Gold trapped in tight trading as markets asses dollar's movements

Economies.com
2023-01-27 18:29PM UTC

Gold prices settled on Friday inside a tight range  of trading as markets assess dollar's movements against a basket of major rivals. 

 

Recent data showed US economy grew 2.9% in the fourth quarter of 2022, beating estimates of 2.6%, while up from 3.2% in the third quarter.

 

US consumer spending, an important index for inflation, rose 0.3% last month.

 

Such data indicate the strength and vitality of the economy, which is reflected in recent statements by the IMF expecting the US recession to avoid recession this year.

 

The  dollar index rose 0.15% as  of 18:17  GMT  to  101.9,  with a session-high  at 102.1, and  a low  at 101.6. 

Advertistment

 

Gold spot prices steadied at  $1,929.5 an ounce as  of 18:18 GMT. 

 

Will the Federal Reserve maintain tight monetary policies?

 

Global Central Banks in Europe, the US, and England will meet next week to decide on policies.

 

The Federal Reserve is widely expected to increase interest rates and carry on its policy tightening to control inflation.

Commodities News

Gold News

Commodities

Gold resumes gains as US treasury yields decline
2023-12-05 08:55AM UTC
Gold prices rose in European trade on Tuesday, resuming gains and moving off recent record highs as ...
Gold News

Commodities

Gold gives up record high as dollar strengthens
2023-12-04 17:26PM UTC
Gold prices fell on Monday as the dollar index rose against most major rivals, moving away from ...
Copper News

Commodities

Copper loses over 2% as dollar edges up, while Chinese concerns resurface
2023-12-04 16:51PM UTC
Copper prices fell on Monday as the dollar rose against a basket of major rivals, amid growing ...

Commodities Technical Analysis

Gold Analysis

Commodities

Evening update for Gold 05-12-2023
2023-12-05 17:01PM UTC
Gold price resumes its negative trading to approach the bullish channel’s support line, and ...
Brent oil Analysis

Commodities

Midday update for Brent oil 05-12-2023
2023-12-05 10:35AM UTC
Brent oil price shows clear positive trading, to attack the critical resistance at 79.20, affected ...
Oil Analysis

Commodities

Midday update for Crude oil 05-12-2023
2023-12-05 10:35AM UTC
Crude oil price trades positively, attempting to breach 73.73 level, which requires being aware ...