Metals edge up on diving greenback

Metals edge up on diving greenback

On Monday, metals made an upbeat start to the week, underpinned by a weaker greenback, although data disclosed that market participants ramped up their downside bets on the most popular precious commodity on hopes for further lifts in American interest rates.

December delivery gold futures added 0.01% on the Comex exchange being worth $1,200.50 a troy ounce.

The greenback’s dive intraday minimums didn’t manage to inject a meaningful soar in investor appetite to ramp up exposure to gold as the fresh round of upbeat American economic data, with the mostly bullish jobs report on Friday, has reassured market participants that the American economy is still on firm footing, thus strengthening the prospect of further rate lifts.

Tracking the purchasing potential of the greenback versus its primary counterparts the USD index went down by 0.29% hitting 95.10.

In a soaring interest rate environment, appetite for gold goes down due to the fact that the opportunity cost of holding the yellow commodity heads north relative to other interest-bearing assets, including bonds.

On Friday, gold reported a second losing week, notwithstanding America threating to slap another round of levies on China. The yellow metal’s safe-haven status has become uncertain for the last time because market participants have seemingly wanted to back the US currency on hopes that in a full-blown global trade conflict, the strength of the American economy will strengthen.

American leader demonstrated his readiness to slap extra levies on China’s products in the nearer future, warning of another $267 billion at hand.

According to CFTC COT data, money managers ramped up their net short positions in gold to about 13,500 lots versus 3,100 lots by September 7.

Copper ascended by 0.13% hitting $2.63, zinc sank by 1.33% trading at 2,371.75.

Silver futures added 0.28% demonstrating $14.21 a troy ounce.



Something more Important than NFP
Something more Important than NFP

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.    

Latest news

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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