2023-07-24 15:35:00
© Archyde.com. Gold prices are falling during today’s trading, for these reasons!
Arabictrader.com – It witnessed many movements in terms of trading today, Monday, and recorded a marginal decline; In conjunction with the rise in the US, in light of the positivity of the preliminary reading of the US Manufacturing PMI for the month of July, amid the approaching date of the meeting of the US Federal Reserve’s Monetary Policy Committee, which will have a strong impact on the trading of both the US dollar and prices.
During today’s standard gold metal transactions, spot gold contracts decreased by 0.15%, to record about $1958.95 an ounce, and at the same time, gold futures contracts fell by 0.15%, to reach $2,002.20 an ounce.
And the gold metal contracts fell during today’s trading, due to the rise in the US dollar index, which measures the performance of the green currency against a basket of six other major foreign currencies, against the backdrop of an inverse relationship between the US dollar and gold, where it is worth recalling in this regard, that the rise of the US dollar index has negative repercussions on the prices of the metals denominated in it, especially gold, since it raises the cost of buying it.
In this context, the US dollar index recorded an increase of 0.26% and settled near the level of 101.348 points, which caused gold prices to decline during trading, supported by the positive initial reading of the manufacturing purchasing managers’ index inside the United States for the month of July issued a short while ago, which came better than market expectations, as the index scored about 49.0 points, compared to expectations of only about 46.1 points.
Also, gold prices found some pressure amid the approaching date of the Monetary Policy Committee meeting at the US Federal Reserve for the month of July, which is to be held next Wednesday, when the Federal Reserve will announce during its meeting its new decision regarding monetary policy, and besides that, the conference of US Federal Reserve Governor Jerome Powell will have a fundamental role in the movements of the US dollar and gold prices, because it will clarify its decision as well as the economic situation of the country.
As for the prices of other precious metals, other than gold contracts, spot contracts recorded during today’s trading, a decrease of 0.87% to reach $24.40, in addition to a drop in platinum contracts by 0.65%, to record about $959.56, in addition to a decrease of about 0.30%, to settle near the level of $1,291.48.
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