Gold rises for second session as investors eyed Fed meeting
ecPulse
2014-09-16 07:15AM UTC
Gold rose for a second straight session on Tuesday on technical movements, as the Fed starts its two-day meeting today. After falling to near eight month low yesterday, the yellow metal resumed its rise before attention moves tomorrow to the outcome of the Fed meeting. Investors will wait for comments from the Fed Chair Janet Yellen regarding the timing of the first interest rate hike in eight years. Any dovish comments are likely to help the metal to continue its attempt to rebound by increasing interest in non-interest assets and weakening the dollar. Still, the labor market is not strong enough to prompt policymakers to raise interest rates earlier than anticipated. The latest non-farm payrolls figures showed that employers added just 142,000 jobs last month, while initial jobless claims signaled an unexpected rise to 315,000 in the week through September 6. “The Organization for Economic Cooperation and Development Monday cut its economic growth forecasts for the U.S. and other large developed economies, and said the continued weakness of the recovery demonstrated the need for significant changes in economic policy,” according to the Wall Street Journal. Gold is currently trading around $1235.94 after hitting a high of $1238.29 and a low of $1231.87. Crude oil for November’s delivery ticked down to trade around $91.66 after hitting a low of $91.60. The dollar index, which tracks the green currency’s movements versus a basket of major currencies, inched up to trade near its highest level in 14 months around 84.42.
Commodities News
Commodities
Oil prices reverse lower, with US crude slumping 7% this week
2024-05-03 19:36PM UTC
Oil prices fell on Friday to seven-week lows amid concerns about oversupplies after an unexpected ...
Commodities
Gold under pressure ahead of US jobs data
2024-05-03 08:37AM UTC
Gold prices fell in European trade on Friday, extending losses for the second straight session and ...
Commodities
Gold gains ground as dollar dips while traders digest Fed's decisions
2024-05-02 18:30PM UTC
Gold prices rose on Thursday as the dollar fell against most major rivals, while investors digest ...
Commodities Technical Analysis
Commodities
Brent oil price forecast update 03-05-2024
2024-05-03 13:54PM UTC
Brent oil price shows new negative trades now in attempt to resume the correctional bearish trend, ...
Commodities
Crude oil price forecast update 03-05-2024
2024-05-03 13:54PM UTC
Crude oil price resumes its negative trading to move away from 79.60$ level, reinforcing the ...
Commodities
Silver price forecast update 03-05-2024
2024-05-03 13:53PM UTC
Silver price declines again to reach our waited target at 26.00$, waiting to break this level to ...