Commodities

Gold prices breach $1800

2022-07-01 07:08:54 GMT (Economies.com)

Gold prices fell on Friday as the dollar index rose against major rivals, piercing the psychological level of $1800.

 

Later today we'll see important data from the US manufacturing PMI.

 

Some Fed officials mentioned this week the central bank could be heading for a 0.75% rate hike at its next meeting.

 

FOMC member John Williams believes the US economy could avoid getting into recession.

 

The final report of the GDP growth rate measured a contraction of 1.6% in the first quarter.

 

The Atlanta Federal Reserve expected a US contraction in the second quarter by 1%.

 

The dollar index rose 0.2% to 104.8 as of 5:38 GMT, with a session-high at 104.9.

 

Spot gold prices fell 0.5% to $1,797.5 an ounce, while marking a monthly loss of 2.2%, and a quarterly loss of 7.7%. 

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