Gold goes down in Asia ahead of Fed gathering

Gold goes down in Asia ahead of Fed gathering

On Tuesday, gold went down in Asia because the evergreen buck tacked on ahead of the beginning of a two-day FOMC gathering with rates seen intact, although views on inflation are anticipated to influence the market.

February delivery gold futures dived 0.12% in New York being worth $1,338.70 a troy ounce. Meanwhile, the US dollar index inched up 0.01% trading at 89.18.

Overnight, the number one precious metal dived in the wake of a steep ascend in the US currency amid investor hopes that firm economy surge along with faster inflation would back the Fed’s case for a more hawkish approach to monetary policy.

By the way, Goldman Sachs informed that it actually expects the US major financial institution to adopt a bit aggressive slant in its commentary as for inflation and economic conditions, when the Fed publishes its policy statement on Wednesday.

Sentiment for the precious metal is still bullish, although market participants kept increasing their bullish bets that the asset would extend its recent soar.


Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

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?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.

Latest news

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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