The dollar index fell 0.2%, making bullion more attractive to buyers of other currencies. The tech-heavy Nasdaq index was the hardest hit in Wall Street trading on Wednesday.
He gold price He went up on Wednesday before the fall of the dollarwhile the Investors focused on US economic data which will be published this week to know the time of Federal Reserve interest rate cut.
He spot gold uploaded a 0.1% to $2,411.50 the ouncewhile the US gold futures They won a 0.3%, to $2,415.70.
“The weakness of the dollar index, the fall in US stock indices and the rise in crude oil prices” are favouring the purchase of gold and silver, according to Jim Wyckoffmarket analyst at Kitco Metals.
The dollar fell and creates greater attractiveness in gold
He Dollar index down 0.2%which makes the ingots become more attractive to buyers of other currencies. The Nasdaq indexof great weight technologicalwas the most affected in the wheel of Wall Street Wednesday.
Investors are looking forward to the US report on the Gross domestic product of the second quarterwhich will be published on Thursday, and the data on the personal consumption expenditure June, to be published on Friday, in search of clues about the path of Federal Reserve interest rate cuts.
Markets are pricing in a 100% chance that the central bank will cut rates in Septemberaccording to CME’s FedWatch tool. Notably, lower interest rates reduce the opportunity cost of holding non-yielding gold.
Investors are also pending the evolution of the American electoral campaignas the vice president is expected Kamala Harris be the candidate of Democratic Party to confront the Republican Donald Trump.
The silver spot fell 0.6% to $29.05 an ounce, platinum rose about 1.1% to $953.43 and the palladium added 1.4% to $938.88.
Source: Ambito
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