Congratulations! Gold has just opened a new era... or, rather, reopened...
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.
The market sentiment improved after the USA reported some decreasing in coronavirus hospitalizations. Gold dropped below $2 000 and the US dollar dipped down, while stocks surged. Let’s have a closer look.
The RBNZ will make the monetary policy statement on August 12 at 5:00 MT time!
The market has started the week with a mixed sentiment…