Gold prices are returning for the fourth day in a row
Last Updated on February 18, 2021
Gold Price Outlook – 17th February 2021
Gold prices retreated during the trading session today, in the European market, to continue their daily losses for the fourth consecutive session, overlooking the decline of the dollar index for the second day in a row against most world currencies according to the inverse relationship between them, which negatively affected gold’s movements and pushed them to retreat at the present time. The rise in US ten-year bond yields, in addition to weak levels of forex investment demand for the safe-haven metal.
This comes on the cusp of economic developments and data anticipated by the US economy, which include speeches by members of the Federal Open Market Committee, and the developments of the fiscal stimulus package in the United States, estimated at $1.9 trillion.
At 08:50 GMT, gold futures contracts for “April delivery” decreased by 0.09% to trade around 1824.30 US dollars an ounce, compared to the opening level at 1826.00 dollars, and reached the highest price at 1828.40 dollars an ounce early in the session.
Gold prices also fell in US futures
On the level of last week’s trading, gold prices were able to achieve weekly gains of 0.6% in the first weekly gain during the last three weeks.
As for the trading of the US dollar index, the index declined during today’s session by 0.5% to the level of 90.24 points, from the opening level at 90.29 points.
This decline comes as a result of a slowdown in the demand for the US currency as the best alternative investment in the other foreign exchange market, especially in light of the growing optimism again about a rapid recovery of the global economy from the damage caused by the Coronavirus crisis, with the continued injection of more financial and cash spending, in addition to the acceleration of vaccination campaigns Against Covid-19.
US Treasury yields rose to a ten-year high to their highest levels since March 2020 on Monday, and global stocks continued to rise on Thursday, while optimism about the economic recovery from the Covid-19 crisis and expectations of a continued low-interest rate led to investors turning to high-yielding assets.
- 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…