Near midday, ahead of the Federal Reserve’s meeting to set monetary policy, gold prices were marginally higher. Gold fell by 0.23% from the previous closing price, or $4.50.
The Federal Reserve and Bank of England’s central bank meetings are the focus of the market, with most observers projecting that the FOMC will pause its cycle of interest rate hikes.
Fed Chairman Jerome Powell’s remarks at his press conference will be closely scrutinized, and most think the Fed will continue its “hawkish pause” rhetoric. The Bank of England meets on its monetary policy Thursday. The US employment situation report for October comes on Friday, and a significant dip in US Treasury yields is expected.
The ISM October manufacturing PMI and ADP national employment report were below market expectations, indicating a contraction in the US economy. This falls into the camp of US monetary policy doves, who want the Fed to stop raising interest rates.
Although the US dollar index is higher, December gold futures seemed to have a short-term technical advantage for the bears. Assuming a four-week uptrend, bulls want to close above $2,050.00, while bears want to push futures prices below $1,950.00.<\/p>\n","protected":false},"excerpt":{"rendered":"
Near midday, ahead of the Federal Reserve’s meeting to set monetary policy, gold prices were marginally higher. Gold fell by 0.23% from the previous closing price, or $4.50.The Federal Reserve and Bank of England’s central bank meetings are the focus of the market, with most observers projecting that the FOMC will pause its cycle of …<\/p>\n","protected":false},"author":13,"featured_media":87974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6874,8676,6984,8324,10673],"class_list":["post-91883","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold","tag-ism-manufacturing-pmi","tag-treasury-yields","tag-us-dollar-index","tag-us-monetary-policy"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/91883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=91883"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/91883\/revisions"}],"predecessor-version":[{"id":91888,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/91883\/revisions\/91888"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/87974"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=91883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=91883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=91883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}