Gold breaks $1,800!
Sudden spikes? Yes, please! Gold is above $1,800, finally!
Gold slumps due to the continued appreciation of the dollar
On Tuesday, gold dived in the face of the continued ascend of the evergreen buck.
June delivery gold futures gained 0.14% on the Comex exchange hitting $1312.20 per troy ounce.
The previous week, gold dived to a minimum of two months and reported a third consecutive diving week.
The US dollar index, normally estimating the purchasing power of the US currency against the group of six leading currencies, tacked on 0.3% showing 92.89, which turns out to be the highest result this year.
The appreciation of the major American currency generates a decline in demand for gold as well as other commodities traded in the US currency, thus making them less accessible to those who hold other currencies.
In recent weeks, the growing revenue of American government bonds along with upbeat economic reports has bolstered forecasts of a steady rate of the key US bank’s interest rate hike this year.
At the moment, the US major financial institution predicts two more interest rate lifts in 2018, although some traders expect that there will be up to three more such lifts.
In its statement on the outcomes of the two-day gathering, the previous week the Federal Open Market Committee of the Fed recognized the surge of inflation, proceeding with the way to a second interest rate lift in 2018 as a result of its June gathering.
Market participants keep monitoring the development of the geopolitical situation before today the American President Donald Trump is going to talk about the future of a nuclear deal with Iran, which he repeatedly threatened to break.
As for other metals, silver futures inched down to $16.48 per troy ounce on the Comex exchange, while platinum futures sank 0.35% being worth $910.10.
Copper futures dived 1.17% being worth $3,044 per pound.
Similar
GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
GOLD: approaching $1,800!
The shining metal breaks above $1,760. How soon the 2012 heights may be beaten?
Latest news
Gold and Bitcoin Rise, Fed is Eyed
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
Will There Be Any Changes in US Monetary Policy?
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Hong Kong Index and Gold Dropped, Tesla Reported Strong Earnings
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
Deposit with your local payment systems
