- Robust economic activity will continue to support the U.S. dollar's vice-like grip on the gold market and keep prices trapped in their current trading range, according to some analysts.
However, U.S. economic data could be placed on the backburn as the focus shifts to Europe ahead of the European Central Bank's monetary policy decision. There is a growing expectation that the ECB will leave interest rates unchanged, not because inflation is under control but because the threat of a recession continues to grow.
In this environment, Newsom said that he sees gold prices stuck in a short-term downtrend. He added that there is room for gold prices to fall back to the August lows. After a relatively slow week, the economic calendar picks up with the release of the U.S. Consumer Price Index, Producer Price Index and retail sales.
According to the CME FedWatch Tool, markets see a more than 90% chance that the Federal Reserve will leave interest rates unchanged after its Sept. 24 monetary policy meeting. At the same time, markets still see a 50/50 chance of no move in November.
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