Gold prices moved little in Asian trade on Friday and remained well within a recently-established trading range amid increasing conviction that the Federal Reserve will not cut interest rates early in 2024.
Gavin Michael, CEO of Bakkt, expressed enthusiasm about the partnership’s progress and hinted at potential future endeavors, including possible international market expansions. This move marks a significant milestone for both companies as they seek to increase their footprint in the digital currency space.
The index is up almost 17% this year after surging 28% in 2023, when it was the best performing Asian major bourse. The tech-heavy Nasdaq, by comparison, soared 43% last year and is up 6% so far in 2024.
Most Asian currencies retreated on Thursday, while the dollar stemmed recent losses as a slew of signals from the Federal Reserve showed that the central bank was likely to keep interest rates high in the near-term.
Gold prices rose slightly in Asian trade on Thursday, but remained largely within a recent trading range as a slew of signals from the Federal Reserve reiterated the prospect of higher-for-longer U.S. interest rates.
Boston-based Circle said in a blog that, effective immediately, it would no longer mint USDC tokens on Tron, a fast-growing platform widely used for transferring stablecoins whose founder is facing regulatory problems in the United States.
The best performers of the session on the S&P/ASX 200 were Insignia Financial Ltd (ASX:IFL), which rose 13.72% or 0.31 points to trade at 2.57 at the close. Meanwhile, Bega Cheese Ltd (ASX:BGA) added 13.52% or 0.48 points to end at 4.03 and Fletcher Building Ltd (ASX:FBU) was up 9.01% or 0.30 points to 3.63 in late trade.
China’s Lenovo Group (OTC:LNVGY), the world’s largest maker of personal computers, on Thursday reported October-December revenue of $15.72 billion, up 3% from the same period a year earlier.
Toyota Motor, the world’s biggest automaker, did not reach an immediate agreement with its union over demands for hefty pay hikes on Wednesday but will continue talks in coming days, raising doubts about current expectations for wage talks.
Most Asian currencies rose on Wednesday, seeing some relief as the dollar retreated in anticipation of more cues from the Federal Reserve on the path of interest rates.
