Gold Prices Outlook – 27th July 2021
Gold prices rose during trading today at the beginning of the week’s trading, to consolidate above its lowest level in two weeks, recorded earlier in the last session, and this rise in prices witnessed today comes supported by the decline of the US dollar against a number of global currencies, and also supported those rises.
貿易国家 Investors also increased their appetite for buying gold as the best safe investment, especially in light of concerns about the high incidence of the mutated strain “Delta”.
Gold prices rise after the USD declines
ちょうど 09:35 GMT に、 金のスポット価格 was up by about 0.5%, to trade around the levels of 1811.53 US dollars per ounce, from the opening level of today’s session at 1802.21 dollars, and recorded the lowest price at 1798.42 dollars per ounce.
Gold in US futures also rose 0.3% to $1,806.70 an ounce.
It is noteworthy that the precious metal “gold” had ended Friday’s trading, down by 0.3%, in the third daily loss during the last four sessions, thus recording its lowest level in two weeks at $ 1789.68 an ounce, as prices were affected by the season of the rise of the US dollar, in addition to the slowdown in demand levels on metal as a safe haven.
For the same reasons, gold prices lost more than 0.5% over the past week, recording its first weekly loss in the last five weeks.
In terms of the US dollar index trading, the index decreased during today’s session by about 0.25%, to approach the recording of the first daily loss during the last three sessions, reflecting the suspension of purchases of the US currency against most major and minor currencies, which currently contributes to supporting the prices of gold and other metals priced in dollars, given There is an inverse relationship between them.
This decline in the levels of the US currency comes due to a slowdown in the demand for the dollar as the best investment available in the other foreign exchange market, in light of increasing speculation that the rise in cases of the Coronavirus again in the United States will delay the Federal Reserve’s announcement to reduce the bond purchase program.
Financial markets are closely awaiting the launch of the activities of the Federal Reserve (US Central Bank) meeting, to discuss appropriate monetary policies for the developments of the largest economy in the world, to issue its decisions on Wednesday.
プロのトレーダー兼アナリスト、2004 年から金融および外国為替市場のエコノミスト。エジプトのアメリカン大学で MBA を取得。モハメッドは、多くの国際外国為替および金融取引会社で経済ライターおよびテクニカルおよびファンダメンタルズアナリストとして、英語とアラビア語の両方で日々働いています。