Gold is stable this Friday, August 25, marking a remarkable weekly performance approaching his best week since mid of July.
This rise was backed by a decline in the yield of treasury bonds US. All this occurs just before the expected comments to be made by the president of the Federal Reserve, Jerome Powellin the framework of the symposium of Jackson Hole.
Gold cash shows a slight drop of 0.1%, settling at US$1,915.40 per ounce. However, in the accumulated of the week, gold had achieved a gain of 1.4%. futures of gold in the US they also experience a slight setback 0.2%trading at u$s1,943.50.
The movement of the referential 10-year bonds is dmaking all the profits that he had accumulated during the week. This bond change supported to goldwhich, despite not generating interest, finds its attraction compared to the situation of the dollar.
Gold: price projections
The dollar, Heading for its sixth straight week of improvement, it was somewhat reining in gold gains.
Edward Gardneran analyst at Capital Economics, argues that “the increase in price could be due to some well-timed buying after having fallen from around the $2,000 per ounce in July up to $1,900.”
On Thursday, two Fed officials announced thea high probability that no further interest rate increases are needed. Simultaneously, the European Central Bank it also showed a tendency towards a pause in its rate increases, due to the deterioration in growth prospects. These statements contributed to the positive momentum in the markets.
It was anticipated that in his speech on Friday, Powell would again address the key ideas discussed at recent Fed meetings. He is expected to mention that data indicating less intense inflation is welcome, but also that there is still work to be done in this regard.
As for other precious metals, the silver in cash experiences a slight decrease of 0.1%, settling at US$24.12 per ounce. Meanwhile, the platinum it is rising with 0.6%, reaching US$939.36. For his part, he palladium suffers a setback of 0.2%, trading at u$s1,237.66.
The week represents positive momentum for silver and platinum, with this being their best week since July 14. On the other hand, palladium was nearing the close of its second consecutive week of decline.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
