On Friday, gold declined, simultaneously trying to preserve its weekly profits because the USD index jumped, offsetting its abrupt weekly dive…
Gold stands still before the publication of US GDP
On Friday, gold remained relatively steady before the publication of the report on US economic growth for the first quarter.
Gold futures went down by approximately 0.06% ending up with an outcome of $1317.1 per troy ounce.
According to analysts' estimates, the report will show that the US economy headed north by about 2% in the first quarter.
Despite the slowdown, current economic growth is the second longest American economic surge after the end of World War II.
Market experts are assured that this report won’t probably change the plans of Fed officials to gradually lift the interest rate, considering the anticipated surge in the American economy in the coming months because of tax cuts implemented by the Trump administration.
University of Michigan is expected to publish its data on the updated consumer sentiment index in America for April. According to the consensus forecast, the value of this index is going to be revised upwards to 98.0 versus the originally determined value of 97.8.
On Friday, historical talks burst out between North Korea and South Korea, thus reducing geopolitical tensions in East Asia.
Demand for gold soars in the days of geopolitical instability, and with its weakening – it dives. Against the backdrop of improving the situation on the Korean peninsula, worries as for geopolitics are receding, and investors prefer buying risky assets.
On Friday, gold prices minor changed. However, for the week, gold is preparing to fall by 1.5% due to the growth of the evergreen buck, the yield of US government bonds as well as the reduction of geopolitical fears.
Silver futures slumped by 0.3% hitting $16.450 per troy ounce.
As for palladium futures, they went down by 0.3% hitting $976.05 an ounce. As for prices for platinum, they dived 0.4% coming up with $906.7 an ounce.
On Thursday, gold declined notwithstanding a weakening evergreen buck in the face of ebbing trade fears, as market participants waited for economic data later in the trading session and also looked ahead to the Fed’s policy gathering next week…
On Monday, gold managed to surge due to the fact market participants questioned the greenback jump’s near-term durability…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…