Gold is nearly intact
On Wednesday, gold was nearly intact because traders closely watched a policy statement by the key US bank, which is expected to shed light on its interest rate plan for the rest of 2019…
Gold rallies just by 2% in October
Active profit-taking on the yellow metal’s run in October left gold with a modest 2% profit as it concluded October trade on Wednesday.
On the Comex exchange, December delivery gold futures headed south by $10.30 concluding October at $1,215.30 an ounce.
Since this week started, the contract has gone down by 1.7% due to the fact that market participants cashed in profits of the last four weeks, which came as the yellow metal derived benefits from a rout in shares as well as a shaky greenback.
Factoring in the three-day dive, the yellow metal reported a 2% leap for October, which is its highest value since January. The previous week, it reported a 4% monthly profit, which is its most impressive outcome since July last year.
Assessing the American dollar’s purchasing power versus its main counterparts the USD index managed to reach 16-month maximums, further putting pressure on the yellow metal because worries of fierce trade conflict between China and America helped some market participants to consider this currency to be a good safe-haven and an alternative to gold.
Early bets for a highly-anticipated Fed rate increase in December, which would happen to be the fourth for the United States in 2018, also backed the evergreen buck at gold’s expense.
Meanwhile, American equities managed to head north on a resurgence in tech shares after some better-than-anticipated earnings.
As for other precious metals, silver futures inched up by 0.9% being worth $14.28 a troy ounce. For the month it headed south by 2.4%.
Palladium surged by 1.2% being worth $1,067.80 an ounce. Platinum futures gained 0.1% hitting $840.00. Palladium soared by 0.4% for the month, and platinum acquired 2.6%.
Copper went down by about 0.3% on the Comex exchange being worth $2.655 a pound.
Similar
Gold heads north, with Fed meeting in focus
On Tuesday, gold jumped, underpinned by hopes that the US main financial institution is going to send financial markets a more dovish message as for future monetary policy following the two-day policy gathering scheduled to start a bit later on Tuesday…
Gold jumps to $1,300
On Monday, gold managed to ascend because traders closely watched a busy week probably to be dominated by the Fed’s regular policy gathering…
Latest news
Forex today: easing geopolitical tensions
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
Common currency ascends ahead of euro zone data
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
Greenback edges down
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
Deposit with your local payment systems
