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On Wednesday, gold managed to surge to its highest value for a month because traders kept focusing on worries of a probable meltdown in America.
On the Comex exchange, the yellow metal surged by 0.1% trading at $1,322.95 a troy ounce, having hit $1,325.15, an outcome, which hasn’t been observed since February 28.
Besides this, spot gold hit $1,317.15 an ounce, soaring by 0.1%.
For the last time, American bond markets have indicated an American downtime might be approaching, with the American 10-year Treasury gain slumping below that of the three-month bill for the first time since 2007 the previous week.
It showed up against the backdrop of the publication of dismal economic data from America and around the globe and a downgraded American economic outlook from the major US bank.
Market participants are very cautious on Treasury gain curve inversion that had frequently proven as an early indication for a meltdown, as some financial analysts pointed out.
Uncertainties around Brexit are also backing the yellow metal’s safe-haven appeal, experts explained.
Additionally, a series of votes on Brexit enabling Britain’s legislative body to offer alternatives to UK Prime Minister Theresa May's withdrawal deal is due later in the day.
As for other metals, silver futures headed south by 0.3% concluding the trading session at $15.47 a troy ounce. Besides this, platinum futures managed to tack on by 0.4% coming up with an outcome of $869.10 an ounce.
In addition to this, palladium slumped by about 1.8% being worth $1,487.95 per ounce.
The evergreen buck managed to tack on versus the safe-haven yen. The currency pair USD/JPY headed south by about 0.3% demonstrating a reading of 110.31.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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