Gold keeps going up as greenback softens ahead of American inflation data

Gold keeps going up as greenback softens ahead of American inflation data

On Wednesday, gold kept rising because market participants were waiting for American inflation data for the purpose of gauging how it’s going to impact the Fed’s view on monetary policy in the nearer future.   

Comex gold futures managed to gain 0.4% trading at $1,335.80 per troy ounce. Earlier in the trading session the most popular precious commodity demonstrated its best reading since February 6, boasting $1,339.40.

Gold improved its revenues due to the fact the evergreen buck dived on Tuesday. As usual, a tumbling greenback underpins gold, making it more attractive as an alternative safe-haven.  

On Wednesday, the US currency’s downward trend kept unrolling during early trade. Versus a basket of six major counterparts, the evergreen buck slumped a bit, demonstrating a reading of 89.50. Meanwhile, the revenue on the 10-year Treasury note rebounded to approximately 2.83%.

Soaring inflation would be a driver to push the major US bank toward lifting interest rates at a faster tempo than previously anticipated.

Additionally, on Wednesday, the Commerce Department is going to roll out data on January’s retail sales.  Well, the consensus estimate is that the news is going to demonstrate retail sales edged up 0.5% the previous month. As for core sales, they’re supposed to inch up 0.2%.

The key US bank held interest rates intact the previous month. The Fed also increased its inflation outlook, thus indicating that borrowing costs will keep soaring under newly-appointed governor Jerome Powell. Market participants are currently putting the likelihood of a 25-basis-point lift by the US major financial institution at its March gathering at approximately 76%.

As for other metals, silver futures rallied 0.2% being worth $16.56 a troy ounce. Additionally, palladium gained 0.3% trading at $983.10 an ounce. Platinum tacked on 0.3% being worth $978.90. As for March delivery copper futures, they were intact, sticking to $3.163 a pound.

 

Similar

Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…

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