Gold prices back down because of correction operations


On Thursday prices has Back down on the European market because of correction operations and gains the profit after it  recorded earlier in the trading session the highest level in five weeks, and investors are looking forward to today’s important economic data from the United States, in order to re-evaluate the possibility of raising USD interest rates in the mid of This month.
 


Gold prices have Back down at 9:30 GMT to 1266.18 USD for ounce from the opening level of 1268.75 USD, and recorded the highest level of 1270.19 USD, and the lowest 1265.70 USD.


 

Gold prices ended yesterday’s trading up 0.5%, and the highest level in five weeks 1273.92 USD for ounce, as the USD has back down against the currencies.


 

The Federal Reserve is still likely to raise interest rates for the second time this year at a mid-month meeting, especially after some members of the board have said that economic growth is robust.

 


 in San Francisco  Federal Reserve Chairman John Williams said “If the economy is strong enough, the central bank can raise interest rates four times this year”


In order to reassess these possibilities, investors will be looking at the economic data from the United States about the new jobs in the American private sector during May, and the performance of the manufacturing sector during the same month. The positive data will reinforce these possibilities and pressure the negative On the prices of precious metals gold and silver.


 

Gold holdings in the SPDR Gold Trust Fund The biggest international index fund  supported with the gold were unchanged yesterday for a sixth straight day at 847.45 metric tons, and that’s the lowest level since April 12.