Yesterday, BLS (Bureau of Labor Statistics) released the latest data on inflation, the Personal Consumption Expenditures (PCE) price index for April 2023. Inflation rose by 0.4% from the previous month, and increased by 4.7% compared to the same time last year. The key takeaway from today's PCE report is that inflation remains stagnant in the US economy and...
In June 2023, Comex futures contracts were most active, trading at $1,939. A potential upcoming agreement could solve the debt crisis that has caused pressure and a significant drop in gold prices for four consecutive days. The futures price of gold has decreased by almost $40, from the opening price on Friday of $1,978 to the current fixed price of just under...
Gold fell below the 50% retracement of the March/May rally at $1,943.86, hitting as low as $1,930.20 during European trading hours. Although XAU/USD bounced off this level, it is struggling to recover above it. The US Dollar is finding support in the pessimistic market mood and positive macroeconomic data. The Gross Domestic Product (GDP) report showed that the...
The price of gold dropped by 1.22% to $1,940 on Comex exchange in response to data release. Meanwhile, the US economy grew slightly less than expected in Q1 with a 1.3% increase in GDP, exceeding the market expectation of 1.1%. This comes after a 2.6% GDP growth in Q4. Inflation, measured by the PCE index, reached 4.2% in Q1, up from 3.7% in Q4. The core PCE,...
Gold prices have dropped below $1,960 in Asian trading, as the precious metal seeks to decrease further with the DXY attempting to reach its 10-week high of 104.00. The USD Index has exhibited strength, despite unresolved US debt issues, and prolonged negotiations between the White House and Republican leaders. Despite the Federal Open Market Committee's gentle...
Bullion price is trading between $1,950 and $1,980 and slightly above the $1,949.83 support. US Durable Goods Orders data is expected to drop 1.0%. If the selling trend continues, a drop to the stronger supports at $1945 and $1930 is possible. Gold prices will continue to fluctuate until the market reacts to US economic data and announcements from the US Federal...
Gold fell due to the strengthening of the dollar on Wednesday (May 24), reducing some safe-haven flows to gold in the face of the imminent risk of US debt default, as negotiations enter an important phase. . At the end of Wednesday's session, the spot gold contract fell 0.6% to $1,963.09 an ounce, after gaining 0.5% previously. Gold futures lost 0.4% to $1,965.7...
The gold market remained stable with June future prices on Comex increasing to $1,965, despite a 0.48% decrease in the day after the FOMC meeting minutes were released. This indicates a split among central bank officials about whether to increase interest rates or not. In May, Fed increased interest rates for the 10th consecutive time, bringing the federal funds...
Gold prices are struggling to maintain their rebound from the previous day's short-term support level, with bids hovering around $1,975 at the start of the day. The precious metal is waiting for new clues to support the latest pause in the US dollar's recent rally to multi-day highs, as revealed in the FOMC meeting minutes. Breaking the resistance level of $1,985...
The US new home sales increased more than expected in April, leading to stable and increasing gold prices. The significant advance payment of the previous month has been adjusted lower. Yearly, new home sales have increased by 11.8% with an estimated 611,000 homes sold in April last year. The average selling price for homes sold last month was $420,800, with a...
Gold recovered from its previous decline on Tuesday (May 23), as profits and the dollar fell from highs, while another round of my debt ceiling negotiations ended without much progress. .Gold continued to trade in a base range on Wednesday as the market awaited some progress in the negotiations on raising my debt ceiling, while copper prices hit a 6-month low....
Gold prices decreased at the start of trading in the US today, as the value of the US dollar increased in the foreign exchange market and yields on US Treasury bonds rose. This led gold speculators to look for safe havens elsewhere. Short-term technical analysis of the precious metal has also worsened. Clear progress in US debt negotiations could increase...
Gold prices fell during US trading on Monday due to chart-based selling pressure as short-term technical views worsened. The prices were also impacted by a stronger US dollar index and increasing US Treasury yields at the start of the week. June gold futures bulls currently have a short-term advantage, but it's weakening. The market capitalization has been...
Gold prices (XAU/USD) fell significantly in the Asian session as the Federal Reserve (Fed) announced a plan to raise interest rates in the fight against persistent US inflation. The immediate support of $1970.00 was not defended, leading to a decline in gold prices after a break below the $1950-1970 demand zone. The 20-period exponential moving average (EMA) at...