Gold futures trading unchanged on Friday, held on track for a moment of consecutive weekly gain, as major players remained on the sidelines amid uncertainty over the timing of the Fed’s cut strategy.
The market is supported ahead of the opening of the US. USA Through a decline in U. S. Treasury yields. In the U. S. , however, a U. S. dollar opposed to a basket of primary currencies at a multi-month high is helping to limit gains.
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At 09:04 GMT, gold futures on Comex for December are at $1784. 70, up $1. 60 or 0. 09%.
U. S. Treasury yields fell friday morning, amid lingering considerations about the delta variant and discussions by the Fed about cutting bond purchases.
The yield on the benchmark 10-year Treasury bill fell by less than a base point to 1. 233%. The 30-year Treasury yield fell 1 base point to 1. 862%.
Treasury yields fell despite the final minutes of the Federal Reserve meeting, released on Wednesday, apparently central bankers planned to cut bond purchases before the end of the year.
In addition, considerations about the delta variant continued to weigh on sentiment.
On Friday, the U. S. dollar hit a new 911/2-month high against its major peers, buoyed by fears that the Delta variant of the coronavirus could halt the global economic recovery just as central banks are starting to oppose pandemic-era stimulus measures. .
“Dollar trade-weighted measures are moving towards new highs for the year. This comes at a time of bullish flattening of the US yield curve, representing a more pessimistic reassessment of the expansion outlook,” ING’s currency analysts wrote in a note.
“So while the Fed’s background music is largely one of the relief trajectories, it turns out that a strong call for the dollar is coming from investors who are pulling out of expansion stories. “
Minutes from the Fed’s July meeting, released Wednesday, showed that officials largely expect to cut back on their monthly bond purchases later this year.
Gold futures have been limited to a diversity over the more than five sessions, but that doesn’t seem to be a problem, but some other indication of near volatility.
Investors are strangely patient, but can you blame them, since the Federal Reserve has all the cards in the reduction?Patient investors can look forward to Fed Chairman Powell’s speech at the Jackson Hole Symposium Aug. 26-28, or the upcoming non-farm salary. report, the next customer inflation report, or the Fed’s September 21-22 meeting before taking its next big step.
Everyone is for a break of more than $1795. 00 or $1800. 00, which can be a fake move. The most productive game can expect a decrease in a price domain from $1737. 80 to $1723. 60.