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Gold fell ahead of Powell's testimony and Federal Reserve record

2019-07-10 08:34 am | Resource: News | No Views : 16

 Gold fell ahead of  Powell's testimony and Federal Reserve's record

Gold prices have fallen below $ 1400, as trade developments between Washington and Beijing wait for signs of the next US interest rate decision, which may be evident from the testimony of bank president Jerome Powell to Congress all day and tomorrow. The minutes of the Fed's latest meeting will also be released later on Wednesday, which investors will also follow in an attempt to see how the bank officials see the interest rate.

 US stocks fall before Powell's testimony

US stocks fell on the pre-market market on Wednesday as investors awaited testimony from Federal Reserve Chairman Jerome Powell to the House Financial Services Committee scheduled for later in the day.

At the same time, fears of a trade war have eased slightly as the United States and China resumed trade negotiations with what White House chief economic adviser Larry Kodlu described as "constructive" discussions. US Trade Representative Robert Leitzer and Treasury Secretary Steve Menochin spoke with Chinese Vice Premier Liu He in a telephone conversation earlier Tuesday, the media reported on Tuesday, quoting a source familiar with the matter.

The two US officials spoke with Liu and Commerce Minister Zhong Shan "to continue negotiations aimed at resolving outstanding trade disputes," according to a US official. The official said the two sides would continue the talks "as appropriate".

Market watchers also profit from Pepsi and wait for wholesale inventory data.
  • The Dow lost 0.12% before 10:04 am CET.
  • The Nasdaq 100 fell 0.15%.
  • The S & P 500 was down 0.16% at the same time. Levi Strauss fell 7.61% in pre-market trading after second-quarter profit worse than expected.

The dollar index, which measures the performance of the greenback against a basket of six currencies, stabilized at 97.5 points. The euro rose 0.12% against the dollar to sell at 1.1222 at 10:10 am.

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