Gold FuturesOn Thursday (8th), it closed lower, mainly because the US Federal Reserve (Fed) Chairman Powell made his last public speech before the September meeting, renewing his strong commitment to suppress inflation, which means that in September, it is almost certain to raise interest rates by 3 yards. The European Central Bank (ECB) also rarely raised interest rates by 3 yards, and warned that it will continue to raise interest rates.
- New York for December deliveryGold FuturesPrices closed down $7.60, or 0.4 percent, at $1,720.20 an ounce.
The central bank raises interest rates, will weakengoldWaiting for the charm of non-yielding assets.
Jeff Wright, chief investment officer at Wolfpack Capital, said gold prices fell after Powell’s speech, even though it was much the same as the annual meeting of global central banks in Jackson Hole in late August.
Powell said at a seminar on Thursday that the Fed would be determined to raise interest rates to keep inflation in check and would not be distracted by political commentary. Earlier in the day, the ECB decided to raise interest rates by 3 yards and foreshadowed more hikes.
dollar againstEURSlightly higher on Thursday, but ICE, which tracks the dollar’s movement against six major currencies US dollar index (DXY) fell 0.2 percent to 109.655.10-Year U.S. Treasury YieldIt fell slightly to 3.259%.
Wright predicts that the dollar againstEUR、GBPWill continue to appreciate, gold prices are likely to fall below $ 1700.”I don’t see any supportive or strong reason at the moment that would entice people to buy,” he said.gold。」
U.S. data on Thursday showed the number of people receiving initial jobless benefits fell to 222,000 last week, a three-and-a-half-month low, showing that the U.S. labor market remains strong even with the Federal Reserve raising interest rates sharply.
“Economic data raises the odds for more substantial rate hikes by the Fed, ultimately punishing the unprofitable,” said Lukman Otunuga, head of market analysis at FXTM.gold。」
Other Metal Commodities Trading
- Delivered in DecemberSilver FuturesIt was up 18 cents, or 1 percent, at $18.442 an ounce.
- Delivered in DecemberCopper futuresIt was up 10 cents, or 2.8 percent, at $3.527 a pound.
- Delivered in OctoberPlatinum FuturesIt rose $19.30, or 2.3 percent, to settle at $866.40 an ounce.
- Delivered in DecemberPalladium FuturesIt rose $124.20, or 6.1 percent, to settle at $2,147 an ounce, up for two straight sessions and snapping a three-week slump.