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Gold fell amid anticipation of the future of US monetary policy

2019-08-22 08:56 am | Resource: News | No Views : 56

 Gold fell amid anticipation of the future of US monetary policy

Gold prices fell as investors awaited clues about the future of US monetary policy that may be provided by Federal Reserve Chairman Jerome Powell's speech scheduled for tomorrow at the Bank's annual conference.

US government debt prices rose on Thursday, leading to lower yields, in a clear message to the federal market to support investors and the economy with interest rate cuts and quantitative easing. The difference between 10-year and 2-year return was less than 1 basis point. Yesterday turned into a negative level soon in a phenomenon also called the yield curve reversal, although it recovered before the close, after hesitation in the minutes of the last Fed meeting.

 US stocks slightly higher in pre-market trading

Wall Street's pre-market trading rose slightly on Thursday after the release of the minutes of the Federal Reserve's July meeting. The minutes were followed by a reversal of the short yield curve in US bond markets, which occurred for the second time in a week. Chinese shares rose marginally at the close of trading as the yuan fell to an 11-year low amid growing concerns over the trade war with the United States.

This comes as markets await the speech of the US central bank president tomorrow, in light of the absorption of the minutes of the recent Fed meeting which showed the split of the views of policy makers in the bank, highlighting the difficulties he will face in next month's meeting to decide on interest rates. On the data front, initial jobless claims await the previous week.

US Stock Futures
  • The Dow Jones industrial average rose at 10:20 CET.
  • The S&P 500 is up 0.18% at the same time.
  • The Nasdaq 100 rose 0.10% at 10:21 CET.

The dollar index, which tracks the performance of the greenback versus a basket of six currencies, was steady at 98.29 points. The euro rose 0.17% against the dollar at the same time, buying 1.11037.

Gold trading
  • Precious metal futures fell 0.3%, or $ 5.2, to $ 1510.5 an ounce, at 09:52 CET.
  • Spot gold price settled at $ 1502.6 at 10:11 CET.

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