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Precious metal is retreating as investors await the Fed meeting

2019-06-17 08:49 am | Resource: News | No Views : 54

Precious metal is retreating as investors await the Fed meet


The precious metals trade fell as investors awaited the Federal Reserve meeting this week, despite the prospect of a reduction in interest rates, while more clarity is expected about the future of US-China trade relations.

US markets are high in pre-market trading

Wall Street was up in the pre-market market as investors waited patiently for the Federal Reserve's interest rate decision to be released on Wednesday.

Interest rate cuts at the Federal Reserve meeting this week fell to 21.7 percent from 28.3 percent on the back of strong US economic data recently, according to CME Group. However, investors' expectations for interest rate cuts later this year are And many believe it could happen in July, under pressure from strained trade relations between Washington and Beijing.

Trade War Developments

On the trade front, Commerce Secretary Wilbur Ross said on Monday President Donald Trump was ready to introduce more Chinese products if the two countries did not reach an agreement. He also noted that it was unlikely that an agreement would be reached at the G20 summit next week in Osaka, Japan. US Commerce Secretary Wilbur Ross said on Monday that President Donald Trump was ready to impose more tariffs on imports from China if a trade deal between the world's two largest economies was not reached

Housing data will be released in the US during the trading session and after the bell, Adobe Inc. is due to announce its quarterly results.
  • The Dow Jones Industrial Average and the Nasdaq 100 rose 0.18% at 10:30 am
  • While the S & P 500 rose 0.20% at 10:31 am CET.

The euro was 0.05% higher against the dollar, at 1.12156 at 10:31 am. The GBP was 0.04% against the US currency at the same time, trading at 1.25862 and the dollar was steady against the yen at 108.5805.

Precious metals trading
  •  Gold futures for August delivery fell 0.25% to $ 1341.40 an ounce.
  • While spot delivery fell 0.25% to $ 3359 an ounce at 9:56 am.


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