On Thursday, the yellow metal managed to surge, hitting a 6-month maximum due to the fact that a less-hawkish main US bank led to a weaker evergreen buck, thus underpinning the US dollar-denominated precious commodity.
On the Comex exchange, February delivery gold futures managed to jump by approximately 0.41% ending up with $1,261.50 per troy ounce. By the way, its intraday maximum of $1,265.65 turned out to be its highest value since June 26.
Besides this, the USD index, traditionally utilized to gauge the purchasing potential of the major American currency versus its main rivals, slipped by about 0.34% ending up with 96.15.
Although the Fed had rates lifted as anticipated on Wednesday, but policymakers tamed their expectations for lifts in 2019 narrowing them to just two versus the earlier three estimated in the September forecasts.
In general, financial markets are still downbeat, with odds sticking with 50% for just one rate lift at the end of 2018.
In addition to this, skittishness in equities also gave some support to the safe-haven precious metal because traders had assets reallocated.
A number of financial analysts pointed to the fact that the price $1,300 for gold wasn’t unreal, but just trickier.
It feels like the path to $1,300 is still alive for the yellow metal. However, the most popular precious commodity will have to count on the stock market getting affected by worries of extra rate lifts as well as the evergreen buck still lifeless.
As for other metals, silver futures declined by about 0.17% ending up with a reading of $14.793 a troy ounce by 11:25 AM ET.
As for palladium futures, they declined by 0.66% trading at $1,193.40 an ounce. Besides this, platinum futures dipped by 0.59% hitting $791.30.
Copper futures dived by 1.22% trading at $2.683 a pound.
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.
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
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