Gold revives after largest weekly slump for a year

Gold revives after largest weekly slump for a year

On Monday, gold ascended, recovering some losses having faced its largest weekly sag for more than year because market participants awaited references from the Fed later this week.

December delivery gold futures soared by 0.72% on the Comex exchange hitting $1,192.90 a troy ounce.

Gold futures concluded the previous week down by 2.86%, which is the greatest weekly sag since early May last year, having slumped to $1,176.20 last Thursday, demonstrating the lowest reading since early January last year.

So far in 2018 this commodity has lost by 10.8%, suppressed by the stronger evergreen buck as well as soaring interest rates.

Investors will pay much attention to any clues from the major financial institution this week on the future path of the country’s monetary policy.

On Wednesday, market participants will get a chance to view the minutes of the Fed’s August gathering, when it left interest rates intact and showed that it’s still on track for extra rate lifts in 2018.

On Friday, Jerome Powell is anticipated to make his first appearance as Fed chief in Jackson Hole at the annual economic symposium.

Market participants are going to be on the lookout for any updates to the Fed’s outlook on inflation, the US economy as well as trade war concerns.

Financial markets are actually expecting the next rate lift to take place in September, with the probability of an extra lift in December accounting for 63%.

As for other metals, silver futures managed to tack on by 0.20% hitting $14.660 a troy ounce.

Palladium futures managed to ascend by 2.15% coming up with $896.70 an ounce. At the same time, platinum futures edged up by 1.92% being worth $792.20.

Besides this, copper futures rallied by up to 1.18% showing $2.660 a pound.

 

 

 

Similar

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Something more Important than NFP
Something more Important than NFP

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.    

Latest news

No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

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

Beginner Forex book will guide you through the world of trading.

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