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Gold fails to close above the $1,900 levels for the second week in a row
image 12 June، 2021
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The yellow metal failed to close above the psychological support levels of 1900 dollars per ounce for the second week in a row when it closed the weekly session yesterday, Friday, at levels of 1876 dollars per ounce, with a weekly loss estimated at about 0.89% or 14 dollars, after it tested the 1902 levels during the week. These declines in the yellow metal coincide with the rise of the US dollar in the last session of the week, where the index that measures the performance of the dollar against a basket of currencies (Dollar Index) rose by about 0.45% at the close at levels of 90.48, in a late reaction to the inflation data released on Thursday, which came better than Market expectations In addition to the improvement in US consumer confidence issued by the University of Michigan by the end of the week, which also exceeded expectations. Next week (Wednesday) markets are awaiting the US Federal Reserve meeting and the announcement of the economic expectations of the Federal Reserve Committee, where the importance of this meeting comes because it comes in light of a strong rise in inflation, and despite the US Federal Reserve’s assurance that these increases are temporary, the markets will monitor whether there is a change or There is a split in opinion about the method that the Fed will use to solve this problem. Silver closed at $27.92 an ounce, while palladium ended the weekly session at $2.777 thousand, and platinum declined by closing the weekly session at $1.150.

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