At the Comex division of the New York Mercantile Exchange, gold futures for June were trading at $2,351.65 per troy ounce. As of the writing of this r
At the Comex division of the New York Mercantile Exchange, gold futures for June were trading at $2,351.65 per troy ounce. As of the writing of this report, they are down 0.46%.
Early on, it reached a session low of $2,351.65 per troy ounce. Gold is likely to find support at $2,286.20 and resistance at $2,384.50.
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The Dollar Index Futures, which tracks the dollar’s trend against the basket of the other six major currencies, rose by 0.40% to trade at $104.33.
On the other hand, at the Comex, silver for May delivery fell by 0.02% to trade at $27.99 per troy ounce, while copper for May delivery increased by 0.63% to trade at $4.31 per pound.
The trend of the day is clear. Inflation data reduces the chances of rate cuts, which were currently set at 2 for the entire year, but the data suggests that this possibility may be reduced further.
In other words, the safe-haven effect is countered by a stronger incentive to hold dollars due to higher interest rates.
The dollar appreciates globally amid these expectations of ‘higher for longer,’ hurting most global assets. Yields rise to 4.52% in the case of 10-year yields of American bonds.
Meanwhile, oil prices record losses this Wednesday after the United States reported a higher-than-expected accumulation of crude inventories.
The May contract for WTI in the United States drops by 0.15% to $85.10, while the Brent North Sea for delivery in June falls by 0.06% to $89.37 per barrel
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