Gold prices inched higher on Monday, helped by a soft dollar ahead of the U.S. Federal Reserve policy meeting this week, while palladium held below a record peak scaled last week.
The dollar index nursed losses against its rivals, making gold less expensive for other currency holders. U.S. factory activity powered ahead in early April, while retail sales jumped to a record in March and hiring accelerated.
Investors poured $16.4 billion into global bond funds and $14.9 billion into money market funds in the week ended April 21, according to Refinitiv Lipper data, as concerns about a global rise in COVID-19 cases prompted moves towards safer assets.
A partnership between miners Newmont and Barrick in Chile said on Friday it would work with local communities to boost the development of its Norte Abierto gold-copper project despite a setback in the courts this week.
Speculators raised their bullish positions in COMEX gold in the week to April 20, the U.S. Commodity Futures Trading Commission said on Friday.
Gold futures are edging higher early Monday with support being generated by a weaker U.S. Dollar. Gains, however, are likely being capped by firm Treasury yields. The dollar is being pressured amid speculation that U.S. Federal Reserve Chairman Jerome Powell will shun talk of tapering bond purchases at a policy meeting on Tuesday and Wednesday.
Gold traders are also positioning themselves ahead of the Fed. While no major policy changes are expected, investors will pay close attention to Powell’s comments after the meeting. He is expected to defend the Fed’s policy of letting inflation run hot while assuring markets it sees the pick-up in prices as only temporary. A dovish Powell could provide support for the gold market.
All information on this website is of a general nature. The information is not adapted to conditions that are specific to your person or entity. The information provided can not be considered as personal, professional or legal advice or investment advice to the user.
Signal Factory is not represented as a registered investment consultant or brokerage dealer nor offers to buy or sell any of the financial instruments mentioned in the service offered.
While Signal Factory believes that the content provided is accurate, there are no explicit or implied warranties of accuracy. The information provided is believed to be reliable; Signal Factory does not guarantee the accuracy or completeness of the information provided. Third parties refer to Signal Factory to provide technology and information if a third party fails, and then there is a risk that the information may be delayed or not delivered at all.
All information and comments contained on this website, including but not limited to, opinions, analyzes, news, prices, research, and general, do not constitute investment advice or an invitation to buy or sell any type of instrument. Signal Factory assumes no responsibility for any loss or damage that may result, directly or indirectly, from the use or dependence on such information.
All information contained on this web site is a personal opinion or belief of the author. None of these data is a recommendation or financial advice in any sense, also within the meaning of any commercial act or law. Writers, publishers and affiliates of Signal Factory are not responsible for your trading in any way.
The information and opinions contained in the site are provided for information only and for educational reasons, should never be considered as direct or indirect advice to open a trading account and / or invest money in Forex trading with any Forex company . Signal Factory assumes no responsibility for any decisions taken by the user to create a merchant account with any of the brokers listed on this website. Anyone who decides to set up a merchant account or use the services, free of charge or paid, to any of the Forex companies mentioned on this website, bears full responsibility for their actions.
Any institution that offers a service and is listed on this website, including forex brokers, financial companies and other institutions, is present only for informational purposes. All ratings, ratings, banners, reviews, or other information found for any of the above-mentioned institutions are provided in a strictly objective manner and according to the best possible reflection of the materials on the official website of the company.
Forex trading is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against merchants. Before each Forex investment, you should carefully consider your goals, past experience and risk level. The opinions and data contained on this site should not be considered as suggestions or advice for the sale or purchase of currency or other instruments. Past results do not show or guarantee future results.
Neither Signal Factory nor its affiliates ensure the accuracy of the content provided on this Site. You explicitly agree that viewing, visiting or using this website is at your own risk.