Gold towards the 1950s.. and the dollar’s turn hits futures by Investing.com

Gold towards the 1950s.. and the dollar’s turn hits futures by Investing.com
Gold towards the 1950s.. and the dollar’s turn hits futures by Investing.com
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© Reuters.

Investing.com – Despite the dollar’s relentless shift towards a marginal climb, the yellow metal bulls’ determination has not wavered to continue pushing prices towards psychological resistance levels that the yellow metal awaits.

According to market analysts, the yellow metal traders are anticipating a test of the $1950 levels, which may open the way to the $2000 levels, in light of the markets’ expectations of a slowdown in the pace of tightening by the US Federal Reserve.

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gold now

Spot contracts for gold rose in US dollars during these moments, to a level near $ 1937 an ounce, with gains in the range of $ 7, an increase of 0.35%, near a 9-month high.

Futures contracts for the yellow metal rose by 0.5%, or the equivalent of $ 10 an ounce, to reach levels near $ 1940 an ounce, during these moments of Tuesday’s trading.

dollar now

It is settling near yesterday’s levels, after trimming most of its morning losses, but it is hovering near a 9-month low, as it fluctuates between 102.1 points and 101.7 points.

During these moments of trading today, Tuesday, the return turned to a slight increase in the range of 0.01 points, reaching levels close to 3.49%.

futures now

The industrial index futures contracts are now down by 0.35%, or the equivalent of 110 points, to levels of 33,620 points.

The futures contracts for the Standard & Poor’s 500 index fell within the range of 15 points, or the equivalent of 0.34%, to the levels of 4021 points.

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Futures contracts for the Nasdaq technology stock index decreased by 0.5%, or the equivalent of 59 points, down to levels of 11875 points.

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gold and federal

Gold continues to build nicely to the upside, said ACI Securities chief economist Clifford Bennett, and the current narrative of the Fed having to cut or stop interest rate hikes in the next few months provides support.

This comes as markets expect the US central bank to slow the pace of interest rate increases in the period from January 31 to February 1, during the policy meeting, to 25 basis points.

On the other hand, gold’s gains are limited by the statements of some Federal Reserve officials who indicated that their battle against inflation is not over yet.

So far, the Fed raised interest rates by 50 basis points, last month, after delivering 4 consecutive increases of 75 basis points.

market trend

It could trade around current levels in the short term, said ACI Securities’ chief economist, but it will accelerate above $2,000 this year.

This comes in conjunction with expectations that the European Central Bank will be more aggressive than previously thought in its tightening campaign, adding another 50 basis points to the deposit rate on February 2; It continues to fight rampant inflation.

On the other hand, the actual demand for gold declined in China, last week, in the period leading up to the Lunar New Year holidays, while some consumers in Japan and Singapore sold their bullion to take advantage of the high local prices.

And the SPDR Gold Trust, the largest gold-backed exchange-traded fund in the world, said that its holdings rose 0.51% to 917.05 tons last Friday.

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