For bullion, it still needs to break the key psychological level of $1,800 an ounce before moving further up, he said.
“Gold has stuck around the $1,800 handle, and today a stronger dollar is pushing gold and the entire commodity complex lower,” RJO Futures senior market strategist Bob Haberkorn“It is a cautious trade right now in gold, as the Fed is going to continue raising rates … investors do see rate hikes on the horizon,” Haberkorn added.
Traders will be looking to the release of minutes from the Fed’s July meeting on Wednesday, which may offer clues as to what conditions would prompt the US central bank to go big with tightening yet again in September. Bets in financial markets on the size of the next increase have swung between 50 and 75 basis points.
Inflation in the US is likely to remain high into the fourth quarter, which could drive some near-term headwinds for gold, although the worst is likely over, said Yeap Jun Rong, a market strategist at IG Asia Pte. “Today’s move lower could be due to some profit-taking as markets may have already priced the peaking-inflation narrative to a large extent.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chinese Solar Power Mogul Doubles Wealth Despite U.S. Labor SanctionsChinese solar power company Hoshine Silicon Industry doubles its stock value and wealth despite U.S. sanctions for using forced labor.
Source: BreitbartNews - 🏆 610. / 51 Read more »
German Refinery Reliant on Russia Is Now Using Oil From the USGermany’s Schwedt oil refinery has started processing US crude blended with Russian Urals, according to a person familiar with the matter.
Source: markets - 🏆 324. / 59 Read more »
China announces more military drills as US delegation visits TaiwanBeijing has announced another round of military drills around Taiwan on Monday, stoking tensions amid the latest US congressional delegation visit to the Island nation.
Source: nypost - 🏆 91. / 67 Read more »
Brittney Griner appeals drug conviction as Russia, U.S. talk prisoner swapWNBA star Brittney Griner's defense team files an appeal against her conviction on drug charges in Russia, nearly two weeks after she was sentenced to nine years in jail. Oh say can you see…
Source: NBCNews - 🏆 10. / 86 Read more »
What's at stake in Ukraine and why the US must careThe world is on the brink of a third world war, this time with the major combatants having nuclear weapons. The world has been in a state of relative peace and prosperity ever since the collapse of the Soviet Union in 1991 — but no longer.
Source: dcexaminer - 🏆 6. / 94 Read more »
Homebuilders Say U.S. Is in a ‘Housing Recession' as Sentiment Turns NegativeThe National Association of Home Builders/Wells Fargo Housing Market Index has declined for eight straight months. Who do you speak to about a Pornography Scandal operated by Housing Authority not only are the women used in human trafficking, but they put implants in them to know their whereabouts at all times in addition, how are implants remove since I am a whistleblower, now what?
Source: nbcsandiego - 🏆 524. / 51 Read more »