Forex. Gold exchange rate forecast for today
The precious metal has formed a local maximum. The news background contributes to growth, as the yield of 10-year US Treasury bonds has moved away from the June peaks, and the dollar has declined, making gold cheaper for market participants. And the dollar index is still holding at an annual maximum. Market participants continue to expect that the US Federal Reserve System (Fed) will announce the beginning of the curtailment of the stimulus program next month.
In recent weeks, company profit expectations for the third quarter have been deteriorating. The SP 500 index is in the trading framework of the beginning of October, other stock indexes have been under pressure throughout the week, and this is pushing investors to buy more gold.
Today, there will be an increase in trading activity in the markets, the focus of the American session will be the producer price index and the number of initial applications for US unemployment benefits. On the same day, the president of the Federal Reserve Bank of Atlanta, Rafael Bostic, will speak. Tomorrow, the release of data on consumer sentiment and the inflation rate of the University of Michigan USA. Only a strong strengthening of the dollar against the background of good news can return gold to its previous trading levels.