XAUUSD - Suddenly skyrocketed after a series of quiet days
Updated
The world gold price gained modestly after a series of quiet days thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, fell 0.19%, increasing the attractiveness of gold to buyers holding other currencies.
Traders and investors are eagerly awaiting the annual Jackson Hole symposium later this week. Fed Chair Jerome Powell and ECB President Christine Lagarde will deliver speeches. The speeches are expected to provide insight into the future direction of monetary policy by central banks.
The ECB is expected to pause the tightening cycle at its September meeting, while US interest rates are expected to remain high for a long time due to significant inflationary pressures. Markets will be closely watching a potential change in the Fed's inflation target.
Traders and investors are eagerly awaiting the annual Jackson Hole symposium later this week. Fed Chair Jerome Powell and ECB President Christine Lagarde will deliver speeches. The speeches are expected to provide insight into the future direction of monetary policy by central banks.
The ECB is expected to pause the tightening cycle at its September meeting, while US interest rates are expected to remain high for a long time due to significant inflationary pressures. Markets will be closely watching a potential change in the Fed's inflation target.
Note
The world gold price gained modestly after a series of quiet days thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, fell 0.19%, increasing the attractiveness of gold to buyers holding other currencies.Note
🔹Emerging markets group BRICS invites 6 new members, including Saudi Arabia and Iran.Note
🟢The Dow Jones Industrial Average shed 36 points, or 0.1%, after being up more than 200 points at session highs. The S&P 500 slipped 0.2%, while the Nasdaq Composite dipped nearly 0.3%.
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