The greenback is looking more prominent entering this week, the U.S. yields spike created a better atmosphere for the dollar to surge this day. The expectation for better interest rate hike chance also pushes the dollar to bullish territory. On the other hand, the gold’s price was firmer today on the overwhelming presence that the greenback has.
Gold prices for this Monday were changed by incremental figures; the commodity’s price eased after several days of surging on the stiffer dollar from last week. Spot gold was unchanged but saw dips on the market before recuperating some losses before closing.
The pound was also seeing dips today, the dollar proved its significant strength today while staying ahead of the currency. The sterling was handling some turbulence today which involves the British Prime Minister May and some Conservative MPs.
The growing anticipating and expectation for the possible interest rate hike has been searing through the roof, this kind of market anticipation and forecasts are heavily weighing on the prices of gold and boosting the dollar in return. One more thing that keeps the dollar’s boat floating is the recent spike in the U.S. yields and the massive U.S. tax reform.
Looking at today’s price, the dollar index which measures the dollar’s performance against six major currencies was seen soaring with a total of 0.15% increase at 94.533; surging on the same stream that the U.S. yields are which
This is great news for the dollar and for the dollar index in general due to the fact that is has been on a slumping streak from the past couple of weeks, even days, ago. As for last week, the dollar index sheds a massive 0.6% as investors were downhearted on the lackluster U.S. corporate tax cut and the fact that it could be pushed and delayed until 2019 instead of the announced 2018.
Gold prices were on an outstanding performance last week; today, at earlier trading, the spot gold was moved by incremental amounts and was trading at $1,275.63 per ounce. One of the largest dips the gold had been from last Friday, the commodity’s price sinks by 0.7% tallying its biggest single-day percentage fall since October 26.
The gold futures were not affected by the gold price debacles, as a matter of fact, the delivery for December was soaring by 0.1% as of writing to $1,275.80.
The sterling is currently facing troubles as the British Prime Ministers and 40 Conservatives are looking to prepare for a leadership challenge in the midst of the crucial Brexit talks. The pound managed to slump by 0.55% at $13120 and receding from its recent eight-day high peak at $1.3229.
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