Gold prices continues to rise before the decisions of the FED
Last Updated on July 29, 2021
Gold prices rose during the trading session today, Wednesday in the European market, to maintain their gains for the second consecutive session, holding on to trading above the important psychological barrier of 1800 dollars per ounce.
Gold prices continue to rise
At 09:40 GMT, the spot price of gold was up by about 0.5%, to trade around the level of 1807.38 US dollars per ounce, from the opening level of today’s session at 1798.23 dollars, and the lowest price was at 1797.97 dollars per ounce.
US gold futures also rose 0.2% to $1,803.40 an ounce.
At the conclusion of yesterday’s trading, gold managed to achieve 0.1% gains in the first daily gain during the last three sessions, as the metal received more support recently thanks to the decline of the US dollar, in addition to the continuation of recovery processes from the lowest level in two weeks at 1789.68 dollars per ounce, recorded in the earlier transaction.
The US dollar is falling
In terms of the US dollar index trading, the index fell during today’s session by 0.1%, in the third consecutive daily loss, reflecting the continued selling of the US currency against most major and minor currencies, which currently contributes to supporting gold prices as they are priced in dollars and the existence of an inverse relationship between them.
This recent decline in the US currency comes under pressure from investors’ reluctance to buy the currency, in anticipation of the results of the monetary policy meeting of the Federal Reserve, “the US Central Bank”.
Monetary policy statement
It is scheduled to be issued at 18:00 GMT today, Wednesday, to issue the monetary policy statement of the Electoral Council, followed by a press conference for the President of the Bank, “Jerome Powell”.
Market analysts’ expectations indicate that monetary policy tools will remain unchanged, but attention is directed to the meeting’s statement, as it will contain new hints regarding the future of bond purchases and US interest rates.
It is noteworthy that the meeting of the Federal Open Market Committee, which was held on 15-16 of last June, during which US interest rates were kept at their lowest ever, between zero and 0.25%, in addition to maintaining the bond purchase program of more than 120 billion dollars.
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