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On Friday, gold edged up in Asia because market participants digested rather an alarming report that North Korea was going to test a hydrogen bomb over the Pacific Ocean. Additionally, they closely watched a policy speech on Brexit.
December delivery gold futures rallied 0.36% being worth $1,299.48 a troy ounce.
Overnight, the precious commodity tumbled abruptly because investors kept unwinding their bullish bets on gold in the wake of the Fed’s policy statement that drove expectations of a year-end rate lift.
Gold declined to a more than four-week minimum because on Wednesday a bit hawkish Fed told that it would get down to unwinding its huge portfolio of bonds in October. Moreover, the bank stressed that a year-end rate lift was still appropriate.
Gold happens to be very sensitive to fluctuations in American interest rates. It’s because they raise the opportunity cost of holding non-yielding assets, including bullion.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
What will happen? Crude oil inventories will be announced at 17:30 MT (GMT+3) on Wednesday, September 29…
What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
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