Policymakers face challenges in reducing debt while avoiding tax increases, with U.K. Finance Minister Rachel Reeves addressing a £22 billion financing shortfall. Meanwhile, Maersk raised its 2024 EBITDA forecast to $11-11.5 billion, driven by strong demand and market conditions. Gold prices surged above $2,700 an ounce amid macroeconomic uncertainties, with analysts predicting further gains.
Gold has entered a "new bullish phase," reaching a record high of $2,700 per ounce, with analysts predicting further increases to $3,000 amid rising U.S. debt and geopolitical tensions. Central bank purchases surged to 483 tonnes in early 2024, reflecting a strong demand for the precious metal as a safe-haven asset. Despite a decline in Chinese retail demand, expectations remain high, with forecasts suggesting gold could average $2,800 this quarter and $3,000 by late next year.
Asia markets mostly declined following a slip in major U.S. indexes, with Hyundai Motor India shares dropping over 5% on their debut after a $3.3 billion IPO. Meanwhile, YG Plus shares surged nearly 30% after a collaboration track by Blackpink's Rosé topped streaming charts. Gold prices hit a record high of $2,700 per ounce, driven by central bank buying and macroeconomic uncertainties, while JPMorgan highlighted potential catalysts for a rally in Xpeng shares.
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