Wednesday, 9 September 2015

Commodity Market Evening Report

Gold steadied on Tuesday after a four-day losing streak as the dollar eased, but the metal was not too far from a 2-1/2-week low as it struggled to find direction amid uncertainty over a looming U.S interest rate hike.

Silver prices surged higher as the Dollar remained weak. The Euro rose broadly on Tuesday, reversing territory late in the session after the chief economist of the World Bank warned of the disastrous consequences a premature rate hike from the Federal Reserve could have on fledgling markets worldwide.

World Bank chief economist Kaushik Basu indicated that a rate hike by the Fed next week could trigger a widespread crisis in emerging markets, pushing capital away from their economies and potentially creating sharp fluctuations in their currencies.

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