Gold Price Weekly Outlook: 6th October 2020
Gold prices retreated in the European market on Tuesday to give up the two-week high recorded earlier in yesterday’s commodities trading, due to the activity of correction and profit-taking, in conjunction with weak demand for the metal as a safe haven, this comes ahead of an important speech by Federal Reserve Chairman, Jerome Powell. About the economic outlook.
Some CFD trading brokers reported than Gold prices fell by more than 0.3% to $ 1,906.68, from today’s opening level of $ 1,912.99, and reached the highest level at $ 1,914.55.
On the level of yesterday’s trading, gold prices rose by 0.8%, and reached a two-week high of $ 1,918.75 per ounce, supporting the decline of the US dollar against a basket of currencies.
Other than sales to reap profits, gold prices are declining at the present time, due to weak demand for the metal as a safe haven, in light of the strong sentiment that dominates the markets, with the increasing hopes of adopting a new fiscal stimulus in the United States, and the exit of the US president from the hospital after treatment from Corona.
Gold prices decline slightly before Powell speaking
Intensive talks continue between US House Speaker “Nancy Pelosi” and Treasury Secretary “Stephen Mnuchin” in order to reach an agreement on new legislation on the new relief program from Coronavirus.
By 14:40 GMT, Federal Reserve Chairman Jerome Powell will deliver a keynote speech at the annual meeting of the National Societies for Business Economics on the US economic outlook. The speech is expected to provide new clues about the future of monetary policy in the United States.
The gold holdings of the SPDR Gold Trust, the largest global index fund backed by gold, remained unchanged yesterday, with the total continuing at 1,275.60 metric tons.
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。