Gold price dropped on Monday as the Greenback advances some 0.20% as investors brace for the Federal Open Market Committee (FOMC) monetary policy decision, which starts on July 30 and ends the next day, with the statement release and Federal Reserve Chair Jerome Powell's press conference. The XAU/USD trades at $2,377 after hitting a daily high of $2,403.
Wall Street depicts a slightly upbeat market sentiment, and a strong US Dollar keeps bullion prices pressured. Reports that Gold consumer demand in Asia was hampered due to high retail prices and China’s economic growth woes.
Meanwhile, geopolitical risks capped the golden metal losses after Hezbollah’s rocket strike on Israel, which threatens to escalate the conflict in the Middle East.
In addition, traders are eyeing the release of crucial economic data from the US. Investors are eyeing the release of the JOLTS Job Openings report, followed by ADP Employment Change data and the FOMC’s decision.
The Federal Reserve is expected to hold rates unchanged, yet market participants expect the US central bank to lay the groundwork for the beginning of the easing cycle. Traders had priced in a 100% chance for a quarter of a percentage interest rate cut at the September meeting via data from the CME FedWatch Tool.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
