Gold stands still as greenback is still backed

Gold stands still as greenback is still backed

On Tuesday, gold didn’t change due to the fact demand for the evergreen buck was mildly underpinned reacting to the previous week's positive employment data. Another reason was that investors waited for the publication of highly-anticipated American inflation data.

Gold futures were nearly intact on the Comex exchange, keeping to $1,320.0 a troy ounce.

As for the major American currency, it initially edged up after on Friday the Labor Department informed that the American economy managed to generate up to 313,000 jobs in February, thus beating experts’ estimates of 200,000. It turned to be the greatest monthly jump in one-and-a-half years.

Aside from that the report also drew attention to the fact that average hourly earnings tacked on by approximately 0.1% the previous month for an annual rate of about 2.6%, heading south from 2.8% in January.

Apparently, the slowdown in wage surge managed to soften worries as for inflationary pressures. Besides this, it suppressed hopes for four rate lifts by the Federal Reserve in 2018.

Traders were eagerly looking forward to viewing the American consumer price inflation report to be unveiled a later in the day. It’s because they’re willing to know whether it confirms the hopes generated by Friday's jobs data or not.

As for the US dollar index, traditionally rating the greenback’s strength versus a trade-weighted basket of six leading currencies, it headed north 0.09% being worth 89.98.

Gold has always demonstrated ultra-sensitivity to any fluctuations in the American dollar as well as US interest rates. A stronger evergreen buck makes the number one precious commodity more expensive for keepers of foreign currency. However, a jump in American rates jumps increased the opportunity cost of keeping non-yielding assets, including bullion.

Silver futures went down 0.19% on the Comex exchange reaching $16.50 a troy ounce.

 

Similar

US Retail Sales

A change in retail sales is one of the most important economic indicators for the US economy and the USD.

Gold inches up

On Thursday, gold managed to gain due to the fact that the evergreen buck gave up some of its revenues, while relieving trade-war worries assisted traders in cutting bearish bets on other commodities…

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera