Observing news today one can easily get disappointed. However, things are getting better.
Gold stands still having dived the most for two weeks
On Friday, the yellow metal was nearly intact in Asia because investors were still cautious after the Fed’s decision to keep interest rates on hold.
On the Comex exchange, June delivery gold futures were intact, sticking with $1,272.85 per ounce.
Gold recorded its greatest one-day percentage tumble for over two weeks on Thursday because the major US bank hit hopes of a near-term rate cut, which would have backed non-interest bearing bullion.
The Federal Open Market Committee kept the benchmark interest rate intact, which is in line with the market's hopes.
However, what sent the yellow metal down was the major financial institution’s emphasis that it didn’t see any true reason to consider a rate cut in the nearer future, referring to soaring employment as well as economic surge.
Fed Chair told that the key bank doesn’t find its policy stance appropriate at the moment and there’s no strong case for moving in any direction.
However, traders shifted their focus to April's American jobs report as well as the non-farm payroll data, expected to be uncovered a bit later in the day.
Besides this, a report by the World Gold Council gained some attention. Well, it told that first-quarter gold buying by key financial institutions, led by China and Russia, turned out to be the highest for the last six years.
Some experts noted a continuation of the firm demand from major banks and added that major bank buying appeared to be a major support for gold.
Experts stressed that they hope for another good year for major bank buying.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?