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.
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.
Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?
XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!
Oil prices are rising while the US government is on the verge of shutting down. How will it affect the market?
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!
|
