ONLINE FOREX BROKER
On Thursday, gold kept to a one-week maximum because the evergreen buck dived and market participants looked ahead to the meeting minutes from the key US bank.
August delivery gold futures managed to ascend 0.22% being worth $1,256.20 a troy ounce.
The key precious commodity was underpinned by a weaker greenback. Gold usually goes up when the major American currency heads south. It’s due to the fact gold is denominated in the American dollar. Therefore, it reacts to any fluctuations in the value of this currency.
Assessing the greenback’s purchasing power versus a group of six main currencies, the USD index headed south 0.08% coming up with an outcome of 94.11.
Bullion is getting less affordable for holders of other currencies when the evergreen buck is going up and more affordable when it’s slumping.
Market participants are waiting for the minutes from the Fed’s gathering in June. The key US financial institution had its interest rate lifted at its last gathering and also dropped a hint at two more probable rate lifts by the end of 2018. Market participants are going to wait for further details on rate hikes as well as the state of the American economy.
Hopes for higher interest rates tend to spur the evergreen buck by simply making the US currency more attractive to yield-seeking traders.
Meanwhile, trade tensions were still in focus in the face of reports that America could provide a zero duty solution on cars and also from the European bloc. America is also supposed to roll out duties on $34 billion China’s products. China has told it’s going to respond anyway.
In addition to this, silver futures managed to ascend 0.04% on the Comex exchange hitting $16.050 a troy ounce. Platinum futures gained 0.13% being worth $847.40.
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.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
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