COST), General Mills Inc (NYSE:GIS), and Lennar Corporation (NYSE:LEN) are slated to release results.
During Friday’s trade, the Dow Jones Industrial Average fell 139.4 points or 0.5% to 30,822.4, the S&P 500 dipped 28 points or 0.7% to 3,873.3, and the NASDAQ Composite lost 104 points or 0.9% to 11,448.4.
On the bond markets, United States 10-Year yields were at 3.451%.