ONLINE FOREX BROKER
On Wednesday, gold prices rallied. The demand for defensive assets headed north due to concerns about the continuing trade disagreements between the US and China as well as the possibility of an American military strike against Syria.
June delivery gold futures soared by 0.13% on the Comex exchange showing an outcome of $1347.6 per troy ounce.
On Tuesday, Chinese President Xi Jinping along with US President Donald Trump made a series of conciliatory statements on bilateral trade. Market participants hope that it will open the way to negotiations, which will prevent a trade conflict between the world’s two leaded largest economies.
However, market participants are still apprehensive due to reports that the talks, which have just started have been suspended.
Instability stepped up in markets, the US and its Western allies are discussing the possibility of a military strike against Syria in response to the alleged chemical attack carried out on the previous weekend. Russia urges the United States to abandon military action amid growing tensions between the two countries.
The US dollar exchange rate went down before the publication of the minutes of the last Fed gathering as well as inflation data in the United States.
The US dollar index, traditionally gauging the purchasing power of the major US currency to the trade group of six main rivals, headed south by 0.09% coming up with a reading of 89.24.
Demand for gold is tacking on during geopolitical tensions or instability in financial markets, and the depreciation of the evergreen buck makes gold traded in that asset more affordable for buyers of other currencies.
As for bidding of other precious metals, silver futures went down by 0.19% on the Comex exchange showing an outcome of $16.565 per troy ounce. Additionally, platinum futures soared by 0.16% hitting $934.60.
Copper futures slumped 0.45% reaching $3,123 per pound.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
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.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
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