2023-07-10 13:26:39
The price of gold futures continued to fall. Most recently broke the $1,920 level today. under pressure from the appreciation of the dollar which will reduce the attractiveness of gold By making gold contracts more expensive for holders of other currencies.
At 8:05 p.m. Thai time, the COMEX (Commodity Exchange) gold contract is delivered in August. minus $ 13.60 or 0.7% to $ 1,919.90 / ounce
Investors keep an eye on US inflation releases this week.
The US will release the Consumer Price Index (CPI) for June on Wednesday. and the Producer Price Index (PPI) on Thursday.
In addition, the market will keep an eye on the comments of several Federal Reserve officials (Fed) for any indication of the direction of the Fed interest rates.
Investors put more than 90% of their weight on the forecast that The Fed will raise interest rates this month. After the release of non-farm payrolls on Friday.
The latest CME Group FedWatch Tool shows investors are 92.4% weighing on the Fed raising interest rates by 0.25% to a range of 5.25-5.50% at its July 25-26 meeting, and 7.6% weighing on the Fed. will maintain the interest rate at 5.00-5.25%
Analysts stated that The Fed will continue to raise interest rates. Although the non-farm payrolls were released lower than expected. Because the wage figures in the report still indicate rising inflation.
“The lower-than-expected employment figures are not supported by other details in the employment reports. The Fed is still likely to raise interest rates by 0.25% this month,” said Academy Securities analyst Peter Scher.
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