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Author Topic: Gold futures prices rebound from weak dollar  (Read 408 times)

joyboyna

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on: September 22, 2021, 04:10:05 AM
gold futures prices rebound from weak dollar

Gold futures prices rose today. The positive factor from the depreciation of the dollar. Ahead of the announcement of the results of the Federal Reserve's (Fed) monetary policy meeting tomorrow.

At 11:41 p.m. Thai time, the COMEX (Commodity Exchange) gold contract will be delivered in December. It rebounded $12.90, or 0.73%, to $1,776.70 an ounce.

A weaker dollar will increase the attractiveness of gold. by making gold contracts cheaper for holders of other currencies

Investors will keep an eye on the Fed's monetary policy meeting today and tomorrow. Amid concerns the Fed may signal a cut in QE at this meeting

Fed Chairman Jerome Powell signaled earlier that The Fed is likely to begin cutting its QE limit before the end of the year.

Mr Powell said The US economy has reached a point where there is no longer the need for substantial support from the Fed. This means the Fed is likely to cut its QE limit before the end of the year. As long as the economy continues to expand

Former New York Fed Chairman William Dudley said global stock markets slumped yesterday. Amid concerns about Evergrande's default It won't cause the Fed to change its decision on its QE limit cut plan.

“The Fed will not react slightly to market movements. and the Fed will not postpone its QE cut plan," Dudley said, adding that the Fed is expected to signal at its meeting this week that The Fed will cut QE at its November meeting.



 

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