Forex. Gold exchange rate forecast for today
Global market signals indicate that central banks are ready to raise key interest rates. The yield on 10-year UK government bonds jumped to the highest level since May 2019 amid hints from representatives of the Bank of England about the possibility of tightening monetary policy.
The reporting season for the third quarter begins. Investors are expected to assess the impact on the performance of companies of factors such as increased inflation, problems in supply chains, labor shortages and a jump in energy prices. In case of further pressure on the most capitalized stocks, gold may strengthen in price and serve as a means of saving from turbulence in financial markets.
According to media reports, US Treasury Secretary Janet Yellen said that the Republicans' refusal to approve an increase in the country's debt limit in December would be a disaster. She noted that she considers it necessary to completely abandon the US debt limit, which in recent years has become mainly a political tool.
Trading activity is expected to increase tomorrow. The focus of the UK GDP is the US consumer price index. Traditionally, gold can show its dependence on the macro data of developed countries.