Federal Reserve Chair Jerome Powell is expected to testify before Congress on Wednesday, potentially serving up more cues on U.S. monetary policy after the central bank paused its rate hike cycle last week. But gold came under pressure as the Fed also flagged a higher peak interest rate this year, which could herald more hikes from the bank as it moves against...
We indicated yesterday that “the current price movements appear to be part of a consolidation phase” and we expected EUR to trade in a range of 1.0910/1.0970. EUR then traded between 1.0905 and 1.0946. The price actions still appear to be consolidative, but the slightly weakened underlying tone suggests EUR is likely to trade in a lower range of 1.0890/1.0950....
Although gold is struggling to attract bullish momentum, analysts note that its strength now relies on how much support is in the marketplace, even as speculative interest starts to drop. In its latest trade data, Commodity Futures Trading Commission noted that speculative interest in the gold market dropped to its lowest level in three months as investors...
Gold Price (XAU/USD) edges lower to $1,950 after a softer start to the week, despite a sluggish one due to the United States holiday, as market sentiment appears souring while the Federal Reserve (Fed) signals have been hawkish of late. Furthermore, indecision about the US-China ties and a light calendar also exert downside pressure on the XAU/USD. Gold Price...
The uncertainty over the Federal Reserve's (Fed) rate-hike path is holding back traders from placing aggressive directional bets around the Gold price. It is worth recalling that the Fed signalled last week that borrowing costs may still need to rise by as much as 50 basis points (bps) by the end of this year. That said, the incoming softer macro data from the...
Gold prices ticked down in light trade on Monday, pressured by a stronger dollar, as investors assessed the path ahead for interest rates following hawkish remarks from U.S. Federal Reserve policymakers. Spot gold fell 0.1% to $1,955.79 per ounce by 0433 GMT. U.S. gold futures were down 0.2% to $1,967.20. The dollar index edged up, making bullion less...
In the international market, according to Kitco, the world gold price decreased by 1.45 USD, or 0.08%, to 1,956.05 USD/ounce. Last week, despite ending the week in the neutral zone, gold bounced off a 3-month low following the decision of the US Federal Reserve (Fed). However, experts do not currently expect to see a large price movement this week. Gold needs to...
Gold is moving steadily in the frame 1940 - 1970 Currently, the Ma34 and Ma89 areas have intersected at the center point and created a new support Considering the present time, it is extremely positive for Gold to break 1970 and continue to rise However, today is the first Monday of the week and there is no important news, so the main trend of Gold is still...
The world's yellow metal continued to show its strength when it remained stable after the US Federal Reserve (Fed) left open the possibility of two more interest rate hikes this year. This makes experts even more optimistic about gold with the forecast that this precious metal will rise above $ 2,000 / ounce in a sustainable way. While gold was initially sold off...
Although, on June 15, the US Federal Reserve (Fed) raised its GDP growth forecast of the US economy from the previous 0.4% or more to 1% of GDP in 2023. This only helped the USD increase in the US session on June 15, but reversed the plunge right after only 1 session. Recently, experts from the World Gold Council (WGC) said that, even if gold faces challenges in...
On Thursday, US Retail Sales growth marks an increase of 0.3% for May versus -0.1% expected and 0.4% previous readings while the Core readings, mean Retail Sales ex Autos, match 0.1% market forecasts for the said month, compared to 0.4% prior. Further, NY Fed Empire State Manufacturing Index jumps to 6.6 in June versus -15.1 expected and -31.8 prior whereas...
Gold prices moved in a tight range on Friday as traders weighed recent U.S. economic data and hawkish signals from the Federal Reserve, while a relatively softer dollar provided some support to bullion. While gold was initially sold off after the Fed decision, it recouped most losses on Thursday as traders reassessed their outlook for more rate hikes. But the...
In the context that the Fed still maintains a "hawkish" view on monetary policy, experts say that gold is still a strategic asset to hold. Gold price early this morning reversed up against spot gold, up $15.7 to $1,957.7 per ounce. Gold prices rose on the last session of the dollar weakening as traders put their deposits in the US Federal Reserve (Fed) will cut...
Gold prices fell on Thursday tracking mixed signals from the Federal Reserve, after the central bank kept rates steady but warned that it will likely hike at least two more times this year. The yellow metal saw little support even as the dollar sank to three-week lows after the Fed decision, with the prospect of more rate hikes keeping traders largely wary of...
Before the neutral move of the US dollar in Asia, the GBP/USD pair is trading mixed, holding near 1.2645. According to the gross domestic product report, the UK economy in April grew slightly by 0.2% compared to −0.3% in the previous month, resulting in an annual growth rate of 0.5%, well above the previous level. 0.3% in March. The statistics confirm the...
Gold is down by some 0.12% after falling from a high of $1,960.31oz to score a low of $1,939.75oz after the Federal Reserve indicated that not one, but two more interest rate hikes may be in store as inflation remains sticky while the labour market has surprised with "extraordinary resilience." This puts a strain on the yellow metal, especially as Fed Chair...
The U.S. dollar rallied in early European trade Thursday, boosted by the Federal Reserve’s hawkish projection of more tightening this year, while the euro weakened ahead of the latest European Central Bank policy meeting. EUR/USD fell 0.2% to 1.0817, suffering from the resurgence of the dollar ahead of the European Central Bank’s next rate decision later in the...
Recent indicators suggest that economic activity has continued to expand at a modest pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and...