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© Reuters.
Written by Gina Lee
Investing.com – It was down Wednesday morning in Asia, falling near a two-month low and heading for its worst monthly decline since November 2016. Investors are now waiting for more guidance on the Reserve’s monetary policy federal government.
It was also down 0.26% to $ 1,758.95 at 12:53 am ET (4:53 am GMT), after falling to its lowest level since April 15 on Tuesday. The yellow metal fell 7.5% for the month of June, still feeling the effects of the Federal Reserve’s surprise release earlier in the month. However, it rose 3.3% for the second quarter of 2021.
“Gold has consolidated near its lowest levels since the Fed’s change in monetary policy strategy and is now awaiting US economic data for further guidance,” Ilya Spivak, currency analyst at DailyForex, told Reuters .
“This will be the main driver of the market in the short term, if it shows higher wage inflation and strong job growth we will see the next golden floor,” Spivack added, referring to the report on the US job for June expected Friday. .
Meanwhile, investors also took note of comments from Fed member Christopher Waller on Tuesday, as Waller was “very optimistic” about the US economy and expected the central bank to start raising rates. interest in 2022.
Technically speaking, analysts at ANZ wrote in a note that gold’s inability to cross the 100-day moving average was a bearish sign that could prompt hitherto impatient ETF investors to join. on sale.
As for other precious metals, platinum rose 0.3%, but is expected to record its biggest monthly and quarterly decline since March 2020. It rose 0.3% while holding 0.5, on the way to achieve a fourth consecutive quarterly gain.
Update:
The ADP report was released, beating expectations as the estimate headed for 600,000 jobs, while the current figure showed 692,000 jobs. This indicator is published two days before the publication of the ADP report, which provides solutions in the area of employment for companies, and this statement should reflect negatively on gold.
Gold is currently registering 1758.65, down $ 5 by 0.28%, and the wave of that steep decline started this week due to strength and conflicting statements from the Fed.
On the other hand, the prices of oil were positively affected, as it evolved positively by 1.5%, with an increase above the dollar, to reach its price of 74 dollars in these moments, while it exceeded the limits. of 75 dollars at these times. , registering a convergence of 75.23 dollars.
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