On Tuesday (August 29), spot gold rose slightly during the Asian session and is currently trading near $1924.11 per ounce. Although the market has raised expectations for the Fed to raise interest rates in November, it is still widely expected that current interest rates will remain unchanged in September.
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We are pleased to announce that AUS GLOBAL will participate in Forex Expo Dubai 2023, a highly respected event in the Forex industry! The expo will be held in Dubai on September 26-27, 2023. Attendees can find our team at Booth #102, where we will be showcasing its comprehensive range of financial products and solutions to all visitors.
Markets continued to digest last week's Powell speech on Monday, with bets on a 51% chance of a 25 points rate increase in November, up from 33% a week earlier. In addition, we can await a series of blockbuster data this week. Besides, ADP data and non-farm data are expected to decline from the previous value. The dollar index was last down 0.15% at 104.02.
The US dollar hit a nine month high against the Japanese yen on Monday and fell against a basket of currencies Gold prices rose as US bond yields fell, the market is focusing on US economic data
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WCG Markets:2023-08-29
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On Monday (August 28), spot gold fluctuated narrowly during the Asian session and is currently trading around $1916.13 per ounce. U.S. dollar index and U.S. bond yields fell slightly, providing support for gold prices, and concerns about the global economic recession also provided safe haven support for gold prices.
Powell's speech in Jackson Hole on Friday night did not send a consistent signal. At first, he acknowledged progress in reducing inflation. The dollar index tumbled briefly and then suggested that more interest rates may be raised and did not rule out the next rate hike, which was seen as a hawkish signal. The dollar index erased losses and last closed up 0.08% higher at 104.16.
The opening half of today's trading session on Wall Street has been influenced by varying market sentiments, stemming from Fed Chair Jerome Powell's address at the Jackson Hole Symposium in Wyoming.
U.S. Commerce Secretary Gina Raimondo arrived in Beijing late on Sunday for a four-day visit aimed at boosting business ties between the world's two largest economies while declaring American national security trade measures off-limits for debate.
Powell said the Federal Reserve may further raise interest rates Gold prices end the four consecutive positive streak
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WCG Markets:2023-08-28
On Friday (August 25), spot gold fluctuated in a narrow range during the Asian session, and is currently trading near $1913.90 per ounce.
On Thursday, as sentiment turned cautious ahead of Powell's speech, spot gold was flat, still hovering near a two-week high, before settling up 0.13% at $1,916.88 an ounce. Spot silver pulled back and ended down 0.77% at $24.14 an ounce.
On Thursday, the US stock market saw losses driven by a stronger USD, boosted amid hawkish remarks by Federal Reserve (Fed) officials at the Jackson Hole Symposium.