The yellow metal is declining…and all eyes are on the US Federal Reserve

Price movements

to retreat gold In spot trading, it rose 0.2 percent to $2,021.13 per ounce, swinging in the range of five dollars by 12:19 GMT.

US gold futures also fell by 0.2 percent to $2,035.60 per ounce.

The dollar index rose 0.1 percent, making bullion less attractive to holders of other currencies.

Han Tan, chief market analyst at Xenity Group, said, “Gold is witnessing relatively restricted price movement in recent sessions, as markets still yearn for more clarity regarding the federal interest rate cuts.”

Kyle Rodda, a financial markets analyst at Capital.com, said, “The situation is stable, and if the data declines in a way that leads to a decline in the dollar and increases bets on a reduction in US interest rates, gold will shine again. The big impact this week comes from the consumer price index, which if it comes strong, will represent Another test of the $2,000 per ounce level.”

Trading is expected to be weak during Asian trading hours due to market holidays China And Hong KongJapan South Korea, Singapore, Taiwan, Vietnam and Malaysia.

Market participants will focus on the US Consumer Price Index data, which will be released tomorrow, Tuesday, the retail sales data, which will be released on Thursday, and the Producer Price Index data, which will be released on Friday, while they also await the statements of seven Federal Reserve officials this week.

Several Fed officials, including Chairman Jerome Powell, said last week they wanted to see more indications that inflation will continue to decline before cutting interest rates.

As for other precious metals, platinum rose 0.8 percent to $878.71 per ounce.

Palladium rose 2.6 percent to $818.66, and silver rose 1.4 percent to $22.91 per ounce.



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