ONLINE FOREX BROKER
On Monday, gold declined because the evergreen buck managed to gain early traction, thus putting pressure on the most popular precious commodity, which has been sticking with the year’s minimums.
December delivery gold futures slumped by 0.5% coming up with an outcome of $1,217.50 an ounce.
In addition to this, September delivery silver futures declined by 0.7% reaching $15.355 an ounce.
Gold’s dip can be explained by the fact that the USD index ascended by 0.15%.
Trading in commodities has taken place in the face of a focus on global trade clashes that have underpinned the greenback and suppressed silver and gold.
China threatened to slap duties, varying from 5% to 25%, hitting $60 billion of American products. The tariffs would contribute to the current $50 billion in American products on which the Chinese government has already has slapped or told it would make this come true soon.
Besides this, the SPDR Gold Trust GLD headed south by 0.7%. At the same time, the iShares Silver Trust SLV posted a 0.3% dip.
In general, market sentiment is quite downbeat, as some market experts pointed out. They added that silver might be demonstrating some signs of turning a corner having dived along with gold. However, market experts stressed that silver would be capable of following through on some moderate upward momentum.
Other market experts drew attention to the fact that the entire precious metals space has turned out to be a very difficult area. They referred to pressure on prices, which have been dominating the sector of commodities.
In addition to this, September delivery copper futures went down by 1.2% hitting $2.731 a pound, having lost about 1.4% the previous week. October delivery platinum futures declined by 0.4% hitting $833.70 an ounce, having slumped by 0.6% for a week.
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.
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
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.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
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