2023-07-24 18:40:43
The price of gold futures continued to fall. Most recently broke the $1,960 level today. It was affected by the appreciation of the dollar. which will reduce the attractiveness of gold By making gold contracts more expensive for holders of other currencies.
At 1:35 a.m. Thai time, the COMEX (Commodity Exchange) gold contract is delivered in August. minus $ 8.80 or 0.45% to $ 1,957.80 / ounce
However, gold prices have been boosted by investors placing orders for gold as a safe-haven asset. After Russia announced it withdrew from the agreement to export grain from Ukraine via the Black Sea route. and attacked Ukrainian ports in the Black Sea
Investors are keeping an eye on the US Federal Reserve (Fed) monetary policy meeting this week, with almost 100% weight on expectations that The Fed will raise interest rates by 0.25% in this round of meetings.
The latest CME Group FedWatch Tool indicates that investors are 99.8% weighting that the Fed will raise interest rates 0.25% to a range of 5.25-5.50% at its July 25-26 meeting, and only 0.2% weighting that the Fed will hold rates at 5.00-5.25%.
In addition, the market sees that the Fed is close to ending its rate-raising cycle. After revealing retail sales, the consumer price index (CPI) and the producer price index (PPI) were lower than expected. by investors predicting that The Fed will raise interest rates this month for the last time this year. and will maintain the interest rate for the remainder of the year. before cutting interest rates next year
Investors gave 39.9% weight to the Fed’s decision to cut interest rates by 0.25% to a range of 5.00-5.25% at its meeting on March 19-20, 2024, up from 32.9% last month.
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