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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 Thursday, gold tumbled in the face of a stronger US currency, getting closer to a six-month minimum because the Fed Chair officially confirmed an outlook for higher interest rates in America…
On Wednesday, gold went down in the face of a steady greenback as well as firmer stocks…
On Tuesday, gold slumped because worries over a potential trade conflict made traders look for refuge in the greenback, raising a benchmark index for the US currency to its highest value of 2018…
On Friday, the major US currency was still steady, and the British pound dived a bit…
On Tuesday, the common currency demonstrated a one-week maximum because market participants added trading positions on a hawkish overnight statement by a policymaker, which reaffirmed bets the euro zone economy's outlook is still firm enough…
On Monday, the common currency stood on the defensive after Austria's election…
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