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Author Topic: Gold futures rallied by $5.5 as dollar weakened.  (Read 351 times)

deder

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on: September 18, 2021, 02:39:08 AM
Gold futures rallied by $5.5 as dollar weakened.

Gold futures prices have rebounded today. This was driven by the depreciation of the dollar. While investors are keeping an eye on the Federal Reserve's (Fed) monetary policy meeting next week.

Gold contract on COMEX (Commodity Exchange) for delivery in Dec. It rose 5.5 dollars, or 0.31%, at $1,762.20 an ounce.

Gold contracts were driven by the dollar's depreciation. by dollar index The dollar index, which measures the movement of the dollar against six major currencies in a basket of currencies, fell 0.13% to 92.81 today.

A weakening of the dollar will allow the gold contract, which is priced in dollars. It is cheaper and more attractive to investors holding other currencies.

However, the gold contract rose only slightly. Markets were under pressure after the 10-year US Treasury yield hit 1.346% today, with a surge in bond yields increasing the opportunity cost of holding gold. Because gold is an asset that does not return in the form of interest.

Investors will keep an eye on the Fed's monetary policy meeting on September 21-22 for signs of a cut in the quantitative easing (QE) bond purchase program and the Fed's interest rate hike.



 

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