Market Recap | 23-May-2024

Gold prices saw extended losses in Asian trade on Thursday, pulling back further from record highs due to renewed concerns over high interest rates.

The dollar hovered near a one-week high on Thursday, following its best day this month against its major peers. It happened after minutes of the last Federal Reserve meeting revealed concerns about persistent inflation, as some members are open to further rate hikes.

Consequently, the anticipated timing for the first interest rate cut has shifted from September to November. The Federal Reserve meeting occurs just after the U.S. elections.

NVIDIA reached a record high in aftermarket trade following better-than-expected first-quarter earnings and strong revenue projections for the current quarter. Additionally, The AI giant also announced the plan for a 10-for-one stock split.

Oil prices eased for a fourth straight session on Thursday after the minutes of a U.S. Federal Reserve meeting revealed discussions of a further tightening of additional interest rates if inflation persists, a development that could potentially hurt oil demand.