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Gold prices maintain gains ahead of Jerome Powell’s comments
Gold prices rose during the trading session today in the European market, to maintain their daily gains for the second consecutive session, to trade again above the important psychological barrier of 1800 dollars an ounce. Investment is available while waiting for more evidence about future monetary policies in the United States, especially within the statements of Federal Reserve Chairman Jerome Powell at the Jackson Hole Economic Conference.
Gold prices are back up
Gold rose during spot transactions by about 0.7% until 09:40 GMT, to trade around the level of 1805.15 US dollars per ounce, from the opening level of today’s session at 1792.70 dollars, and reached the lowest price at 1792.13 dollars per ounce early in the session.
Gold in US futures also rose 0.2% to $1,806.52 an ounce.
At the conclusion of yesterday’s trading, the precious metal “gold” managed to record a gain of 0.1% in the first daily gain during the last three sessions, as prices received some support by the end of the session thanks to the increased purchases of the metal as the best alternative safe-havens.
The USD declines again
As for the US dollar index trading, the index fell during today’s session by more than 0.1%, to resume its losses that were temporarily halted during the previous session, reflecting the renewed sales of the US currency against most major and minor currencies, which currently contributes to supporting the movements of gold prices and the rest of the world. Other metals are priced in dollars.
This recent decline in the US currency comes in light of the slowdown in investor demand for it as the best investment available in the other foreign exchange market, pending more evidence about future monetary policies in the United States.
Where it is scheduled at 14:00 GMT to speak, “Jerome Powell,” Chairman of the Federal Reserve (the US central bank) within the activities of the Jackson Hole conference, and Powell is expected to discuss the economic outlook in the United States, the future of the bond purchase program and the price of bonds. Benefit.
It is worth noting that if these statements come in a more pessimistic tone, this will reduce the possibilities of imminent tightening of US monetary policy, and thus will extend the current losses of the US currency.
Returning to trading in other precious metals, silver rose during spot transactions by about 0.54% to reach the level of $23.67 an ounce, and palladium also gained about 1.14%, recording the level of $2415.50 an ounce.
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.