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On Thursday, gold headed south right after the key US bank decided not to change its interest rates, although the key bank hinted that further rate lifts might take place a bit later in 2018.
Gold futures went down in New York demonstrating an outcome of $1,343.10 per troy ounce.
During the last policy gathering with Janet Yellen as Fed Chair, the major US financial institution revealed that it would leave interest rates on hold – a widely anticipated move. The key bank added that inflation would most likely ascend in 2018.
Those remarks indicated that borrowing costs are going to keep soaring under new Fed Chair Jerome Powell.
The vast majority of market experts are absolutely assured that the key American financial institution will have interest rates lifted already in March. Another rise is anticipated to take place in June, while a third one is believed to emerge in December.
As a matter of fact, gold turns to be very sensitive to lifting rates because it raises the opportunity cost for holders of nonyielding bullion.
Treasury yields headed north, with the benchmark 10-year note moving to 2.75%, which is the highest value for nearly four years.
Apart from the Federal Reserve, there’s a flock of reports on today's economic calendar, with weekly jobless claims, fourth-quarter productivity to say nothing of labor costs. Other crucial economic reports include manufacturing and construction.
Market participants are looking ahead to US nonfarm payrolls report to be unveiled on Friday.
As for other metals, silver futures were intact, still demonstrating an outcome of $17.24 per troy ounce. Besides this, palladium headed south, losing approximately 0.3% being worth $1,020.80 an ounce. Platinum went down 0.6% trading at $997.90. March delivery copper futures were nearly intact demonstrating a reading of $3.195 per pound.
On Monday, gold ascended, recovering some losses having faced its largest weekly sag for more than year because market participants awaited references from the Fed later this week…
Gold has already lost out in a paradigm shift exactly where the number one precious commodity is no longer considered to be a traditional refuge when traders are in a risk-off mood…
On Monday, gold headed south because Turkey’s economic turmoil left financial markets puzzled…
In February, Japan's exports probably ascended at the fastest pace for two years due to a softer yen as well as improving global demand, as a Reuters survey showed on Friday…
On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…
On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…
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