The yellow metal continues to decline for the second consecutive session in the middle of today’s session, Thursday, January 27, and before the opening of the American markets, where gold loses about 0.20%, trading now at levels of $ 1811 an ounce, after losing about 1.5 percent yesterday, Thursday, or the equivalent of $ 30 after the US Federal Reserve meeting And the press conference of Jerome Powell, which came in the interest of the dollar and US bond yields, to cast a negative shadow on gold prices.
The statements of US Federal Reserve Chairman Jerome Powell at the press conference, in which he appeared more hawkish than expected, gave a strong boost to the US dollar, as Powell stressed that inflation poses a strong risk and risks are considered higher than expected, and indicated that the Fed does not rule out that there will be an interest rate hike in every meeting of the Fed meetings and that no decisions have been taken regarding the size of interest rate movements to raise these expectations from the temperature of the markets and from their expectations and bets that we are expected to witness a rate hike more than four times this year
Futures contracts expectations, after they were priced less than 3%, rose by half a point in the March meeting, now they are priced by more than 20%, up by 50 basis points in March, and this is what puts pressure on gold strongly due to the inverse relationship between gold and the US dollar.
The US Federal Reserve tightened and the date for raising US interest rates supported the rises of the US dollar to its highest levels since the beginning of the year, with the general index of the US dollar trading at 96.80 levels, while the yield on US 10-year Treasury bonds regained its highest level in two years, above the 1.85 levels
On the other hand, silver is losing for the fifth consecutive session and is trading at levels of $23.22 per ounce, down by about 0.85%.
Platinumis trading at levels of 1032 dollars, while palladium rises by about 1.34%, when it is trading at levels of 2360 dollars.
05/11/2024
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