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Gold prices fell ahead of Federal Reserve Chairman speech

2019-08-21 12:08 pm | Resource: News | No Views : 36

 Gold prices fell  ahead of Federal Reserve Chairman speech

Gold prices fell slightly on Wednesday but remained above the $ 1,500 an ounce level, as investors awaited a July policy meeting later in the day and Federal Reserve Chairman Jerome Powell's speech at an annual meeting in Jackson Hole, Wyoming on Friday. Of US interest rate cuts.

US stock index futures edged higher on Wednesday, as upbeat earnings reports from retailers Louise & Target reflected strong consumer demand, helping ease some concerns about slowing economic growth. The focus of the day will be the release of the minutes of the Fed meeting in July, when it cut interest rates for the first time in more than a decade.

After cutting interest rates by 25 basis points last month, Federal Reserve Chairman Jerome Powell suggested that the rate cut should not be considered "the beginning of a long cut cycle." However, the CME Group FedWatch currently indicates a 95 per cent chance of a 25bp rate cut in September.

President Donald Trump wants the Fed to cut interest rates by 100 basis points and restart quantitative easing to boost the economy. Meanwhile, traders largely ignored Trump's anti-China rhetoric. Trump said on Tuesday he should confront China over trade even if it caused short-term damage to the US economy "because Beijing has been betraying Washington for decades."
 
  •  The Dow rose 169 points, or 0.65%. At 12:58 CET
  • The S&P 500 rose 21.25 points, or 0.73%
  • The Nasdaq 100 Index rose 65.25 points or 0.85%.

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