gold
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decrease yellow metal From its weekly profits in the last trading session today, Friday, despite the trend of gold towards its fourth consecutive weekly increase, but its futures and spot contracts are now under several pressures, so what are they?
startedUSD Today is his recovery journey and with the end of the week, which put some pressure on gold To push him back from his previous gains, and he trades dollar index American DXY at the time of writing this news at 09:00 GMT, at the level of 105.305 points, with a strong increase of approximately 0.20%.
The main reason for the dollar’s recovery is the increase in expectations of raising US interest rates with a meeting US Federal Reserve In September, analysts and some members of the central bank expect interest rates to rise by 75 basis points despite recent good inflation data, which affects the gold negatively.
As a bank member said Federal Reserve The American in San Francisco, Mary Daly, said that the recent inflation reading with its positivity, but it is not a reason for optimism, inflation is still at a record high, stressing that it will support a decision US Federal raise interest rates By 75 basis points, for the third time in a row, as it closely monitors upcoming inflation and unemployment reports.
On the other hand, I was impressed Gold prices today Negatively as a result of the rise in US Treasury bond yields, as the US ten-year bond yields reached their highest level in nearly three weeks, coinciding with the increased possibility of recession and economic downturn.
so it goes down gold price now Anticipating the possibilities of the next US Federal Reserve decision, the possibility of the Fed increasing interest rates next September in the current period is as follows:
- A 50 basis point hike has a probability of 61.50%.
- While raising interest rates by 75 decision points with a probability of 38.50%.
gold price now
In terms of trading, it stabilizes spot gold prices During today’s trading, it is now at a clear decrease of 0.13% to reach $1,787.24 an ounce, and it has also stabilized gold futures contracts By a noticeable decline of 0.25% to reach the level of $ 1,802.65 per ounce, at exactly 09:00 GMT.
As for precious metals other than gold:
- land Silver In spot transactions, 0.46% to $20.387 an ounce.
- Decades are also falling platinum 0.41% to $955.40.
- The price of a metal also fell Palladium By a strong rate of 1.05% to $2,264.27.
- While finally, it descends copper To the level of $3.7020, a decline of approximately 0.12%.
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