Nasdaq, gold prices touch record highs
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Gold futures reached a historic high on Monday fueled by expectations of a September interest rate cut, increased holdings by China’s central bank, and heightened risk aversion after Iranian officials died in a helicopter crash. Meanwhile, US equity markets closed mixed with the DJIA declining, the S&P 500 reaching record levels, and the Nasdaq posting a new high. Wheat futures surged on Black Sea supply concerns, while US crude oil prices dipped amidst Fed officials’ cautious stance on inflation.
- US gold futures rose to an all-time high Monday on increased expectations for a September interest rate cut, increased holdings in China’s central bank, and elevated risk aversion after Iranian officials were killed in a helicopter crash over the weekend. The June contract added $21.10, or 0.9%, and closed at $2,438.50 per oz, pulling back slightly after touching a record-high $2,449.89 per oz earlier in the session.
- US equity markets posted mixed closes again Monday, the DJIA declining ahead of major earnings reports, the S&P 500 trading at record levels before pulling back slightly, and the Nasdaq, led by accelerating shares of tech stocks, posting a record high. The Dow Jones Industrial Average fell 196.82 points, or 0.49%, to close at 39,806.77. The Standard & Poor’s 500 edged up 4.86 points, or 0.09%, to close at 5,308.13. The Nasdaq Composite added 108.91 points, or 0.65%, to close at 16,794.87.
- US wheat futures soared Monday on ramped-up Black Sea supply concerns amid widespread crop loss due to frost in Russia and worries that northern and eastern regions of Ukraine also may be affected. Corn futures also rose as recent weather proved unfavorable to seeding the 2024 crop. Brazilian flooding also fueled worries about crop losses and sent US soybeans higher Monday. July corn rose 8¢ to close at $4.60½ a bu. Chicago July wheat soared 37½¢ to close at $6.88¾ per bu. Kansas City July wheat jumped 35¢ and closed at $6.96¾ per bu. Minneapolis July wheat was up 27¾¢ and closed at $7.39¼ per bu. July soybeans added 20¢ to close at $12.48 per bu. July soybean meal added $5.30 to close at $374.10 per ton. July soybean oil gained 1.05¢ to close at 46.32¢ a lb.
- US crude oil prices pulled back 1% Monday after two top Federal Reserve officials indicated they would need to see more signs of declining inflation before the central bank begins to reverse its recent campaign of interest rate hikes. The June West Texas Intermediate light, sweet crude future fell 26¢ to close at $79.80 per barrel.
- The US dollar index edged higher Monday as investors awaited further rate-cut clues from the Federal Reserve.
Source Link: https://www.foodbusinessnews.net/articles/7-nasdaq-gold-prices-touch-record-highs
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