Gold heads north

Gold heads north

On Monday, gold rallied because market participants looked ahead to a busy week of Fed speakers for new clues on the probable trajectory of monetary policy.

Gold futures tacked on 0.4% trading at $1,292.02 a troy ounce.

On Friday, gold futures concluded modestly lower just to notch a 0.7% weekly sag, which is its first weekly descend of the last three.

The changing of the management at the Fed is going to be a main focus for traders this week because both the current chair as well as next chief of the US major financial institution are scheduled to speak.

On Tuesday, Fed governor Jerome Powell, picked up by Donald Trump as the next Fed chief, appears before the Senate Banking Committee for his confirmation hearing.

On Wednesday, on Capitol Hill, Fed Chair Janet Yellen will talk about the US economy, right before the Joint Economic Committee.

As for other metals, silver futures rallied 0.3% trading at $17.04 a troy ounce, while platinum dipped 0.2% being worth $943.90, palladium lost 0.3% hitting $989.40 an ounce.

Copper futures declined 1.9% reaching $3.131 a pound.

 

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