Gold heads south in early Asia

Gold heads south in early Asia

On Tuesday, gold traded weaker in early Asia, with focus on the Fed as well as demand prospects for the number one precious metal as the major bank is geared up to normalizing monetary policy.

In New York, August delivery gold futures reached $1,267.84 per troy ounce.

Overnight, gold was nearly intact because traders waited for an upcoming Fed interest rate verdict and also press conference from Fed chair Janet Yellen to find out whether the major US financial institution will keep pursuing its monetary tightening path or not.

The FOMC is supposed to raise its benchmark rate from 0.75-1% to about 1-1.25%, following the conclusion of Wednesday’s gathering.

Market participants will pay much attention to the press conference for any clues on the major bank’s plan to diminish its $4.5 trillion balance sheet this year and any probable shift in tone on upcoming interest rate hikes in the wake of poor American economic data.

Similar

US Retail Sales

A change in retail sales is one of the most important economic indicators for the US economy and the USD.

Gold inches up

On Thursday, gold managed to gain due to the fact that the evergreen buck gave up some of its revenues, while relieving trade-war worries assisted traders in cutting bearish bets on other commodities…

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera