2023-05-31 10:40:00
© Archyde.com Gold is moving in a narrow range today ahead of the US jobs data
Arabictrader.com – Gold prices recorded a slight decline during trading today, Wednesday, as a metal moves in a limited range, in an attempt to recover from the losses of the previous session, in conjunction with the rise in the US, supported by the statements of some members of the US Federal Reserve regarding monetary policy, in light of the markets’ anticipation. The US Labor Turnover and Job Vacancies data is scheduled to be released today, which may have an impact on the movements of both the US dollar and gold.
On the sidelines of today’s trading, spot gold contracts fell by 0.17% and reached $1,956.04 an ounce, and in addition to that; It decreased by 0.07% and settled near the level of $1,975.80 an ounce.
The rise in the US dollar index – which measures the performance of the US currency once morest a basket of six other major foreign currencies – has caused a strong decline in gold prices during today’s trading, due to the existence of an inverse relationship between the two parties, as it is worth noting that the rise of the US dollar weakens the positiveness of commodities. denominated in it, especially the gold metal, because it raises the costs of purchasing it.
The US dollar index recorded a strong increase by 0.36% and settled near the level of 104.448 points; Which negatively affected the performance of gold, thanks to the hawkish statements by some members of the US Federal Reserve regarding monetary policy, led by the US Federal Reserve member Meister in Cleveland; Where she made it clear that there is no convincing reason preventing the bank from raising interest rates at the next June meeting, stressing that there is no need to wait for the Fed to obtain more evidence to decide what to do, and she added that she only believes that we should move forward with raising interest; This, in turn, contributed to the decline in gold prices.
Also, the statements of the American Federalist Thomas Parkin in Richmond were; Another supportive of the US dollar’s movements that caused a decline in gold prices today, as he stated that although the federal interest rate had reached a restricted area, reaching the stage at which the US Federal Reserve’s moves would be sufficient to reduce high inflation is uncertain, which increased pressure on gold levels. and prompted it to continue its downward momentum.
In addition; The markets are awaiting the issuance of data on the vacancies index and the turnover rate within the United States for the month of April, which is scheduled to be released later today, which will have a strong impact on the upcoming US Federal Reserve moves regarding its monetary policy, and this in turn will be reflected in the performance of both the US dollar and gold.
During today’s trading, spot contracts recorded a slight increase by 0.29% and reached $23.24, while it fell by 1.11% and recorded regarding $1,395.77, in addition to a decline in platinum contracts by 1.03%, reaching $1,013.75.
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