Gold Prices at Session Low as U.S. Dollar Strengthens
- Trade Magnates Team
- Oct 31, 2017
- 1 min read
Trade Magnates - Gold reaches a session low at 1270$ level driven by a recovering US bond yields and USD. However, the dollar's gains were expected to remain limited after President Donald Trump's former campaign manager Paul Manafort was charged with money laundering by federal investigators.
A recovery in the US Treasury bond yields backed the USD recovery as well led the precious metal to fail on keeping its up move. Despite the cautious around the equity markets, which should be a good scenario for a stronger save heaven product, the Gold has fallen instead.
Investors and traders look forward to the Fed's upcoming monetary policy statement on Wednesday for fresh indications on the path of rate hikes this year and U.S. jobs report for October on Friday which would influence the USD prices and impact the dollar-denominated commodities - like gold.