Forex. Gold exchange rate forecast for today
Gold continues to show confident purchases. If the growth continues, then gold will reach the levels of $1808 and $1830 per ounce. The news background contributes to growth, as the yield of 10-year US Treasury bonds has moved away from local highs, and the dollar is under pressure. Today, gold will be sensitive to the publication of the US retail sales index and the release of data from the University of Michigan for October. The current values are better than the forecast can strengthen the US currency and speculatively weaken the banking metal.
Of the global market signals that can support gold as a protective asset, the following should be highlighted. The Chinese yuan showed a decline after producer price inflation in the country rose to a 26-year high of 10.7% in September, which exceeded investors' expectations. China needs monetary policy easing as it grapples with a real estate lending crisis. The official yuan exchange rate at 6.4414, it became the highest in almost a month. Meanwhile, further inflationary pressure is expected on China's factories after the government allowed industrial electricity prices to rise earlier this week. According to media reports, such measures were introduced to ease the pressure on the country's utilities.