Daily Gold News: Wednesday, Apr. 14 – Gold’s Consolidation Despite Rallying Stocks, Cryptos

The gold futures contract gained 0.86% on Tuesday, as it fluctuated within a short-term consolidation despite rallying stock market, cryptocurrencies.

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Treasury yields weighed on bullion’s appeal, while investors awaited speeches by several Federal Reserve officials in the wake of data showing higher inflation.

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Treasuries, essentially act as collateral that lenders can seize upon when borrowers default.In a tri-party transaction, a third entity acts as an intermediary between the borrower and lender to facilitate services like collateral selection, payment and settlement.The bank said its platform is custody agnostic, meaning that clients can use BNY Mellon as an agent without having the bank act as the custodian for the assets involved in the trades.BNY Mellon’s move follows a similar program launched in 2018, when the bank allowed clients to pledge Chinese stocks purchased via Hong Kong’s Stock Connect as collateral.“It is a big deal,” Brian Ruane, chief executive of BNY Mellon’s clearance and collateral management business, said in an interview.

New York timeThe NASDAQ Composite Index rose 1.2%, more than any closing gain since April 5The Dow Jones Industrial Average rose 0.8% to a record highThe MSCI World Index rose 0.8% to a record highCurrenciesThe Bloomberg Dollar Spot Index fell 0.1%, falling for the fourth straight day, the longest losing streak since April 6The euro was unchanged at $1.20The British pound climbed 0%, rising for the fourth straight day, the longest winning streak since Feb.

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