Gold falls from 6-year high as dollar rises for 5th straight session

Economies.com
2019-08-19 05:12AM UTC

Gold futures fluctuated lower during the Asian session, to bounce from 6-year high for the third session in five, as US dollar rose, according to the inverse relation between them, with a lack of economic data by the US economy in the beginning of this week, which will witness the release of the last US Fed meeting minutes and the launch of the Jackson Hole Symposium in addition to Fed Governor Jerome Powell's speech next Friday.

 

As of 04:02 GMT, gold futures (December 15th delivery) fell by 0.27% to $1,519.40 an ounce from the opening of $1,523.00 an ounce, while US dollar rose by 0.03% to 98.20 from the opening of 98.17.

 

Investors anticipate the US Federal Reserve Vice Governor Randall Quarles' speech on community development at the Utah Center for Stabilization of Neighborhoods in Salt Lake City on Tuesday, ahead of the release of July's FOMC meeting minutes.

 

During the last Fed's meeting in Washington at July 30-31, US monetary policymakers cut interest rates for the first time in more than a decade by 25 basis points to between 2.00% and 2.25%, in line with forecasts, while stressing that the cut came to support the growth pace and to counter weak inflation signs due to trade protectionism.

 

Markets are also anticipating the launch of the US Federal Reserve's Jackson Hole Economic Symposium by next Thursday, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world, while on Friday Fed's Chair, Jerome Powell, will deliver a speech titled "Challenges of Monetary Policy".

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Oil Analysis

Commodities

End of day crude oil price forecast update - 28-03-2024
2024-03-28 17:43PM UTC
Crude oil price breached 82.40$ strongly to rally upwards and approach our waited target at 83.56$, ...
Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...
Oil Analysis

Commodities

Crude oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Crude Oil Price Analysis Crude oil price settles around 82.00$ level since morning, and ...