Gold price is stable before the federal reserve report

On Wednesday the gold prices is stable in the Europe market including a limited range of trading, and the investors are back down from building a new centers, before the report of the last federal reserve meeting issued, and we expect to evaluate a new evidence about implementing The increasing in American interest prices during this year

 At 10:25 GMT the gold prices is trading at the level 1252.35 USD for ounce from the opening level 1250.80 USD, and record the highest level 1253.66 USD and the lowest level 1247.79 USD.

Gold prices has ended yesterday trading with an decreasing by 0.7%, in a first loss in three days, because of the recovery of USD levels against currencies, and decreasing of almost commodities and minerals with the American currency.

The gold prices achieved last week the biggest weekly gain during five weeks, with the accelerating of buying safe assets under the political tensions increases in the United States, adding to the probability of increasing the American interest prices back down during the next month.

And searching for a new evidence specialization for Implementation increasing the American interest prices during this year, the investors are waiting today for the report of the last federal reserve meeting which was in 2-3 May.

And the council said in the monetary policy meeting that the backing down of economic growth in the first quarter of this year considered as temporary back down, and make sure about the strength of labor market, and the consumer spending levels still strong.

After the meeting the traders increased the probability of increasing the interest prices in the next June from 70% to 90%, especially after the federal reserve keeps it expectation about increasing the interest prices for three times during this year without any changes.

 The president of the federal reserve Patrick Harker said “in Philadelphia” on Tuesday that June meeting brings an obvious probability for another increase in interest prices during 2017, and he said that any another surprises about “weakness” inflation levels will worries him.

The biggest gold holdings is in SDR gold trust box the international indexes boxes that supported with gold decreased yesterday by 5.03 metric tons, with the biggest daily decreasing since 25 of April, to the total 847.45 metric tons, and that’s the lowest level since 12 of April.