EUR/USD 1.16462
0.130%
Gold 4537.84
1.185%
Oil 89.454
-1.613%
USD/JPY 159.701
0.022%
GBP/USD 1.34713
0.126%
GBP/JPY 215.143
0.148%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Minutes of the Bank of Japans investor meeting: One participant stated that the Bank of Japan should be flexible in its response, such as conducting emergency bond purchases when necessary, in the event of instability in the bond market.Minutes of the Bank of Japan investor meeting: One participant said that the Bank of Japan should implement an "autopilot" mode for its tapering and stop conducting mid-term reviews of its tapering plan.Minutes of the Bank of Japan investor meeting: One participant suggested that the Bank of Japan should slow the pace of bond purchases before they drop to zero, while regularly reviewing market operations.Minutes of the Bank of Japan investor meeting: One participant stated that the Bank of Japans bond purchases have fulfilled the role of monetary policy, and therefore the central bank should eventually slow the pace of monthly bond purchases to approximately 1.3 trillion yen.June 2 – On June 1, Minister of Commerce Wang Wentao met with Brazilian Foreign Minister Vieira in Beijing. The two sides exchanged views on China-Brazil economic and trade relations and cooperation within multilateral frameworks. Wang Wentao stated that China and Brazil are the largest developing countries and important emerging markets in the Eastern and Western Hemispheres, respectively, and bilateral economic and trade cooperation has maintained healthy and stable development for a long time. China is willing to work with Brazil to continuously strengthen strategic alignment and communication, deepen pragmatic cooperation, jointly oppose unilateralism and protectionism, safeguard the multilateral trading system and a fair and open international economic and trade order, and continue to make positive contributions to promoting global economic recovery and development. Vieira stated that Brazil attaches great importance to developing relations with China and is willing to work with China to implement the important consensus reached by the two heads of state, promote high-quality development of trade and investment cooperation, deepen communication and coordination within multilateral frameworks, and actively safeguard the multilateral trading system with the WTO at its core.

Gold varies between $1,700 and $1,600 a week before the Fed meeting

Haiden Holmes

Jul 21, 2022 11:12

g3.png


Even without Fed officials continually bombarding the airwaves with suggestions of a rate hike, gold's position above $1,700 remains shaky.


In post-settlement trading on Wednesday, gold futures for August delivery on New York's Comex slipped again below $1,700 an ounce, a week before the central bank's announcement on July interest rates, after finishing the official session just above the crucial psychological support.


August was trading at $1,698.15, down $12.55, or 0.7%, at 2:16 PM ET (18:16 GMT).


Following a daily fall of $10.50, or 0.6%, it closed at $1700.20, putting the session close to the $1700 mark.


Despite Fed officials' normal 10-day speech restriction leading the July 27 rate decision, gold bulls have been unable to propel the market significantly higher from last week's 11-month low of $1,695.


With the exception of the dollar's first rebound in over a week, although to levels well below last week's 20-year highs, no major reason contributed to gold's resumption of its drop on Wednesday.


Phillip Streible, precious metals strategist at Blueline Futures in Chicago, observed, "There was consensus that if the dollar rebounds, gold might fall below $1,700, and I believe that's what you're witnessing."


The Dollar Index, which compares the U.S. dollar to six other major currencies, revisited 2002 highs last week as the US Consumer Price Index for the year to June reached four-decade highs of 9.1%. The ensuing dollar increase prompted money market traders to speculate on an unprecedented 100-basis-point Fed rate hike in July. Since then, the current consensus forecasts a 75-basis-point increase in interest rates.


In addition to the absence of Fed comments, U.S. macroeconomic data have been especially poor this week, providing traders more leeway with regard to direction, fund flows, and trading volumes. Although gold bulls had an equal chance of seizing the initiative, their passivity has seemed to constitute a greater proportion of their bravery.

Suggestion