Gold struggles to drift away from 4-month minimums

11 October, 2016

On Tuesday, gold was marginally higher during European trading session, though the number one precious commodity struggled to drift away from the previous week's four-month minimums amid indications that the Fed’s geared up to raising interest rates in the coming months.

In New York, December delivery gold futures rose 0.12%, trading at $1,262.05 per troy ounce. Yesterday, the most popular precious metal ascended 0.68%, as traders got back to the market, looking for cheap valuations after futures faced their worst one-week trading since September 2013.

On Friday, gold tumbled to $1,243.20, a value, which hasn’t been observed since June 7, as a weaker-than-expected jobs report didn’t appear to be enough to derail hopes for a rate lift from the Fed before the end of the year.

Markets are currently pricing in approximately a 74% probability of a rate lift at December's gathering.

Gold turns to be very sensitive to moves in American interest rates.


Source  
Gold & Silver Continue to Fly7 Aug, 2020  

Gold is making only new highs. It seems that gold prices remain in a bullish momentum. The focus remains on the shape and size of the next...

How to trade EUR after the ECB rate statement?2 Jun, 2020  

The European Central Bank will publish the main refinancing rate and make a statement on Thursday, June 4, at 14:45 MT time. Also, the ECB press conference will...

Oil demand is recovering26 May, 2020  

The WTI price approaches the retracement level at 35. The head of the International Energy Agency forecasted that the oil market will recover...


Saudi Aramco: temporary balance12 May, 2020  

Since its IPO in December 2019, Saudi Aramco's stock price has been consistently declining. Before the New Year, it traded at $35. But in the second week...

Gold goes down on trade agreement3 May, 2019  

On the Comex exchange, June delivery gold futures headed south by about 0.7% concluding the trading session at $1,275.15 an ounce...

Dollar rallies on Powell's remarks27 Feb, 2019  

On Wednesday, the evergreen buck ascended in Asia after Fed Chair Jerome Powell came up with a positive assessment of the American economy...


The yellow metal stands still8 Feb, 2019  

The postponed US-China summit as well as weaker estimates for the EU are playing into a decelerating global surge narrative, which could...

Dollar surges versus counterparts6 Feb, 2019  

The evergreen buck was held back from dismal American services data, notwithstanding experts reaffirming the services sector was still firm...

Gold surges a bit15 Jan, 2019  

On Tuesday, gold managed to gain a bit due to the fact that the first dive in factory gate inflation for four months backed the argument that the major US bank...