EURUSD continues to rise, reaching its highest levels in a month
EURUSD made a rise in the European market and recorded its fourth consecutive daily gain…
Gold prices fell during the forex trading session today, Monday in the European market, to continue their losses for the second consecutive session, thus recording its lowest level in about four weeks. This decline came due to the rise of the US dollar for the second day against most global currencies, which received more support recently as a result of the recovery Long-term US Treasury yield.
At exactly 09:50 GMT, the price of gold fell by about 1.3%, to trade around the level of 1852.79 US dollars per ounce, the lowest since the nineteenth of last May, from the opening level of today’s trading session at 1876.89 dollars, and recorded the highest price at 1877.89 dollars per ounce.
Gold in US futures fell by 0.7%, recording the level of $ 1866 an ounce.
At the conclusion of trading on Friday, the precious metal “gold” lost 1.1% in the third daily loss during the last four sessions, as prices were recently affected by the rise of the US dollar against most global currencies.
Over the course of last week’s trading, gold prices lost 0.75% to record their second consecutive weekly loss, and this came after strong data on key inflation levels in the United States, which enhanced the prospects of imminent tightening of US monetary policy.
The US dollar index rose during today’s session by about 0.1%, the second daily gain in a row, reflecting the continued purchases of the US currency against most major and minor currencies, which currently negatively affect the price movements of gold and other metals priced in dollars.
The financial markets are closely awaiting the launch of the activities of the Federal Reserve Board (the US central bank) meeting, to discuss monetary policies that suit the developments in the growth of the US economy, “the largest economy in the world”, to issue its decisions the day after tomorrow, Wednesday.
It is also expected that this meeting will address concerns related to inflation and bond yields, and provide more clues about the bank’s future monetary policies.
As we know that easing monetary policy adds pressure on US bond yields and benefits non-yielding gold.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
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