2023-06-16 22:21:42
gold futuresBoth fell on Friday (16th) and this week, mainly due to the Federal Reserve (Fed)’s hawkish outlook on interest rates, which supported the dollar.
- New York for August deliverygold futuresThey settled down 50 cents, or less than 0.1 percent, at $1,967.20 an ounce.
- gold futuresIt fell 0.3% this week, halting two consecutive weeks of gains and closing in the black for the first time since May.
Edward Moya, senior market analyst at OANDA, said: “goldTimes are tough as stocks continue to rise and the Fed talks more hawkish. It appears that the market is confident that the Fed’s rate hikes are over as everyone piles into stocks…thus dampening demand for safe-haven assets. “
Inflation in key areas of the services sector “remains stubbornly high and shows no signs of slowing down,” two Fed officials made their first “eagle” gestures after their policy-making meeting.
Traders are betting on a 74 percent chance of a rate hike in July, according to CME’s FedWatch tool.When interest rates rise, it will increase holdinggoldThe opportunity cost of such non-interest-bearing assets.
dollar indexIt rose 0.2 percent on Friday, despite falling 1.2 percent for the week, its first drop in five months.The dollar strengthened on Friday, weighing on dollar-denominatedgoldQuotes.
The U.S. Consumer Confidence Index for June released on Friday showed that consumers’ short-term inflation expectations fell to a more than two-year low, and the inflation outlook for the next five years improved slightly.
Comex Metals Commodity Trading
- Delivered in JulysilverFutures rose 11 cents, or nearly 0.8%, to $24.13 an ounce, but were down 1.2% for the week.
- Delivered in Julycopper futuresThey were down 1 cent at $3.89 a pound, up 2.6% for the week.
- Delivered in JulyPlatinum FuturesIt slipped $4.60, or 0.5%, to $987.30 an ounce, down 2.5% for the week.
- Delivered in SeptemberPalladium FuturesIt rose $18.90, or nearly 1.4%, to settle at $1,416.20 an ounce, up 8.5% for the week.
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