Gold prices gain ground as dollar tapers off
1 week ago

Gold prices rose in European trade on Monday, resuming their recovery from a one-week low as the US dollar slows down.


Now investors await a batch of data this week that will help determine the likely bath ahead for US monetary policies.


Gold Prices Today


Gold prices rose 0.6% to $1,930 an ounce, with a session-low at $1,916, after losing 0.05% on Friday, approaching a one-week low at $1,915. 


The precious metal lost 1.1% last week, the first weekly loss in three weeks following a spate of US positive data, which bolstered the case for another US interest rate hike this year. 


The Dollar


The dollar index fell 0.5% on Monday on track for the first loss in five sessions off six-month high at 105.15 against a basket of major rivals. 


Dollar is tapering off ahead of important US data this week, including consumer prices and producer prices data.



If the data beat expectations, it'll strengthen the likelihood of another US interest rate hike in November. 


The Federal Reserve 


Ahead of the Fed's September meeting, most  remarks from Fed officials indicated the Fed won't raise interest rates this month.


US Rates


Pricing for a 0.25% Fed interest rate hike at the September meeting stands at just 7%. 


However, pricing for a 0.25% US interest rate hike in November stands at a stronger 45%. 




Gold holdings at the SPDR Gold Trust remained flat on Friday for a second session at a total of 886.64 tonnes, the lowest since August 28. 

Commodities News

Oil News


Is that the real reason behind Saudi Arabia's crude production cuts?
10 hours ago
Saudi energy minister Abdulaziz bin Salman Al Saud said this week about the recent Saudi and ...
Palladium News


Palladium declines as dollar muscles up amid global inflation concerns
11 hours ago
Palladium prices fell on Friday as the dollar gained ground against most major rivals and amid ...
Oil News


Oil prices climb for second straight day
14 hours ago
Oil prices rose in European trade on Friday for the second session on track for ten-month highs ...

Commodities Technical Analysis

Brent oil Analysis


Midday update for Brent oil 22-09-2023
17 hours ago
Brent oil price resumes its positive trading to approach our first waited target at 94.80, waiting ...
Oil Analysis


Midday update for Crude oil 22-09-2023
17 hours ago
Crude oil price shows new positive trades to move above 91.00 barrier now, reinforcing the ...
Silver Analysis


Midday update for Silver 22-09-2023
17 hours ago
Silver price managed to achieve our waited target at 23.70 and attempts to breach it, to support ...