Gold trades at $1,735.77 per ounce at the time of writing versus $ 1,747.37 in the previous trading session. Gold prices are generally falling behind the pace again to begin the week.
The latest Consumer Sentiment data is being blamed for another sharp surge in the US Dollar overnight that brought the US Dollar Index back to the heights of 108 where it is more difficult for other assets to find breathing room; the specific worry being blamed is expectations that the Fed will stay hawkish for longer.
The focus is on a tightening Fed could later present an opportunity for commodities like gold to rebound if Fed Chair Jerome Powell makes any effort to counter the market expectation in his speech on Friday.
Foreign markets are also helping to drive the Dollar higher at the start of the week, this time in Europe. A sudden surge in energy prices in the EU has sent the Euro currency into a tailspin again and, as of this morning, EUR/USD has slipped back to parity.
Tags Consumer Sentiment Gold Jerome Powell USD
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