Gold Still Lower Than 1290$/oz
- Trade Magnates Team
- Oct 19, 2017
- 1 min read
Trade Magnates -Gold is recovering after three days in a row of daily pullbacks trading on Thursday at around 1290$ ounce troy. With the rate hikes pressure in the horizon by the Federal Reserve, the precious metal remains under pressure. The possibility of a rate hike by the year ends is highly forecasted.
Bullion pressure continues with the eyes on the next head of Federal Reserve succeeding the current Chair Janet Yellen by the end of her term in March 2018.
U.S. President Donald Trump will meet with current Chair Janet Yellen later in the day as part of his search for a new candidate for her position. Economists and investors are expecting to see a Hawkish head of Federal Reserve, J. Taylor or J. Powell to be announced soon despite the other candidates who are considered Dovish, K. Warsh.
Meanwhile, The U.S. dollar is trading near a two-week high against the other major currencies, while bond yields remained supported near recent highs.