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Gold prices rose slightly today, helped by the weakening of the dollar on prospects for further easing of monetary policy in the United States and Europe. In addition, it was reported that the amount of physical buying in China and Japan has decreased due to the holidays. Economists say that the slow growth in the United States have raised expectations that the Fed will maintain its volume of bond purchases at $ 85 billion per month. At the time, many predicted that the European Central Bank will announce an interest rate cut on Thursday. Note that the adaptive policies support the price of gold as money printing promotes the growth of inflation.
Add that to the dynamics of trading almost no impact on the U.S. data, which showed that consumer spending in the U.S. rose slightly in March, while continuing to increase, which was observed in the previous month, indicating at the same time about a steady, albeit slow economic growth. According to the report, personal expenses, which measure the amount of purchases, from cars and clothing to health care and heating, rose last month by 0.2%, which was followed, after rising 0.7% in February. Economists note that the slowdown in spending have fueled drop in gasoline prices. Meanwhile, it was reported that incomes rose by only 0.2%, possibly reflecting weak job growth.
Add that to the largest reserves of gold exchange-traded fund SPDR Gold Trust declined on Friday to 7.2 tons, resulting in a general decline in the month amounted to 138.2 tons.
The cost of the June gold futures on COMEX today rose to 1472.40 dollars an ounce.
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