On Wednesday, gold declined, suppressed by the fact that trade clashes between China and America intensified, driving worries as for demand for industrial metals as well as bringing copper prices to their lowest close for a year.
August delivery gold futures dived 0.7% being worth $1,246.70 an ounce.
September delivery silver futures sank by 1.4% hitting $15.855 an ounce, making its way for its lowest value for more than a week.
Another escalation in US-China trade clash heavily impacted all of the metal commodity prices. As a matter of fact, gold was suppressed by the broad sell-off in zinc and copper.
September delivery copper futures headed south by 3.28% being worth $2.746 a pound, bracing for the lowest close since late July 2017. As for September delivery zinc futures, they went down by 2.1% trading at $2,564 per metric ton.
Gold has mostly stayed i a downtrend, which has made market participants as well as technical analysts maintain rather a bearish outlook for this popular precious commodity, which should ordinarily give benefits during times of uncertainty, such as these trade clashes between America and its partners throughout the world.
On Tuesday, the US government told it would consider 10% duties on another $200 billion in China’s products. Undoubtedly, the given move can hardly help to get along with the Chinese government. Moreover, it’s a clear signal for other trading partners of this superpower that America isn’t going to back down in a trade conflict. So, it’s not wonder that it brought equities down.
Strength in the evergreen buck also contributed to gold’s slump on Wednesday. As a matter of fact, the ICE USD Index, reflecting the US currency’s performance versus a half-dozen currencies, managed to tack on by 0.2% demonstrating a reading of 94.37.
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.
US stock markets started falling, while the US dollar is rising. What to expect from
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%.
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!
|
