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Gold prices soar ahead of Powell testimony to Congress on Fed policy

2019-07-08 09:28 am | Resource: News | No Views : 81

 Gold prices soar ahead of Powell  testimony to Congress on Fed policy

The precious metal rallied as the dollar index stabilized as markets awaited Federal Reserve Chairman Jerome Powell's testimony to Congress on monetary policy and the state of the US economy on Wednesday and Thursday.

 US stocks fall after strong jobs data

US stocks fell on the pre-market market on Monday as investors' hopes of a rate cut from the Federal Reserve followed a strong job report. Where strong US data, which showed the economy added jobs more than expected in June, eased expectations of a possible Fed cut.

The US Bureau of Labor Statistics said nonfarm payrolls rose by 224,000 in June, much higher than analysts had expected.

Investors also focused on Iran-related tensions as Tehran suspended further commitments under the Joint Comprehensive Action Plan (JCPOA) and criticized the United Kingdom for taking over the oil tanker near Gibraltar.

After Iran announced on Sunday that it had decided to increase uranium enrichment beyond the limit of 3.67 percent after European countries failed to find a way to circumvent US sanctions. The United Kingdom, Germany and France have expressed concern about Tehran's move and called on Iran to stop violating the joint work plan. Meanwhile, the United States, which withdrew from the nuclear deal in 2018, threatened Iran with "further isolation and sanctions" in response to its partial suspension of JCPOA.
  • The Dow lost 0.21% or 57 points before 10:28 am CET.
  •  Nasdaq 100 fell 0.32%
  • The S & P 500 fell 0.20% at the same time.
The dollar index, which measures the performance of the greenback versus a basket of currencies, has stabilized at 97.2 points, with the minutes of the Fed meeting due Wednesday. Where the euro rose 0.07% against the dollar to sell at 1.1233 at 10:29 CET.

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