Forex. Gold exchange rate forecast for today
The growth of the bank metal above $ 1800 per ounce did not take place. The growth rate of the Chinese economy slowed to an annual low in the third quarter due to power outages, supply chain problems and volatility in the real estate market. The volume of Chinese GDP in July-September increased by 4.9% year-on-year and by 0.2% relative to the second quarter. Analysts expected growth of 5.2% and 0.5%, respectively. Chinese stock indexes closed lower on Monday. Oil continued to grow at the beginning of the week amid a recovery in demand. Global market signals postpone the rally of the precious metal to a later date.
At the same time, the main Wall Street indices showed growth at the end of the week after the good financial results of Goldman Sachs. The strengthening of US retail sales boosted the optimism of the economic recovery. The banking index rose 0.8% following the rise in the yield of 10-year treasury bonds. Such a news background reduced long positions in gold at the end of last week.
Today, gold will be sensitive to publications from the United States, the number of construction permits issued and the volume of construction of new homes will be released.