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Thursday, December 7, 2023

Who is putting pressure on gold: The stockbroker said under the influence of which factors the price of the precious metal fell

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Stock markets do not show an increase in the demand for gold yet. for reasons FAN Agreed with the help of experts in currency trading from the expert department of FBA “Economy Today”.

According to yesterday’s results, gold closed down half a point, falling from 1922 to 1913. There is also trading in the area of ​​closing prices today – about $1911 per. troy ounce

“The main element of the pressure on the gold price was the expectation that rates would rise further. Yesterday the US data came out, data on new home sales were released: the figures showed an increase of 763,000 in May, but 675,000 was expected, so much better than expected. And Consumer Confidence Index The Conference Board was expecting 104 points, up from 109.7 points in June. All this shows that, as analysts say, the US economy, especially the American consumer, is doing pretty well, feels safe enough and spends with confidence. Such realities can again have a negative impact on inflationary processes, and indeed the Fed now has reasons to raise the rate even higher,” the stock analyst says. .

At the same time, the expert states that yields on ten-year US government bonds have stabilized and are trading at 3.75%. The DXY dollar index hasn’t changed much either: it’s trading at 102.6 points.

“Important statistics will be released on Friday and we are waiting for the data on the personal consumption expenditures price index, which is the inflation indicator closely followed by the Fed tomorrow. Meanwhile, gold is still under pressure and the range of about 1860 to 1930 dollars per ounce will remain relevant,” the FAN source summarized.

Earlier, stock experts evaluated the impact of the actions of the Fed and ECB regulators on the precious metals market.

Source: Riafan

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