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.
I am Annabelle Sampson and I work for The News Dept as an author for their news department. My main focus is on economy news, but I also cover other topics such as business, finance, and current affairs. My writing has been featured in prominent publications such as The Wall Street Journal, Forbes Magazine, and the Financial Times.