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[size=36]The stability of gold and dollar prices in the global market[/size]
Economie| 12:00 - 16/06/2021
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Follow-up - Mawazine News:
Gold stabilized today, Wednesday, and investors are awaiting the outcome of the latest meeting of the US Federal Reserve, to elicit indications about a possible reduction of economic support measures, amid the dollar’s rise.
There was little change in gold in spot transactions, as it was traded at $ 1859.32 an ounce, by 05:23 GMT. And gold fell to its lowest level since May 17, 2021, to $ 1843.99 last Monday.
US gold futures rose 0.2 percent to $1,860.40 an ounce.
“Gold is down over a few days, and this reflects growing expectations that (the Fed) cut back on quantitative easing may start sooner than the market currently expects,” said Ilya Spivak, currency strategist at the Daily Fix.
He added, "Gold entered the next stage lower. The imminent support at this stage is around $1,850. If we break through that with the help of (the reserve meeting) over the next 24 hours, gold may head towards $1,800."
In the currency market, the dollar settled near the highest level in a month against competing currencies, which increases the cost of gold to holders of the rest of the currencies.
Tuesday's data revealed that US retail sales fell more than expected in May 2021, while producer prices jumped 6.6% year-on-year during the month, the largest increase since November 2010.
Recent data, which showed a jump in US consumer prices, raised concerns about rising inflation. . But US central bank officials (the Reserve Board) said that inflationary pressures are temporary and that ultra-loose monetary policies will remain in place for some time. Ended 29/A43
Gold stabilized today, Wednesday, and investors are awaiting the outcome of the latest meeting of the US Federal Reserve, to elicit indications about a possible reduction of economic support measures, amid the dollar’s rise.
There was little change in gold in spot transactions, as it was traded at $ 1859.32 an ounce, by 05:23 GMT. And gold fell to its lowest level since May 17, 2021, to $ 1843.99 last Monday.
US gold futures rose 0.2 percent to $1,860.40 an ounce.
“Gold is down over a few days, and this reflects growing expectations that (the Fed) cut back on quantitative easing may start sooner than the market currently expects,” said Ilya Spivak, currency strategist at the Daily Fix.
He added, "Gold entered the next stage lower. The imminent support at this stage is around $1,850. If we break through that with the help of (the reserve meeting) over the next 24 hours, gold may head towards $1,800."
In the currency market, the dollar settled near the highest level in a month against competing currencies, which increases the cost of gold to holders of the rest of the currencies.
Tuesday's data revealed that US retail sales fell more than expected in May 2021, while producer prices jumped 6.6% year-on-year during the month, the largest increase since November 2010.
Recent data, which showed a jump in US consumer prices, raised concerns about rising inflation. . But US central bank officials (the Reserve Board) said that inflationary pressures are temporary and that ultra-loose monetary policies will remain in place for some time. Ended 29/A43
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