Futures on gold futures closed on Thursday (May 2) at their lowest level since the beginning of the year, a day after the Federal Reserve (F...
Futures on gold futures closed on Thursday (May 2) at their lowest level since the beginning of the year, a day after the Federal Reserve (Fed) Jerome Powell put a doubt. on the prospect of lower interest rates in the short term, MarketWatch reported.At the end of Thursday's trading session, the gold contract for June delivery dropped by 12.20 USD (equivalent to 1%) to 1,272 USD / oz, reaching the bottom in the session of 1,267.30 USD / oz. This is the lowest closing level since December 24, 2018, data from FactSet shows.
According to CNBC, also on Thursday, spot gold contracts lost 0.6% to 1,269 USD / oz.
Gold declined on Wednesday (May 1), then widened the decline in electronic trading when Powell, in a press conference following the Fed's interest rate decision, described inflationary pressure. low transmissions are only "temporary".
At the press conference, "Mr. Powell surprised observers with his lack of interest in low inflation and gave no hint as to whether the Fed could cut interest rates in the near future." , analysts at Commerzbank said.
Gold often moves in the opposite direction with the dollar, with a stronger dollar can make commodities priced in greenback become more expensive for buyers using other currencies. The dollar index (ICE US Dollar Index) - a measure of the dollar's performance against the other six major currencies - recovered after Mr. Powell's comments on Wednesday (May 1) and advanced 0.1% On the fifth day.
Meanwhile, data from the World Gold Council (WGC) on Thursday showed that global demand for precious metals increased by 7% year-on-year in the first quarter.
However, analysts at Commerzbank noted that demand a year ago was unusually weak.
Also on Thursday, gold and other metals held their position after the report said the number of jobless claimants fluctuated at the 3-month peak of 230,000 in two consecutive weeks at the end of April. / 2019.
Among the Comex metals, silver contract for July delivery lost 0.8% to 14,617 USD / oz.
