Observing news today one can easily get disappointed. However, things are getting better.
Yellow metal inches down on potential trade agreement
On Thursday, gold headed south, just a day after the major US bank stood pat on monetary policy and also hinted that interest rates would probably stand still for a longer period.
On the Comex exchange, June delivery gold futures headed south by about 0.7% concluding the trading session at $1,275.15 an ounce.
In a news conference, which followed Fed gathering, Fed Chair Jerome Powell told that Fed stance is quite adequate at the moment and they don’t see any reasons to move in either direction.
As for trade volumes, they were still thin due to the fact, financial markets in China and Japan were unavailable because of holidays.
Moving in directions opposite to the yellow commodity and estimating the purchasing power of the greenback versus a number of its main rivals the USD index headed south by 0.1% ending up with 97.338.
In addition to this, a report posted by CNBC, which came up with a suggestion that China and the United States might announce a trade agreement next Friday also underpinned risk sentiment and put pressure on the yellow metal.
Besides this, another round of trade negotiations between China and the United States wrapped up in China’s capital on Wednesday with the American Treasury Secretary Steven Mnuchin calling those meetings quite fruitful.
Next week the everlasting trade talks will proceed in Washington. As follows from a number of anonymous sources, the two leading economies might manage to come to a compromise already by next Friday.
In addition to this, the evergreen buck tacked on a bit versus the Japanese yen, and also dived a bit against the New Zealand and Australian dollars.
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?