Sunday, May 19, 2024

Gold held steady at a critical level, awaiting a decision from the US Federal Reserve. By Investing.com

Date:

© Reuters.

Investing.com – Gold prices were flat in late trading on Tuesday as investors awaited several central bank meetings this week to get insights on the global economy and monetary policy prospects.

At the same time, the yellow metal posted its biggest monthly advance in nearly a year due to continued tensions between the opposition movement and Hamas.

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Gold earns almost $200

Demand for safe havens rose from a low of $1,810 on October 6, the day before the war began, to $2,009 last Friday, the highest level on record. This month.

Gold is now on track for a monthly gain of eight percent, the highest percentage since November 2022.

“Gold’s decline below $2,000 remains limited, and the price continues to reflect risks of an escalation of conflict in Gaza,” said Kyle Rhoda, financial markets analyst at Capital.com.

Investors’ focus this week is on the US Federal Reserve’s monetary policy decision on Wednesday, followed by the US monthly jobs report on Friday.

The Bank of Japan eased its grip on long-term interest rates by easing policy controls on bond yields again on Tuesday. As expected by experts, the bank decided to keep the interest rate at -0.10%.

The Bank of England’s monetary policy decision is due to be released on Thursday.

Gold in settlement yesterday

Gold prices rose at the end of the trading session on Monday, supported by demand for safe havens amid ongoing conflicts in the Middle East.

As the conflict in the Palestinian territories enters its fourth week, risks to the global economy are mounting, economist Mohammed Al-Erian told CNBC in an interview on the sidelines of the Alternative Investment Management Summit in Dubai.

See also  Gold rises when fears return on Evergrande

After settlement, December delivery rose 0.35%, or $7.1, to $2,005.6 an ounce, its highest closing session since July 31, after touching $2,016.8 during trading.

Now gold and the dollar

Gold futures were at $2005 an ounce.

It also ended at $1996 per ounce.

On the other hand, it rose 0.2% to 106.147 points.

Other metals

Spot contracts fell 0.9 percent to $23.11, and platinum fell 0.2 percent to $927.40, with both heading for monthly gains. It fell 0.5% to $1,122.42 and expects a decline of about 10% this month.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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