Gold futures fluctuated in a narrow range inclined during the US session amid the decline of USD index, rebounding from the highest since November 16, according to the inverse relationship between the two amid the lack of economic data by the US economy earlier this week, which carries with the speech of Federal Reserve Governor Jerome Powell in New York and the minutes of the Federal Committee meeting.
Gold futures for December delivery rose 0.09% to currently trade at $ 1,224.30 per ounce compared with the opening at $ 1.23.20 an ounce. USD index fell 0.07% to 96.85. From its lowest level in nearly two weeks compared to the opening at 96.93.
The markets are looking forward to what Federal Reserve Governor Jerome Powell will talk about Wednesday after the Federal Reserve’s Financial Stability Monitoring Framework at the New York Economic Club, which will come hours after the second reading of US GDP for the third quarter, Reflects the widest economy in the world 3.6% compared to the previous preliminary reading last quarter 3.5%.
Investors are also looking closely at what the minutes of the Federal Open Market Committee’s meeting held on December 7 and 8 in Washington, where the Fed’s monetary policy makers have agreed to keep interest rates unchanged at between 2.00 and 2 percent .25%, which was expected by analysts at the time, and report on their intention to move forward in tightening monetary policy and plans to normalize the budget.
On Sunday, we followed the European Union’s approval of a draft EU exit agreement on a regular basis from the European Union and attention is now focused on the British Parliament’s vote on the deal. Investors are also looking forward to the G20 summit in Argentina by the end of this week and the upcoming meeting of US President Donald Trump And his Chinese counterpart Xi Jinping on the sidelines of the summit.
World Trade Organization (WTO) Director-General Roberto Azevedo said on Thursday that rising trade restrictions remained a real threat, adding that finding solutions to contain those threats required the G20 leaders’ political will, adding that if the situation continued as it was in the economy This will lead to growing economic risks, slower growth and employment rates, as well as inflationary pressures.