Bitcoin rises strongly to retest the psychological level of $60,000
March 18, 2021
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So far, 2021 has been considered a very profitable year for Bitcoin as well as…
Gold prices are trading above $1800 ahead of the FED’s meeting minutes
Gold Prices Outlook – 7th July 2021
Gold prices rose during the trading session today in the European commodities market, to maintain their daily gains for the sixth consecutive session, to trade near its three-week high recorded in the previous session, and prices are still exceeding the important psychological barrier of 1800 dollars per ounce.
Gold prices continue rising
The Gold rose during spot transactions by about 0.6% until 09:45 GMT, to trade around the level of $1808.42 an ounce, from the opening level of today’s session at $1,796.69, and reached early in the session the lowest price at $1,793.92 an ounce.
Gold in US futures also rose 0.2% to $1,801 an ounce.
At the conclusion of yesterday’s trading, the precious metal “gold” managed to achieve a rise of 0.3% in the fifth daily gain in a row, recording its highest level in three weeks at $ 1814.99 an ounce, as prices received more support recently thanks to the strong demand for the metal as one of the best Alternative safe-havens.
The US 10-year Treasury bond yield fell
The US 10-year Treasury bond yield fell on Wednesday by about 1.5%, the sixth consecutive daily loss, to record its lowest level in five months at 1.334%, and as we know that the decline in the yield reduces the opportunity cost of acquiring the precious metal that does not generate returns.
At the same time, the dollar index rose today by 0.1%, for the second consecutive daily gain, reflecting the continued purchases of the US currency against most major and minor currencies, which negatively affects the movements of the dollar-priced metals.
Monetary Policy Minutes
It is scheduled to be published at 18:00 GMT, that the minutes of the last meeting of the Council, which was held on 15-16 of last June, will be released, and it may shed more light on the path of interest rates, especially after the tendency of the US Central Bank to tighten during the last month.
During this meeting, the US Reserve moved its expectations for the first increase in US interest rates after the Covid-25 virus crisis to 2023 and indicated the improvement of the health situation in the country, and the Board stressed that progress towards employment and inflation goals is happening somewhat faster than expected.
The June expectations also showed an increase in the interest rate to reach a rate of 0.6% during the year 2023, which means raising it twice by a quarter of a percentage point during the same year 2023, and the expectations of last March recorded a rate of 0.1%, and the number of members of the Monetary Policy Committee who expect to raise interest in 2023 increased. to 13 members compared to 7 members during the previous meeting.
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.
