Gold analyisis
Futures contracts for gold prices fluctuated in a narrow range slanting to an upward trend during the Asian session, to witness its retracement of the third session in five sessions from the lowest since August 26, amid the bounce of the US dollar index for the third session in four sessions from its high on the 12th of the same month according to the inverse relationship Between them, looking forward to the results of the Japanese elections today, Monday, and in the wake of the developments they followed regarding the Corona virus vaccine, and amid a scarcity of economic data early this week by the US economy, the largest economy in the world.
At exactly 05:30 am GMT, gold futures contracts for next December delivery rose 0.45% to trade at $ 1,957.60 an ounce compared to the opening at $ 1,948.90 an ounce, knowing that the contracts started the session on a rising price gap after it was concluded Last week's trading at $ 1,947.90 an ounce, with the US dollar index declining 0.11% to 93.19 compared to the opening at 93.29.
Other than that, we followed yesterday the announcement by the CEO of the American company Pfizer about the possibility of deploying a vaccine to Americans by the end of the year, which is a shorter time frame than most public health officials in America suggested, and this came in the wake of the British company Astra-Zeneca and the University of Oxford reported that the trial had resumed. UK vaccine after the study was stopped due to fears of complications for one of the patients participating in the trial.
In another context, the markets are looking forward to tomorrow, Tuesday, the start of the meeting of the Federal Open Market Committee September 15-16 via satellite in Washington, during which it is expected that the short-term reference interest rates for the fifth meeting will be maintained at between zero and 0.25%. In conjunction with the disclosure of the committee members ’expectations for growth rates, inflation and unemployment in addition to the future of interest rates for the next three years.
Up to the press conference to be held by Federal Reserve Governor Jerome Powell tomorrow, Wednesday, precisely half an hour after the end of the meeting, to comment on the decisions of the committee that previously adopted many stimulus programs to support the economy in the face of the repercussions of the Corona pandemic, and it is mentioned that Powell stated on the sidelines of the Jackson Hole meetings The Federal Reserve adopts a new inflation policy, targeting average inflation 2% above for some time.
Gold analyisis Futures contracts for gold prices fluctuated in a narrow range slanting to an upward trend during the Asian session, to witness its retracement of the third session in five sessions from the lowest since August 26, amid the bounce of the US dollar index for the third session in four sessions from its high on the 12th of the same month according to the inverse relationship Between them, looking forward to the results of the Japanese elections today, Monday, and in the wake of the developments they followed regarding the Corona virus vaccine, and amid a scarcity of economic data early this week by the US economy, the largest economy in the world.
At exactly 05:30 am GMT, gold futures contracts for next December delivery rose 0.45% to trade at $ 1,957.60 an ounce compared to the opening at $ 1,948.90 an ounce, knowing that the contracts started the session on a rising price gap after it was concluded Last week's trading at $ 1,947.90 an ounce, with the US dollar index declining 0.11% to 93.19 compared to the opening at 93.29.
Other than that, we followed yesterday the announcement by the CEO of the American company Pfizer about the possibility of deploying a vaccine to Americans by the end of the year, which is a shorter time frame than most public health officials in America suggested, and this came in the wake of the British company Astra-Zeneca and the University of Oxford reported that the trial had resumed. UK vaccine after the study was stopped due to fears of complications for one of the patients participating in the trial.
In another context, the markets are looking forward to tomorrow, Tuesday, the start of the meeting of the Federal Open Market Committee September 15-16 via satellite in Washington, during which it is expected that the short-term reference interest rates for the fifth meeting will be maintained at between zero and 0.25%. In conjunction with the disclosure of the committee members ’expectations for growth rates, inflation and unemployment in addition to the future of interest rates for the next three years.
Up to the press conference to be held by Federal Reserve Governor Jerome Powell tomorrow, Wednesday, precisely half an hour after the end of the meeting, to comment on the decisions of the committee that previously adopted many stimulus programs to support the economy in the face of the repercussions of the Corona pandemic, and it is mentioned that Powell stated on the sidelines of the Jackson Hole meetings The Federal Reserve adopts a new inflation policy, targeting average inflation 2% above for some time.