© Reuters. Gold is declining significantly for many reasons, what are they?
Arabictrader.com – It recorded a noticeable decline during trading today, Tuesday, in conjunction with the strengthening of expectations about the US Federal Reserve raising interest rates during the next July meeting, especially after the positivity of some US economic data, led by US consumer confidence data, which support these expectations, in addition to the calming of tensions over the rebellion crisis The Russian Wagner Group and an agreement to end the crisis quickly.
In terms of trading today, spot metal contracts decreased by 0.41% and recorded about $1,915.34 an ounce. Also, gold futures contracts recorded an increase of 0.48% and settled near the level of $1,924.55 an ounce.
And gold declined in today’s transactions in light of the recovery and stability of the American, which measures the performance of the American currency against a basket of 6 other major foreign currencies, from its losses with the passage of trading, and in the presence of an inverse relationship between the two parties, gold declined significantly, and in this context, the dollar index stabilized The US is near the level of 102.60 points.
In the same context, gold prices declined, affected by the positivity of US economic data, which reinforced market expectations about the Fed raising interest rates during the next July meeting. Very much during the month of June, according to the data, the US Consumer Confidence Index scored about 109.7 points, which is higher than market expectations, which indicated that it would score only about 103.9 points, and the previous reading of the US Consumer Confidence Index had recorded 102.3 points during last May, and it was revised on Towards a high of 102.5 points.
Likewise, gold prices fell in conjunction with the calming of fears about the rebellion crisis of the Wagner Group in Russia, which erupted last Saturday, and raised fears in the markets and strengthened the demand for gold as a safe haven, but after the crisis quickly ended and an agreement was reached that required the group’s exit from Russian territory, the Gold prices fell significantly.
With regard to the prices of other precious metals and away from gold, spot contracts on the sidelines of today’s trading recorded an increase of 0.43% and reached 22.925 dollars. $928.40.
2023-06-28 12:01:00
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