Forex. Gold exchange rate forecast for today
Gold, after an unsuccessful attempt to break through the level of $ 1,785 per ounce, is trying to turn around. The banking metal is still very sensitive to the US dollar. The growth of inflation indicators and the appointment of Jerome Powell to the post of head of the US Federal Reserve for another term makes the US currency strengthen strongly.
Meanwhile, the US Department of Commerce reported that sales of new homes in October increased by 0.4% compared to the previous month and amounted to 745 thousand in terms of annual rates. According to the revised data, 742 thousand homes were sold in September, and an indicator of 800 thousand was previously named. This, in turn, serves as an additional driver in favor of strengthening the US dollar against gold.
The stock market was weak on Wednesday. Western European stock markets mostly fell. Germany, after fixing a record daily incidence, is considering options for tightening anti-covid measures.
According to Markit Economics, the composite Purchasing managers' Index (PMI) of 19 eurozone countries in November 2021 rose to a maximum in the last two months – 55.8 points compared to 54.2 points in October. Analysts had expected the indicator to drop to 53.2 points.