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Main » 2018 » August » 22 » Gold prices rose on the eve of Fed meeting
10:01
Gold prices rose on the eve of Fed meeting

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Gold prices rose on Wednesday as investors awaited details of the August meeting of the Federal Reserve System, to be published late on Wednesday. 

Futures price of gold for December delivery rose 0.2% to $ 1202.4 per troy ounce as of 05:20 GMT on the Comex division of the New York Mercantile Exchange.

 

 

 

 

The US Dollar Index, which tracks the dollar against a basket of other currencies, was up 0.01% to 95.14. 

Gold prices reached a new weekly high at the beginning of the trading day, as the dollar fell after US President Donald Trump said that he was "not happy" by the Fed's decision to raise interest rates. 

Markets widely expect the central bank to raise rates in September, and again later in the year. At the moment, the central bank raised interest rates five times since Trump took office. 

Gold is very sensitive to higher interest rates in the United States because in such a situation increases the opportunity cost of ownership is not interest earning gold, while increasing the value of the dollar, in which it is evaluated. 

Gold finished last week down 2.86% on the value that is the biggest weekly decline since May 2017, after last Thursday, its price was $ 1176.20, the lowest since January 2017. 

Looking ahead, Federal Reserve Chairman Jerome Powell will make a public appearance at an economic symposium in Jackson Hole on Friday. 

 

Based on materials WELTRADE

 

 

 

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