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On Thursday, gold was intact due to the fact that market participants waited for comments from Fed Chair Jerome Powell in the face of hopes that the head of the US key financial institution is going to reaffirm a pause in the US monetary policy tightening.
On the Comex exchange February delivery gold futures surged no more than 0.05% ending up with an outcome of $1,292.70 a troy ounce.
As a rule, higher interest rates put pressure on demand for the yellow metal that doesn’t bear interest.
By the way, Powell’s last appearance backed equities because the statesman emphasized that the major US bank could be patient enough on further policy tightening. A great number of traders are assured that the Federal Reserve is going to pause its rate lifts for this year. They also give a 14% likelihood that it will actually have interest rates cut by the end of 2019.
On Wednesday, presidents of four of the 12 Fed regional financial institutions told that they would like to see greater clarity on the state of the American economy before extending the Fed’s rate lift campaign any further, dropping a hint that the major US bank could take months before another lift is carried out.
St. Louis Fed President James Bullard, who has a reputation of the most dovish policymaker, came up with a suggestion that further tightening could potentially tip the American economy into recession.
Market experts told that the yellow metal is actually getting a bit support out of a dovish Fed stance as well as institutional instability in America.
As for other metals, silver futures tumbled by 0.19% ending up with $15.705 a troy ounce. Moreover, palladium futures ascended by 0.39% trading at $1,274.30 an ounce. Platinum futures tacked on by 0.24% being worth $827.30.
Copper tumbled by 0.72% trading at $2.638 a 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.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.
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