You are here: Home > articles > Commodities > Gold Trades Near Three-Week Low as Fed Forecasts Rate Hike
Gold Trades Near Three-Week Low as Fed Forecasts Rate Hike
March 21, 2014 7:20 amVideo
Latest News
- EUR/USD. May 10th. Traders continue to torment the dollar May 10, 2024
- GBP/USD. May 10th. The British economy was pleasantly surprised May 10, 2024
- USD/JPY: Simple trading tips for novice traders on May 10th (US session) May 10, 2024
- GBP/USD: Simple trading tips for novice traders on May 10th (US session) May 10, 2024
- EUR/USD: Simple trading tips for novice traders for May 10th (US session) May 10, 2024
- GBP/USD: trading plan for the US session on May 10th (analysis of morning deals). The pound hit 1.2535 May 10, 2024
- EUR/USD: trading plan for the US session on May 10th (analysis of morning deals). The euro shows no signs of life May 10, 2024
- Trading Signals for BITCOIN (BTC/USD) for May 10-15, 2024: buy above $62,500 (21 SMA – 4/8 Murray) May 10, 2024
- Video market update for May 10, 2024 May 10, 2024
- Technical Analysis – GBPJPY continues to ascend May 10, 2024
- Technical Analysis – EURUSD retests 200-day SMA near downtrend line May 10, 2024
- Bitcoin finds support from a weaker dollar – Crypto News May 10, 2024
- Weekly Forex Outlook: 10/05/2024 – US inflation numbers to shake Fed rate cut bets May 10, 2024
- Forex forecast 05/10/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 10, 2024
- Week Ahead – US inflation numbers to shake Fed rate cut bets May 10, 2024
- GBP/USD: trading tips for beginners for European session on May 10 May 10, 2024
- EUR/USD: trading tips for beginners for European session on May 10 May 10, 2024
- Market Comment – Dollar slides, gold shines after soft US labor market data May 10, 2024
- Technical Analysis – AUDUSD remains undecided near crucial technical region May 10, 2024
- Technical Analysis – USDCAD slips beneath 20-day SMA May 10, 2024
Gold traded near its lowest in three weeks on Thursday after Federal Reserve policy makers signaled an increase of the bank’s interest rates in the next six months.
Gold futures for April delivery dropped 0.76% lower to $1,331.20 an ounce at the time of writing, while silver futures edged 0.95% lower to $20.630 an ounce at the same time.
Holdings in the world’s largest bullion-backed exchange-traded fund, SPDR Gold Trust; came in at 812.78 tons on Wednesday.
Gold – Fed Statement
On Wednesday, the Federal Open Market Committee concluded their two-day monthly policy meeting and said it will look at a range of data to determine whether to increase its benchmark interest rate from zero, as the inflation continues to drop below-target.
According to the minutes from the March meeting, Fed policymakers forecasted the benchmark rate, would increase by at least 1% by the end of 2015 and by 2.25% by the end of 2016, as the US central bank announced a further reduction to its monthly bond purchases by another $10 billion to $55 billion.
“The market spilled on the prospect of rates being raised as early as March 2015; something none seem to be positioned for. The end of the asset-purchase program is open-ended and also open to interpretation. On current form, it could be completely unwound in October,” market strategist at IG Evan Lucas wrote in a note.
In China, the world largest gold consumer; volumes for the benchmark spot contract in Shanghai climbed to its highest in three weeks on Wednesday, as metal of 99.99% purity traded $3.95 an ounce.
Gold – Ukraine
The yellow metal climbed by 10% this year as the tension in Ukraine boosted demand for a haven. Ukraine said it plans to withdraw its troops from Crimea, as the leaders of the European Union are expected to meet in Brussels later in the day to discuss further sanctions on Russia for the annexation of the Black Sea peninsula.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today
The post Gold Trades Near Three-Week Low as Fed Forecasts Rate Hike appeared first on | HY Markets Official blog.
Related Posts: