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On Tuesday, gold slumped because worries over a potential trade conflict made traders look for refuge in the greenback, raising a benchmark index for the US currency to its highest value of 2018.
The number one precious commodity got to its lowest value of this year notwithstanding soaring trade tensions affecting financial markets and leaving market participants on edge.
August delivery gold futures headed south by 0.3% displaying a reading of $1,276.50 an ounce.
As the trade conflict between the United States and China can strengthen, market sentiment among investors is getting darker. As a result, stock markets are going down, cyclical commodities, including base metals have found themselves under pressure.
Trade developments brought equities steeply down, and some financial experts have told that gold selling might be utilized for the purpose of generating returns and compensating losses in so-called risk-on markets. However, the developments also spurred the evergreen buck that doesn’t tend to move inversely versus the number one precious metal.
In addition to this, the ICE US Dollar Index DXY, a traditional gauge of the evergreen buck versus a half-dozen key rivals, managed to ascend by 0.3% hitting 95.10, demonstrating 2018 maximums.
The growing US-China trade feud also put pressure on prices for industrial commodities.
As a matter of fact, July delivery silver futures went down by 0.8% being worth $16.31 an ounce, moving towards the lowest value since mid-May.
Meanwhile, July delivery copper futures headed south by 1.5% trading at $3.061 a pound. This commodity was just one point close to a three-week dip at $6,838.50 on the London Metal Exchange.
Besides this, July delivery platinum futures sank by 2.2% coming up with an outcome of $864.20 an ounce. At the same time September delivery palladium futures demonstrated a reading of $967.390 an ounce, losing 1.5%.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
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.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.
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