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Saturday, October 23, 2021

Gold Prices Remain Lower as Dollar Strengthens

Gold Prices Remain Lower as Dollar StrengthensGold still on the downside as markets await Fed meeting

Investing.com – Gold prices remained lower on Tuesday, as the U.S. dollar strengthened ahead of the Federal Reserve’s policy meeting and as raised questions about demand prospects.

Comex were down 0.32% or about $4.16 at $1,273.6 a troy ounce by 09:30 a.m. ET (13:30 GMT).

Investors were looking ahead to the Fed’s upcoming monetary policy statement on Wednesday for fresh indications on the path of rate hikes this year and Friday’s U.S. jobs report for October.

Trump is also expected to name his pick for the next head of the U.S. central bank on Thursday. Recent reports have indicated that Trump is likely to appoint Fed Governor Jerome Powell, who is viewed as more dovish than other candidates.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.11% at 94.48.

However, the dollar’s gains were expected to remain limited after President Donald Trump’s former campaign manager was charged with money laundering by federal investigators.

Special Counsel Robert Mueller has also been investigating whether Trump obstructed justice in his firing of FBI Director James Comey.

Investors fear that the charges may divert Trump’s attention from his legislative agenda, which includes tax reforms.

Elsewhere, China earlier reported the official manufacturing PMI for October at , compared with a level of 52 expected, while its non-manufacturing survey dropped to from 55.4 in the previous month, also showing weaker activity in the world’s second largest economy.

Elsewhere on the Comex, slid 0.41% to $16.78 a troy ounce.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

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