Online Forex broker
On Thursday, gold jumped over 1%, thus getting back to the psychologically crucial mark of $1,200 because a rout in global stock markets underpinned worries over soaring bond gains, speeding down global growth, not to mention trade clashes.
December delivery gold futures jumped by 1.16% on the Comex exchange being worth $1,207.30. On Wednesday, the yellow metal had concluded at $1,189.30.
Safe haven demand for gold was underpinned against the backdrop of abrupt dives in global stock markets because market participants dumped risky assets.
Evidently, the selloff was provoked by a combination of fears over the impact of soaring bond gains as well as fears that trade clashes are starting affecting the global economy.
American equities pointed to a steeply lower start, just a day after the greatest dive on Wall Street for more than eight months.
The dives took place notwithstanding a soar in American Treasuries. The revenue on the benchmark 10-year note, moving in the opposite direction to price, headed north because market participants required safety from the global equities sell-off.
The previous week Treasury gains started soaring in the face of hopes for a faster than anticipated pace of rate lifts from the Fed because the US economy seems to be firm enough.
Gold got an extra boost from a soaring greenback, with the USD index, diving 0.39% to a one-and-a-half week dip of 94.86.
A slipping greenback is capable of making dollar-denominated assets, including the yellow metal, more affordable to purchasers who hold other currencies.
Hopes for soaring interest rates will most probably remain a headwind for the yellow metal. Interest rate hikes as well as higher American bond gains dampen appeal for the most popular precious commodity that doesn’t offer yields.
December delivery silver futures rallied by 0.59% hitting $14.41 a troy ounce.
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.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
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.
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
|
