Observing news today one can easily get disappointed. However, things are getting better.
Gold declines in Asia
On Friday, gold dived in Asia, with sentiment backed mostly by political risk as well as mixed views as for the pace of Fed rate lifts this year.
In New York, April delivery gold futures declined 0.13%, trading at $1,225.45 a troy ounce. Besides this, silver futures dipped 0.24%, trading at $17.288 a troy ounce, copper fell 0.11%, being worth $2.674 a pound.
Overnight, gold prices ascended steeply, amid a weakening greenback, as market participants mulled over the Fed’s more dovish than the expected statement on the pace of rate lifts in 2017.
On Wednesday, Fed Chief Janet Yellen told at the press conference that the Fed would keep providing an accommodative monetary policy to back the American economy, though warned against a prolonged period of lower rates just to avoid a situation which forces the major US bank to lift rates rapidly.
Meanwhile, a mixed batch of economic data had rather a muted effect on the number one precious metal as it kept trading close to near session peaks.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.