Gold prices give up the two-week peak before Jerome Powell’s comments
Last Updated on October 7, 2020
Gold Price Weekly Outlook: 6th October 2020
Gold prices retreated in the European market on Tuesday to give up the two-week high recorded earlier in yesterday’s commodities trading, due to the activity of correction and profit-taking, in conjunction with weak demand for the metal as a safe haven, this comes ahead of an important speech by Federal Reserve Chairman, Jerome Powell. About the economic outlook.
Some CFD trading brokers reported than Gold prices fell by more than 0.3% to $ 1,906.68, from today’s opening level of $ 1,912.99, and reached the highest level at $ 1,914.55.
On the level of yesterday’s trading, gold prices rose by 0.8%, and reached a two-week high of $ 1,918.75 per ounce, supporting the decline of the US dollar against a basket of currencies.
Other than sales to reap profits, gold prices are declining at the present time, due to weak demand for the metal as a safe haven, in light of the strong sentiment that dominates the markets, with the increasing hopes of adopting a new fiscal stimulus in the United States, and the exit of the US president from the hospital after treatment from Corona.
Gold prices decline slightly before Powell speaking
Intensive talks continue between US House Speaker “Nancy Pelosi” and Treasury Secretary “Stephen Mnuchin” in order to reach an agreement on new legislation on the new relief program from Coronavirus.
By 14:40 GMT, Federal Reserve Chairman Jerome Powell will deliver a keynote speech at the annual meeting of the National Societies for Business Economics on the US economic outlook. The speech is expected to provide new clues about the future of monetary policy in the United States.
The gold holdings of the SPDR Gold Trust, the largest global index fund backed by gold, remained unchanged yesterday, with the total continuing at 1,275.60 metric tons.
- EURUSD falls before the results of the European Central Bank meeting - March 10, 2022
- Gold prices hit their highest level in a year - February 24, 2022
- Gold prices fell after hitting the highest level of 1900 dollars an ounce - February 18, 2022
EURUSD falls before the results of the European Central Bank meeting
EURUSD witnessed a decline in the morning of Thursday's trading in the European market after…
Gold prices hit their highest level in a year
Gold prices jumped more than 2% during today's session in the European market, in the…
Gold prices fell after hitting the highest level of 1900 dollars an ounce
Gold prices fell during today’s session in the European market, after yesterday recording a record…
EURUSD moves away from three-week highs after US inflation data
EURUSD fell on Friday morning in the European market, and recorded its first daily loss,…
EURUSD continues to climb to the highest level in three weeks
EURUSD continued to achieve gains on Friday morning in the European market, and recorded the…
Gold prices drop with the continuous rise of the US dollar
Gold prices fell during the trading session today in the European market, to deepen their…