Forex. Gold exchange rate forecast for today
Gold, after an unsuccessful attempt to break through the level of $ 1,781 per ounce, still returned to yesterday's prices. The banking metal is still very sensitive to the US dollar. An unexpected increase in US retail sales in August revived fears about a reduction in the Fed's stimulus in the near future. The market is almost certain that the Fed will reduce the purchase of securities, and this will increase the yield of US Treasury bonds.
The stock market turned out to be strong on Tuesday, thus there was no reason for capital to flow into bank metals. The main European stock index rose as the growth of mining and technology companies helped offset the losses of the Swedish company Ericsson. Britain's FTSE 100 index strengthened thanks to mining companies as copper prices rose. Difficulties with global supply chains have a strong impact on the technology sector. European stocks helped the growth of the main stock indexes in Asia, reflecting the overnight trading activity of their Wall Street counterparts.
As the quarterly reporting season begins, market participants carefully study the results of companies. Many media outlets report small corporate sector revenues for the third quarter due to labor shortages and rising energy prices.