Gold futures fell during the US session amid the rise of the dollar index for the third session in four sessions of the lowest since 22 November last according to the inverse relationship between them after the developments and economic data that followed Thursday on the US economy, the world’s largest economy and on the threshold Revealed the treasury budget for last month.
Gold futures for February delivery fell 0.34% to currently trade at $ 1,245.80 per ounce from the opening price of $ 1,250.00 per ounce. The US dollar index rose 0.24% to 97.28, resuming its rebound from Its lowest in three weeks compared to the opening at 97.04.
We have followed the US economy to reveal the reading of the index of requests for aid for the week ending on the eighth of this month, which showed a decline of 27 thousand applications to 206 thousand requests in the previous weekly reading, compared to expectations of 226 thousand applications, while the reading of the index of continuing requests for the week Which ended earlier this month, up 25K to 1,661K, worse than expected at 1,649K.
The import price index, which showed a drop of 1.6% from 0.5% in October, was worse than the 1.0% expected. The markets are currently looking to unveil the Treasury budget reading, which may reflect a widening deficit to 193.5 Billion compared to $ 100.5 billion in October.
In another context, on Tuesday we followed US President Donald Trump’s criticism of the Federal Reserve’s policy tightening policy under the leadership of Federal Reserve Governor Jerome Powell and raising interest rates on federal funds in Trump’s interview with Reuters. “It would be foolish to do that, but what should I do?”
The US president said he wanted the Federal Reserve to cut interest rates to support the US economy externally, especially in the midst of a trade war with China and other countries, while praising the fact that the Federal Reserve Secretary Powell is a good man despite his disagreement with him, saying Powell believes He does what he believes to be true, but I think he is too hasty about raising interest rates in America.
Commenting on the chances of a recession in the United States, the 45th President of the United States said he believes the US economy is doing well and that US companies, which are the nerve of the world’s largest economy, play a good role in the economy. “If the Fed behaves rationally, America rallies growth during the coming period.