Gold prices back down before the statement of Federal Reserve monetary policy
Gold prices in Europe market has back down on Wednesday to get closer from the lowest level in three weeks which recorded from the yesterday trading, this came from increasing pressure of USD against currencies, before the statement of Monetary policy for Federal Reserve came out at the end of the meeting which extended from yesterday, and we expected to provide a new about the future of execution the paid period of American interest prices during this year.
Gold prices has back down at 9:40 GMT to the level 1253.82 USD for the barrel from the opening level 1256.45 USD, and it records the highest level 1256.79 USD and the lowest level 1252.56 USD.
The gold prices ended it traders yesterday stables without any mentioned change, after it record in earlier time the lowest level in 3 weeks 1251.89 ounce,The price cut from losses after falling ten-year US bond yields.
The USD index rose by more than 0.3 percent, offsetting all of its losses yesterday, reflecting the improvement of the levels of the US currency against a basket of currencies, which puts pressure on gold prices being dollar-denominated and rising cost for holders of other currencies
The USD advance comes ahead of the release of important economic data from the US on the labor market, with the release of new jobs data in the US private sector in April, and the services sector with the ISI survey for purchasing managers in April.
The Federal Reserve’s monetary policy committee concludes its weekly meeting yesterday to discuss monetary policy appropriate to developments in the US economy, with decisions to be made by 18:00 GMT.
Most expectations are that the ECB will keep interest rates unchanged at 0.75% (1.0%). Investors are looking at the details of the monetary policy statement about the future of the interest rate hike cycle this year, especially after the Commission has confirmed three-fold price increases At least during 2017, and the previous meeting had already increased prices by 25 basic points.
Gold holdings in the SPDR Gold Trust Fund The world’s largest gold-backed index was unchanged yesterday for a third straight day at 853.36 metric tons, its lowest level since April 18.
Hits: 1
ON
POSTED INDaily FX News